Much went right for the U.S. technology sector in 2020. It significantly outperformed the broader U.S. market for the year, and more than a handful of stocks saw significant price appreciation. In some cases, tech stocks were a safe haven because enterprises did not slash their software budgets during the COVID-19 pandemic. In other cases, enterprises and consumers turned to a wave of cloud, remote working, and e-commerce technologies such as Zoom (ZM), DocuSign (DOCU), Shopify (SHOP), Zscaler (ZS), and others. Software companies like Coupa (COUP) and Twilio (TWLO) prospered from strong secular growth trends despite the pandemic. Zoom was a prime example of a countercyclical name, rising over 390% in 2020. Many other stocks doubled in the year, and prices exceeded our fair value estimates.