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Big Tech is expensive? Try Big Consumer

The higher the multiples, the lower the tolerance investors have with slower growth

Unilever Indonesia makes and sells products like Pepsodent toothpaste, Lux soap, Sunsilk shampoo and Wall's ice cream in Indonesia. Not only has it consistently grown earnings through the years, the multiples that investors are willing to pay for that growth have increased over time.

IF you think tech stocks like Facebook and Google are pricey, you haven't seen consumer stocks in Indonesia and India.

They are getting so high that some analysts have given up telling clients that it's time to get out.

In an end-August note, JP Morgan said it was "throwing in the...

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