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Having surged 23% year-to-date through Monday, the S&P 500 Tech Index has been the best-performing industry of 2017, more than doubling the return of the benchmark S&P 500.
Expected earnings per share growth for the sector was "at about 20 percent for the first half of the year. That's the reason they were leaders".
"For the second half of year, we're looking at about 10 percent, … and it gets even worse when you get into 2018.
So we're going for these really high growth stocks into really below average stocks."
"We could see these stocks make about a 9 percent dip from here and still be well within the past six months' range" of valuations.
"I think it's time to step out of the way for a little bit here, especially if your time frame is sometime over the next year," Baruch said.
"But on the flip side, if your time frame is very long and you're young and you don't think your portfolio has enough tech in it, use some of this fallback to start nibbling at some of those better names" in the index.
The tax bill contains an 8% one-time tax on illiquid assets and a 15.5% tax on cash and cash equivalents held overseas.
Apple, for example, had more than $250 billion in overseas cash at the end of last quarter. Instead of paying the old 35% corporate rate to bring that back to the U.S., Apple would now pay just 15.5%. That's the difference between $87.5 billion and $38.8 billion.
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