Yes, you might be right.
As industry matures and evolve, P/E re-rating and de-rating both can happen.
It seems that, all those people which were pessimistic about IT have now become optimistic, which is good for sector valuation, and the same thing becomes risk as well for Value investors.
I invested in IT sector during 2008 crash and also during 2011 till 2018, and after that, mostly have booked profits, due to my conservative approach about IT sector valuations.
Every investor can have different understanding and that makes investing interesting. When some investors are Sellers, there will be Buyers as well. Only time will tell whether Buyers were correct or on the wrong side. As an investor, you should be optimistic.
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