From the heady highs of late 2021 to the depths of mid-2022, the Nasdaq-100 shed more than 35% of its value. That’s a crash by any standard, yet the 2021 highs had been largely regained by mid-2023!

The tech-heavy US market continues to confound value investors and thrill growth investors, while sending all but the best (and luckiest) short sellers to an early grave. Those who timed it perfectly and bought the October 2022 bottom are up roughly 70% — and that’s in dollar...

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