It&#x27;s about expectation and projection. You say 27% today. Tomorrow it&#x27;s going to be 50%. The valuation adjustment problems in tech aren&#x27;t over, they&#x27;ve only just begun.<p>When the Shanghai Composite Index started falling over after China created a market bubble there, people said: it&#x27;s up 150% in under a year, and now it&#x27;s only down 20%, no need to worry. Well, now it&#x27;s down 50% from that high - below where it was five years ago - and those people are no longer talking about it. It was never the initial drop that mattered, it was all about what was coming next, not what happened the day before.