Wounds from TMT bubble taking time to heal

A full decade after the Nasdaq peaked and then toppled dramatically from investor favour, clearly the wounds of technology investors are still taking their time to heal.

Flows into technology funds are still very poor in most cases (at Henderson New Star we think we are seeing most of the net inflows into what has become over the years a sharply diminished sector). Yet this is despite the fact that technology as an investment has more recently beaten pretty much any investment outside of emerging markets and commodities, both of which are continuing to seeing massive inflows, despite their volatility. So why has technology failed to recover its reputation? Perhaps because people still do not understand what drives the sector. Today's technology companies...