A renowned market bear warns concentration in tech stocks now exceeds levels seen just before the 2000 crash — and cautions that the sector’s earnings are not keeping up with investors’ expectations

• Albert Edwards says tech stocks resemble the dot-com bubble in some ways.
• The Societe Generale strategists said in a note that tech concentration is higher than in 2000.
• Edwards called the dot-com bubble leading up to the subsequent crash.

Albert Edwards, the Societe Generale strategist who called the dot-com bubble over two decades ago, can’t believe it: concentration in the tech sector now exceeds the extremes seen at that time.