A look at the year-to-date performance of the world’s leading technology stocks tells an interesting story. In case you ever wondered whether the US market efficiently prices stocks, the 2023 return of 93% in Meta Platforms should put that thought to bed once and for all. Even in the most liquid and widely followed market in the world, there is money to be made. 

There’s a strong base effect in Meta, of course. The stock had tanked in November as the market expressed a strong sense of disgust with Mark Zuckerberg’s plans to throw the kitchen sink (and possibly the bathroom one as well) at building the metaverse, a product that nobody had asked for. To make it worse, the core business was suffering under the weight of pressure on advertising and changes to the algorithm that had users of Facebook in particular scratching their heads. ..

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