It was wonderful to see this response from BoA which touches on many of the concerns I have expressed in the 'tech and so-called tech sector, as BoA accurately calls it the e-commerce sector. The lowest rates in 5,000 years have created a 617% return in this sector since the 2008 financial crisis. The stocks in this space are Netflix, Amazon, Google, Twitter, Ebay, Facebook. This represents the 3rd largest bubble in the past 40 years. The ten are shortened and summarized:
1) old school tech valuations - remember these from 2000? Massive gains, big run ups, incredible market caps and 'interesting' valuations that quickly fell apart. Same has happened here. BoA of pointing out that 'fancy' valuations might just be nonsense.
2) Politics and regulation - people are getting sick of being spied on, having data taken. Having reports from Wikileaks or employees that tell of how data mining is being used without your permission. How your phone is recording your conversations, your camera is active on your laptop. Most intelligent people do not present the arguement 'well i am not doing anything wrong they can watch me if they like'. The blow back of knowing your own government is actively spying on its own population is Orwellian and hearkens back to the days of my youth where they talked about how this was what the Soviets did in their authoritarian state. Regulation is coming. It is coming to crypto-currency and even if it is mere marketing and window dressing to appease the public it will have an effect. People are frustrated that Amazon pays 5% tax while they might be paying 40% plus all of the hidden taxes on their consumer goods.
3) Wage disruption and continued unemployment. The future does not look good for most people. People used to make the claim that citizens would not do the jobs that illegal immigrants do which was untrue, but those jobs will be largely gone as well.