The Big Tech Stocks Could Fall, if History Is Any Guide

Something was bubbling in mutual funds. Funds “specializing in growth and scientific stocks hit the jackpot in the closing weeks of September,” Barron’s wrote on Nov. 1, 1965. Turning up regularly among the funds’ biggest holdings were names like IBM, Xerox, Eli Lilly, General Electric, and Gillette.

A few months later, funds that had “packed their portfolios” with “glamour stocks” were enjoying “a sparkling market performance,” we wrote. Led by companies like Johnson & Johnson, Eastman Kodak, 3M, IT&T, Polaroid, Revlon, and…