Some months ago we stated that the NASDAQ Composite had 40-50% downside. On March 8th we said another 20-30% downside. This implies a NASDAQ Composite of around 9,000. Thus, we have further to fall.

• Interest Rates: Rates are going higher regardless of what the Fed does (other than more QE of course).
• Economy: There will not be a “soft” landing.
• Speculation + Leverage + No Due Diligence = Pain: All of the leverage and dumb money that loaded up on all things Tech in 2020 and 2021 ensured that the decline in Tech valuations would be steep and severe.
• Tip #1: Not all Technology companies are created equally.
• Tip #2: Not all Management Teams are created equally.
• Tip #3: See Tip numbers 1 & 2.

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