Much has been written about the impact of Covid-19 on market behaviour and market psychology. The way investors perceive valuations is seen through the lens of Covid-19 because the virus has changed human behaviour and human behaviour impacts markets. For instance, tech stocks moved markedly higher last year regardless of valuation, because technology became the primary method of communication during lockdowns. Tech stocks buoyed market indices such as the Dow Jones Industrial Average, the S&P500 and the Nasdaq Composite and Nasdaq 100 Indices, driving them to all-time highs.

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