Software Is The Tell – Crescat Capital
Crescat Capital’s commentary for the month of December 2021, discussing that software is the tell. Q3 2021 hedge fund letters, conferences and more Equity Market WarningThe recent weakness in the broad US equity market is being masked by the outperformance of mega-market cap companies that remain near record valuations. With that in mind, it is remarkable to us how the NASDAQ Composite is just 2.6% from all-time highs while only 35% of its members are above the 200-day moving average. Such a disconnect is corrosive. This backdrop of deteriorating market breadth is present at a time when signif...