Brian Levitt

There's obviously a lot of differences here, and she knows that, and we know that.

But I'd just love to get your take on this idea of time to take profits just based on how eerie some of the similarities are.

Can I show you some charts?

So this is what she's talking about.

The spread between the top and bottom performers inside of tech looks exactly like the dot-com bubble.

If you were a tech stock in the year 2000…

and not building the internet or mobile phones, nobody had any interest whatsoever.

We had a similar phenomenon this year.

A lot of tech stocks not up, but just that one theme.

Do these quickly.

Chart seven.

And the dispersion was a result of outsized gains from the top performers.

And that also happened in February of 2000, right at the peak of the tech bubble.

It was just this runaway group of stocks like, you remember, Cisco.

Of course.

Intel, Microsoft.

Okay.

Chart 8, we'll do these together.

These are the red flags.

So the spread between the best and worst S&P 500 performers is near COVID levels.