Prominent VC Warns Markets Could Fall 'Quite A Bit More'
Prominent VC Warns Markets Could Fall 'Quite A Bit More'
After a nice upward move on the day of the Fed rate hike, the market has retreated sharply in the three subsequent sessions. The sell-off is quite done yet, according to Redpoint Ventures.
The Fall: Between Wednesday and Monday, the SPDR S&P 500 ETF Trust (NYSE: SPY) has lost over 7%. The weakness is starker when we consider the all-time high reached late last year. Since hitting a peak of 473.54, the SPY has pulled back about 16%.
Future 'Tense' For Market: The market could decline "quite a bit" more despite the plunge in software stocks from their recent highs, venture capitalist Tomasz Tunguz said in his weekly newsletter.
Going back to 2017, the most expensive stock was Veeva Systems, Inc. (NYSE: VEEV) and it was then trading at 11.7 times forward multiple, he noted.
Cloudflare, Inc. (NYSE: NET) currently has the highest valuation at 22.2 times, he noted. If the valuation environment mirrors the situation, Cloudflare could see multiples halve again, he added.
An average company traded at 5.4 times multiple in 2017 compared to 7.93 times currently, Tunguz said.
Related Link: 3 Software Picks Poised For Accelerating Growth In 2022
Fastest Growers Could Be Worst Hit: Tunguz said the overall basket of software stocks is at the same multiple as in 2017. Some of these such as ServiceNow, Inc. (NYSE: NOW) and Five9, Inc. (NASDAQ: FIVN) have risen, while Wix.com Ltd. (NASDAQ: WIX), New Relic, Inc. (NYSE: NEWR) and 2U, Inc. (NYSE: TWOU) have fallen, he added.
"The high flyers have elevated the distribution at the upper end of the market," the author of "Winning with Data" said.
If multiples compress further, the top quartile — the fastest growers —will bear the brunt, he warned.
"The market can keep having a stock and never reach zero," Tunguz said.
The SPY closed Monday's session down 3.20% at $398.17, according to BenzingaPro data.
Related Link: Is Nvidia A Software Play? What This Analyst Sees As 'Software-Only Monetization Opportunities'
After a nice upward move on the day of the Fed rate hike, the market has retreated sharply in the three subsequent sessions. The sell-off is quite done yet, according to Redpoint Ventures.
在美聯儲加息當天出現良好的上行之後，市場在隨後的三個交易日大幅回落。根據以下説法，拋售已經完成紅點風險投資公司。
The Fall: Between Wednesday and Monday, the SPDR S&P 500 ETF Trust (NYSE: SPY) has lost over 7%. The weakness is starker when we consider the all-time high reached late last year. Since hitting a peak of 473.54, the SPY has pulled back about 16%.
秋天：在星期三到星期一之間，SPDR標準普爾500指數ETF信託(紐約證券交易所股票代碼：標普500ETF)股價下跌超過7%。當我們考慮到去年年底達到的歷史最高水平時，這種疲軟更加明顯。自觸及473.54點的峯值以來，標普500ETF指數已經回落了約16%。
Future 'Tense' For Market: The market could decline "quite a bit" more despite the plunge in software stocks from their recent highs, venture capitalist Tomasz Tunguz said in his weekly newsletter.
市場的未來時態：風險投資家稱，儘管軟件類股從近期高點暴跌，但市場跌幅可能會更大。託馬斯通古茲在他的每週時事通訊中説。
Going back to 2017, the most expensive stock was Veeva Systems, Inc. (NYSE: VEEV) and it was then trading at 11.7 times forward multiple, he noted.
回到2017年，最貴的股票是Veeva系統公司(紐約證券交易所代碼：Veev)，當時該公司的遠期市盈率為11.7倍，他指出。
Cloudflare, Inc. (NYSE: NET) currently has the highest valuation at 22.2 times, he noted. If the valuation environment mirrors the situation, Cloudflare could see multiples halve again, he added.
CloudFlare公司他指出，(紐約證券交易所股票代碼：NET)目前的估值最高，為22.2倍。他補充稱，如果估值環境反映出這種情況，Cloudflare的市盈率可能會再次減半。
An average company traded at 5.4 times multiple in 2017 compared to 7.93 times currently, Tunguz said.
通古斯表示，2017年，一家公司的平均市盈率為5.4倍，而目前為7.93倍。
Related Link: 3 Software Picks Poised For Accelerating Growth In 2022
相關鏈接：3個軟件選擇有望在2022年加速增長
Fastest Growers Could Be Worst Hit: Tunguz said the overall basket of software stocks is at the same multiple as in 2017. Some of these such as ServiceNow, Inc. (NYSE: NOW) and Five9, Inc. (NASDAQ: FIVN) have risen, while Wix.com Ltd. (NASDAQ: WIX), New Relic, Inc. (NYSE: NEWR) and 2U, Inc. (NYSE: TWOU) have fallen, he added.
增長最快的人可能會受到最嚴重的打擊：通古斯表示，一籃子軟件股的整體市盈率與2017年持平。其中一些，例如ServiceNow，Inc.(紐約證券交易所：NOW)和Five9，Inc.(納斯達克：FIVN)上漲，而Wix.com Ltd.(納斯達克：WiX)，新遺蹟股份有限公司(紐約證券交易所股票代碼：NEIR)和2U，Inc.(紐約證券交易所股票代碼：TWOU)已經下跌，他補充道。
"The high flyers have elevated the distribution at the upper end of the market," the author of "Winning with Data" said.
這位《數據制勝》一書的作者表示：“高收入人羣提升了高端市場的分佈。”
If multiples compress further, the top quartile — the fastest growers —will bear the brunt, he warned.
他警告説，如果倍數進一步壓縮，最高四分位數--種植速度最快的人--將首當其衝。
"The market can keep having a stock and never reach zero," Tunguz said.
通古斯説：“市場可以繼續持有一隻股票，永遠不會達到零。”
The SPY closed Monday's session down 3.20% at $398.17, according to BenzingaPro data.
根據BenzingaPro的數據，標普500ETF指數週一收盤下跌3.20%，至398.17美元。
Related Link: Is Nvidia A Software Play? What This Analyst Sees As 'Software-Only Monetization Opportunities'
相關鏈接：NVIDIA是一款軟件遊戲嗎？這位分析師所認為的“純軟件盈利機會”
譯文內容由第三人軟體翻譯。
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