March 9, 2021 “This Time is Different” is an infamous phrase in finance that has historically led to some spectacular results, both positively and negatively. Over the past ten years in the United States, the information technology sector (“TECH”) of the equity market has outperformed all other equity market sectors by a significant margin [1]. For some investors, the valuation of the TECH sector today is reminiscent of the TECH sector of the late 1990s and are worried about history repeating itself. In contrast, other investors highlight that the TECH sector is more mature, with higher margins and more stability. In our opinion, today’s situation has aspects similar to the early 2000s, but today’s situation is different.