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I don't think you can compare what is going on now with the Tech Bubble. Valuations are not crazy high right now, IMO. What was the S&P PE at the peak of the bubble-- 35, 40?
The S&P PE is currently under 20. While a downturn is not unlikely, I just don't see a massive meltdown unless the economy goes completely to heck.
There are reasons to be worried about a downturn, but there always are. This just doesn't have the same scale that the tech boom did.
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