Tech has been synonymous with growth. That is why it was trading at a premium and that is why high growth tech companies continue to be priced at a premium while non-growth tech companies do not.

As a professional investor, I only care about three things: - Long-term stabilized return on capital - Pricing (P/E; EB/EBITDA) - Long-term growth.

The list of companies that check all of those boxes are extremely small