Amazon Alone Is Responsible For More Than A Third Of The S&P's Return This Year

Whether it is capital inflows that cause stock outperformance, or rising stocks leads to investors chasing upside is one of those perpetual "chicken or egg" type financial questions (although in this day and age of index funds and passive investing lifting all "Marxist" boats on a sea of $18 trillion in  excess liquidity without regard for fundamentals, we have a strong feeling what the right answer may be) but whichever way the causal arrow points, one thing is certain: amid turbulent capital markets, panic-inducing spikes in volatility, and emerging markets on the verge of a bear market, tech stocks have seen a relentless investor interest in 2018, or as Eric Peters put it, "tech fund inflows are running at a $37bln annualized pace this year, 2x last year’s stunning rate and 10x higher than any year in the past 15."


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