Is the Information Technology Sector = Irrational Exuberance (like the late '90s)?
Over the past 20 years, Information Technology's earnings growth has outpaced the S&P 500 by 7.7 percentage points annually!
This implies much of Tech's performance has come from earnings, not just investor animal spirits.
Alger calls this "Rational Exuberance."
Source: Fred Alger Management, Rational Exuberance? (June 2026). Info only. Past performance does not guarantee future results. Not Advice or recommendation.