Well, the truth is, the Goat Lacrosse Player Lovers Gift T Shirt whose stocks have overrun have gotten so large in market cap that it’d take them years for them to grow into their respective valuations, so either these companies grow at a much faster pace, which is unlikely, to “catch up” to their stock prices, or their stock prices will have to come down to Earth. As I mentioned before, this is why it’s possible for companies to beat Q3 2021 guidance and still have their stocks go down the toilet. It’s no surprise that the companies which are more speculative (with no revenues and cash flow to back up their valuations) get destroyed first, and then the mid-caps, and then the more solid companies with the revenues and cash flow to back up their valuations (e.g. Tesla, Google, and Facebook)? In fact, the large and mega-cap companies (or “liquid leaders”) are typically where large hedge funds and financial institutions “hide and take shelter” when they notice that something is wrong and a bubble is inflating. And so, they slowly start to move from more speculative names to the “safer” and large-cap names.
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