The dust has settled on another quarter of earnings releases by the world’s most important technology companies, which have have driven the substantial outperformance of the Nasdaq-100 vs the S&P 500 over the past five years, 12 months and the year to date.

Since the beginning of 2023 alone, the Nasdaq-100 has returned 39% vs 14% on the S&P 500. Those are dollar returns, so adjusting for rand depreciation would improve them even further...

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