In trying to explain the most baffling fact of 2020’s topsy-turvy markets – how tech valuations have swollen to bubble-era extremes even as a pandemic rages – people cite two things. Federal Reserve largesse, and hopes that Covid-19 will be quickly contained.
But another, slightly scarier theory exists as to how the value of companies in the Nasdaq 100 has expanded by $2.9 trillion in this of all years. It’s that the impact of the Covid-19 crisis, or at least the social-distancing strictures it…
