At the time of writing, the announcement of significant progress towards a Covid-19 vaccine has stemmed the gains of "Big Tech" and similar companies, most of which form part of the Nasdaq-100 index. Some of these companies were genuine "stay-at-home" winners, like Zoom, while others grew strongly over the lockdown but should sustain much of this momentum, like Nvidia or Microsoft.The Nasdaq-100 is up around 35% this year in dollars, a fantastic return by any measure. Its 10-year compound annual growth rate (CAGR) is nearly 19%, a remarkable source of wealth creation for investors. The S&P 500 achieved a CAGR over the same period of just over 11%.To illustrate how enormous this difference is, $100,000 invested in November 2010 in each index would’ve grown to around $293,000 in the S&P 500 and to almost $550,000 in the Nasdaq-100.2020 accelerated the underlying trends in the world’s leading tech companies and may have driven more demanding valuations in the short term, but there’s no...

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