Distortion from coronavirus has aided, not hurt, large technology firms, and these continue to lead the market higher. The debate around the valuation of Big Tech is not new but has reached a new level of anxiety with the top five names valued at $6.6 trillion and comprising more than 20% of the S&P500. We are not particularly concerned. We remain bullish regarding the long-term outlook and prospects for exceptional companies including Big Tech to create value.
