FSELX

Measured from the 2000 peak, FSELX dumped about -80% by 2003. Then it dumped again to about that point by 2008. It only broke even in 2016. In other words, FSELX was dead money for sixteen years. If you were born in 2000, it barely broke even by the time you were in senior high school.

Again measuring from the 2000 peak, FSELX only caught up with SPY by 2021... twenty-one years later. So all of the FSELX outperformance is very recent.

I make no predictions, I make no recommendations. That's for you FSELX owners to decide. Just know what you own, know where you are in the market cycle. Google on "recency bias", and "herding behavior", or look in Investopedia. Are you doing these things?

There are analogs in history... the RCA 1920s bubble comes to mind. No one doubts the incredible impact wireless tech has had on our lives, beginning the the early 20th century (analog) and continuing through the present day (digital). The question is - how much are these companies worth? Are investors overpaying?

“The trick is that we are in the middle of it now and we don’t know how it is going to play out,” Goldfarb said. “One can come up with a story that justifies the current valuation, but no one can actually predict the future.”