November 15, 2025, 3669 characters
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Beware of too much tech in your portfolio
I received a lot of feedback on my Börsenminute episode two weeks ago. No matter how you can always rail against the high valuations of tech stocks, they also deliver profits that would justify high valuations. Why invest in a wide range of non-starters when you can earn more with a handful of tech stocks? In many cases this is correct in the short term and I still have tech stocks in my portfolio. It’s only because of the high ratings that their value in the portfolio has become too high for me to feel comfortable.
Because the profits can still keep up with the valuations. But if the economy is no longer going well and at most goes sideways, it will be much more difficult for the AI values with margins of 40 percent to double them than, for example, to increase the margins of a grocery chain from two to four percent.
It’s not just the disproportionate increases in valuations that make our private portfolios tech-heavy, but also the composition of many broadly diversified ETFs that give us the illusion of diversification. In a listed index fund on the MSCI World, 0.7 percent or ten of the 1,300 stocks – all tech stocks – make up 25 percent of the weighting and 73 percent are invested in the USA. Or the US leading index S&P 500 contains 35 percent technology.
Not that the MSCI World isn’t a good basic investment – I personally prefer the MSCI All Country World, which also invests in emerging market stocks. But you should consider whether you should invest separately in Nvidia, Microsoft, Broadcom, Apple, Meta, Alphabet and Co if the tech stocks face headwinds and the market no longer grows as much.
Julia Kistner wishes you continued listening pleasure
Warning: This is not investment, tax or legal advice.
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