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.
在美联储加息当天出现良好的上行之后，市场在随后的三个交易日大幅回落。根据以下说法，抛售已经完成红点风险投资公司。
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间，SPDR标准普尔500指数ETF信托(纽约证券交易所股票代码：标普500ETF)股价下跌超过7%。当我们考虑到去年年底达到的历史最高水平时，这种疲软更加明显。自触及473.54点的峰值以来，标普500ETF指数已经回落了约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.
市场的未来时态：风险投资家称，尽管软件类股从近期高点暴跌，但市场跌幅可能会更大。托马斯通古兹在他的每周时事通讯中说。
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，最贵的股票是Veeva系统公司(纽约证券交易所代码：Veev)，当时该公司的远期市盈率为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，(纽约证券交易所股票代码：NET)目前的估值最高，为22.2倍。他补充称，如果估值环境反映出这种情况，Cloudflare的市盈率可能会再次减半。
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为5.4倍，而目前为7.93倍。
Related Link: 3 Software Picks Poised For Accelerating Growth In 2022
相关链接：3个软件选择有望在2022年加速增长
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.
增长最快的人可能会受到最严重的打击：通古斯表示，一篮子软件股的整体市盈率与2017年持平。其中一些，例如ServiceNow，Inc.(纽约证券交易所：NOW)和Five9，Inc.(纳斯达克：FIVN)上涨，而Wix.com Ltd.(纳斯达克：WiX)，新遗迹股份有限公司(纽约证券交易所股票代码：NEIR)和2U，Inc.(纽约证券交易所股票代码：TWOU)已经下跌，他补充道。
"The high flyers have elevated the distribution at the upper end of the market," the author of "Winning with Data" said.
这位《数据制胜》一书的作者表示：“高收入人群提升了高端市场的分布。”
If multiples compress further, the top quartile — the fastest growers —will bear the brunt, he warned.
他警告说，如果倍数进一步压缩，最高四分位数--种植速度最快的人--将首当其冲。
"The market can keep having a stock and never reach zero," Tunguz said.
通古斯说：“市场可以继续持有一只股票，永远不会达到零。”
The SPY closed Monday's session down 3.20% at $398.17, according to BenzingaPro data.
根据BenzingaPro的数据，标普500ETF指数周一收盘下跌3.20%，至398.17美元。
Related Link: Is Nvidia A Software Play? What This Analyst Sees As 'Software-Only Monetization Opportunities'
相关链接：NVIDIA是一款软件游戏吗？这位分析师所认为的“纯软件盈利机会”
译文内容由第三方软件翻译。
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