More time spent online during global lockdowns proved to be a figurative shot in the arm for technology companies over the past 12 months. With actual shots now protecting people from Covid-19, companies with more to gain from the economic restart are increasingly in favour with investors and tech stocks have seen their fair share of volatility in recent months. The framework suggests the lift-off from zero rates will be later than markets expect, and argues for looking through near-term volatility.
