Are fears of another tech bubble justified?

As technology portfolio managers, much of our efforts go towards identifying the market potential of new trends in technology many years out. To us, it seems that when consensus agrees there is a huge market opportunity for a group of stocks but there is a lack of discernment between which firms are set up well to execute against this opportunity, there is potential for speculative excess. That said, our observation of the current market conditions in the tech sector is that, yes, there appears to be overextended stocks. However, we do not think this is a rehash of 1999. This view con...