The Dax stutters at the moment a bit, but he has to offer a long phase with new record highs. Many investors fear for the purchase of shares it was now too late. That does not agree. Investors should look to technology stocks – here still offer profit potential
15 years after the burst of the TMT bubble (Telecom. media technology and dot-com bubble) has finally managed the US Nasdaq Composite : It has a new record high marked and thus the stain of 2000 finalized whets <. /> p>
Despite the rise in technology stocks continues to oscillate with much skepticism. Towed sit still wounds from the sudden crash of the years 2000 to 2003 – especially for many private investors. It has changed a lot in the last 15 years – mostly for the better.
- About the expert
Chris-Oliver Schickentanz is Chief Investment Officer of Commerzbank AG. As a guest columnist, he writes in January 2013 this place regularly for FOCUS Online.
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- Many of today in the global indices particularly prominently represented tech companies have shown in recent years that they have healthy and stable business models . Particularly in the crisis years of 2008 and 2009 were able to post gains persistently high number of industry representatives. This shows: The technology industry has long been no fair-weather industry more. Had in 2001 and 2002 to restructure in times of global recession, many businesses or reduce their capacities massively, the established technology groups are now also at global headwinds well around the curve.
- The revenue structure has significantly broadened. Today, technology companies are veritable all-rounder. You have a broadly diversified customer base and are therefore usually not the weal and woe of an individual customer depends. This sales and profit structure are today both regionally broadly diversified by customer groups.
- technology companies have learned that growth at any price, not only economically makes little sense , but also to the Exchanges not arrive well. Therefore many technology giants have begun to pay ordinary dividends and buy back shares. Thus, the shareholder participates today far more on economic success than before.
- The valuation ratios for tech stocks are now significantly more reasonable than in 2000 . So the global industry to MSCI -Datenbasis for fiscal 2015 price-earnings ratios of 15.4. This seems attractive, both by historical standards and relative to the overall market. After all, analysts expect for the next two fiscal years, with growth rates in double digits.
- The majority of technology companies is now funded rock solid. Many even dominate lush liquidity positions. That was 15 years ago still significantly different. At that time there were relatively high debt financing, which have slowed down the development of earnings massively. This had passed its mark also in the courses.
tech stocks are now as much better than just 15 years ago. Therefore, we expect the positive performance of the past few months will continue. However, it is important to look closely into this industry. We see particular potential in the established companies that have proven over the years to the success of its business model. And that can also participate in the shareholders participate in this success.