Things to be bullish about on a relative basis if you are a tech investor:

1 - The issuance of new ipos and Spacs has been at a a standstill for almost a year meaning their is less supply available in these internet names when demand does come back to the market. This is in contrast to 2020 when there was a huge amount of new stock issuance competing for the same capital.

2 - The companies that benefited the most from inflation will ultimately have to compete with those inflated sales prices which will be incredibly hard in a recession in the US especially if we ultimately experience deflation in the back half of the year in a YOY basis.

3 - Earlier stage private startups that were easily raising funds to compete with many of the publicly traded cloud leaders are finding the environment very difficult and painful for all stakeholders. This will ultimately lead to less competitor pressure to currently listed leaders.

4 - There is a huge gap in relative valuations between public / private valuations. For example, I can invest in Epic Games at a 42bn valuation pay a 3% markup fee to the share price and pay a 20% carried interest fee. $U is currently valued at 19bn and I can buy that today with no fee at all.

All of these points tell me when we do see demand come back it will be massive