US Tech Deal Spotlight
(1) Post-GFC (Global Financial Crisis), tech deals have shown a clear division between winners and losers. (2) The period from 2009 to 2022 experienced significant pricing multiple expansion due to a favorable monetary environment. (3) Tech deals made in 2021 stand out for showing the weakest returns, reflecting potential overvaluation or adverse market conditions at that time.
(4) However, more recently, there has been a noticeable drop in deal pricing. This adjustment in pricing, coupled with a rebound in returns, suggests a correction in the market and is interpreted as a positive sign, potentially indicating more sustainable and realistic valuation levels going forward.
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