1998 All Over Again. Buy Tech. Hedge funds have just cut their gross exposure faster than at any point, trend-following funds sit near maximum short, and the momentum trade in technology has crashed harder than after the dot-com bust. All while the S&P 500 stood a few percent below its high. A forced seller is the best counterparty an investor can ask for. Thierry Borgeat10.11.2026 12 min