Is it time to buy the WAAAX stocks?

Financial Journalist
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Deciding whether to WAAAX on or off in this market is testing even hardened contrarians.

Few doubt that WiseTech Global, Afterpay Touch Group, Altium, Appen and Xero (Australia’s version of the fabled US FAANG stocks) are mostly exceptional businesses. They quickly became billion-dollar companies and captivated the market.

As happens in tech booms, valuation insanity prevailed. At its peak, Afterpay, essentially an innovative layby service with significant regulatory risk, was worth $5.2 billion. WiseTech, a high-quality provider of logistics software, was worth more than $7 billion.

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