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Remember when Federal Reserve Chair Janet Yellen said that social media and biotech stocks seemed pricey during a July 2014 testimony to Congress?
"...Valuation metrics in some sectors do appear substantially stretched-particularly those for smaller firms in the social media and biotechnology industries, despite a notable downturn in equity prices for such firms early in the year," she said.
On Twitter, venture capitalist Chris Dixon notes that betting against biotechs would've done terribly over the last year.
The S&P biotech ETF is up more than 50% during a period when the S&P 500 climbed just 4%.
