Another day, another 52-week low for the value of modern software stocks.
Once a key indicator of the market’s effervescent enthusiasm for the value of cloud companies, the Bessemer Cloud Index has become a barometer of the opposite in recent months. After a dizzying ascent, the basket of public software companies has given back all its gains since May 2021, and is not that far from losing 50% of its value since it reached record highs in late 2021.
This is despite the companies in the index posting good growth during the pandemic, and hard evidence of the fact that even during periods of economic distress, tech companies don’t lose their footing as other industries might. However, that anti-fragility is proving less attrac …
