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During secular bull market in technology during the 1990s the sector spent more time outperforming the S&P 500 than it did underperforming, with its 12-month relative performance to the S&P 500 shifted up in the image below. In contrast, the secular bear market in technology since the 2000 market top has lead to a shift in the sector’s relative performance into negative territory for most of the decade.
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