EV/NTM EBITDA 2012 -&gt; 2020

$SPX (ex financials): 7x -&gt; 14x
$AAPL: 5x -&gt; 18x
$MSFT: 5x -&gt;20x

Large percent of large cap tech gains driven by multiple expansion... Can it continue? Will indexes be easy to beat going forward? https://t.co/WDTv7qfsn6