Meaning of Technoparty in the German dictionary with examples of use. Synonyms for Technoparty and translation of Technoparty to 25 languages. In Hürth löste die Polizei am Wochenende eine illegale Techno-Party in einem stillgelegten Schwimmbad auf. CaseFeminine SingularFeminine PluralNominativedie Technopartydie TechnopartysAccusativedie Technopartydie TechnopartysGenitiveder Technopartyder.
Trotz Corona-Lockdowns: Raver feiern Technoparty in Wald bei KölnDutzende Menschen haben in einem Wald bei Köln gegen Corona-Regeln verstoßen und eine Technoparty gefeiert. Die Polizei wurde nur. Translations in context of "Technoparty" in German-English from Reverso Context: Technoparty oder klassisches Vanitas-Motiv? CaseFeminine SingularFeminine PluralNominativedie Technopartydie TechnopartysAccusativedie Technopartydie TechnopartysGenitiveder Technopartyder.
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I would divide the entire market into three segments. The first is comprised of those companies with the highest market capitalisations. Firms like Apple, Microsoft, Amazon, and Alphabet are, in all respects, excellent businesses.
They are highly profitable and have strong balance sheets. The sole problem is that their stocks are expensive for the reasons described above.
It is precisely their high share prices that give these otherwise quality stocks their great riskiness. The argument that they are good companies just is not enough.
High-quality and profitable companies Microsoft, Cisco, Intel, Oracle, and Qualcomm also occupied the upper ranks of the Nasdaq index at the start of Simply put, price is always important.
The so-called Nifty Fifty stocks offer the same history lesson. In the s and s, these were regarded as stocks which you should acquire and hold onto almost regardless of their prices.
Their subsequent collapse was a great disappointment for investors. Today we hear similar arguments, and therefore I am rather cautious about investing into the largest companies.
As for the second market segment, I would avoid it all together. This segment is most impacted by the current speculative mania. Twenty years ago, this segment included stocks such as WorldCom, Sun Microsystems, Yahoo, Global Crossing, Nextel, and Level 3 Communications.
The others fared even worse. Their list would be very long. As a rule, they are in deep losses. For some e. There are quite a few companies in this segment that are successful in creating an illusion of an attractive business with great potential.
They may succeed for a while, but once the market sees through it, the end comes quickly. Just look at examples of companies like Theranos, Wirecard or WeWork.
The former supposed visionaries at their helm are now pariahs. Fake it till you make it. Most speculators who own these stocks are not at all concerned about their fundamentals.
They simply say that prices do not matter. But, as has shown, the biggest mistake regarding these companies was the overblown optimism about their long-term potential and simultaneous underestimation of the competitive forces.
This market segment is extremely risky today, and there is a genuine danger that in many cases investors will lose everything.
The third segment, which is the largest in terms of number of companies, comprises the rest of the market. These are companies that the speculative mania has avoided, whose returns in recent years have substantially lagged behind the main indices, and which on the whole appear to be relatively cheap.
Among them are a number of companies that we would not invest into under any circumstances, but there are also many high-quality, strong and profitable firms worth considering.
We regard the combination of potential future expected returns vs. The longer these shares remain neglected, the more attractive investments they become.
When I compare the developments of today with those of 20 years ago, I am aware that things are never exactly the same and it is always possible to find arguments why these two periods are not wholly comparable.
At the same time, I think it would be a mistake to ignore the lessons of history, especially when so many parallels that might point to future developments are evident.
What happened after was not very pleasant for many investors. Overall, the third segment fared relatively well. Active managers who avoided the most speculative stocks performed very well during the subsequent market decline in —, and active managers outperformed indices for almost the whole following decade.
I think that American markets are once again facing something similar. Our entire portfolio is compiled with respect to this expectation. All investors are influenced by the current market mania.
It might be tempting to join in, and it would be very easy to do so. This requires no hard work or thinking.
Simply acquire the most popular titles, hide among the crowd, and hope that a greater fool will buy them at a higher price before it all blows up.
We knew from the start that our decision not to be lured into speculation with the money you have entrusted to us would take time to bear fruit and that the returns would for a certain period be lower than those of the main indices.
This time could easily seem endless to some and might lead some observers to conclude that we are incompetent, but that is just the way it is.
Such a thing is simply unimaginable for us. They may already have started to change a month ago, as indicated by decline in certain major titles during September.
Investors may have realized how expensive these stocks are. Or maybe it was just a temporary shudder and everything is still somewhere ahead. Specifically, a change in trends could cause an overall drop in the main American indices, a relative lagging of the first market segment behind the third, dramatic decline in share prices within the second segment, bigger awareness of the risks associated with passive investing, a much higher percentage of active investors outperforming indices, and perhaps even the American market lagging behind the rest of the world.
In other words, stock markets would be entirely different from what we see today. One might object here that our vision of future market developments is an example of wishful thinking because its fulfilment would be good for our stocks.
Yes, it certainly would be. But the direction of causality is the reverse. Our portfolio does not shape our projections of future market developments.
Rather, our projections about market developments shape our portfolio. I would also be reluctant to give the impression that we are somehow a priori negatively biased towards technology stocks.
Not at all. Since , we have basically continuously owned some of them. These were Ebay, Oracle, Seagate, Apple, Microsoft, again Oracle, Hewlett Packard, IBM and Samsung.
But there was a difference in buying Microsoft, for example, in with PE 10 compared to today, when it trades at PE of At that time, the prevailing market opinion was that Microsoft no longer had anything to give the world and was gradually fading away, and we often had to defend our investment in Microsoft.
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