Looking back at the history of global stock markets, we can confirm a 10-year upward trend.

Looking back at history, we can confirm a 10-year upward trend in global stock markets.

1950s: German stock market boom
1960s: US stock market boom
1970s: Gold boom
1980s: Japanese stock market boom
1990s: The US dot-com stock boom.
2000s: The BRICs boom.
2010s: The GAFAM boom.

The global stock market has seen booms and busts in 10-year cycles, repeatedly. This may be because if a theme is bought for 10 years, new buyers stop appearing and institutional investors start selling their stocks because they can no longer expect further returns.

Alternatively, it is also possible that people unconsciously change their investment strategies, considering 10 years as the end of one era.

In any case, looking back at history, there are no booms that last forever, so I think that US high-tech stocks, including GAFAM, will no longer be attractive to anyone in the future.