Whereas last year investors were looking at growth stocks with a very long horizon, and short-term corporate losses were being brushed aside under the guise of long-term thinking, that sentiment has completely reversed in 2021. Perhaps the best example of this is the Non-Profitable Tech Index created by investment bank Goldman Sachs, an index of – yes, you guessed it – loss-making companies in the technology sector. I have taken the end of December 2019 as the starting point and converted the position on that date back to 100. This index lost more than 25% during the first outbreak of the pandemic, but then began an impressive resurgence. Between March 2020 and February 2021, the index increased fivefold (!) in the space of 11 months. However, the decline since then has been almost as spectacular as the index has now lost 36% in the last three months.