I think as new technologies are created, new verticals of revenue emerge, old verticals see a change both good and bad, and as everything about IT will be known to everyone quickly, the impact both good or bad will be determined easily, so if there has been a PE rerating across the board, it must be a structural shift, so if the current PEs are higher than the old PEs, maybe they will remain so. Of course there will be exceptions depending upon a company’s verticals, margins etc.
Have some exposure to IT, not from IT, just my thoughts.
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