Insights

Loyal readers of the Knightsbridge quarterly commentary will recall hearing a familiar mantra throughout our 1997-1999 letters: tech stocks are increasingly expensive, it’s irrational and defies logic! This might have made for repetitive reading, but it was the correct message each time we wrote it. Those old letters will leave you with some déjà vu regarding how expensive the stock market looks today (even more so given the backdrop of a slowing economy) and our willingness to keep calling this out time and again.

Identifying which areas of the stock market performed well over the last quarter is a straightforward exercise: tech beat non-tech, large companies crushed smaller ones, and expensive growth stocks bested cheap value stocks.