Megacap tech now generally trades at a discount to
high quality industrials despite having
power, faster growth and higher ROICs.
Most megacap tech is in the 1st %ile of its 20 year
relative P/E vs. high quality industrials. The cheapest it
has ever been.
Also as cheap relative to the market as most of them have ever been.
There are a lot of fairly asymmetric 20% plus 5 year IRRs.