CHART OF THE DAY: Investors Haven't Hated Tech Stocks This Much In 35 Years

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We just mentioned how many big name, blue chip tech companies have been huge losers in 2011.

Here’s some more perspective from Morgan Stanley about how cheap big tech has become.

The forward PEs of these companies — relative to industrials — haven’t been this low in over 25 years.

Now there are a few things to bear in mind. The first is that we’re talking forward PE here, so investors may be saying that they don’t buy the Wall Street estimates, which is totally plausible. The other is that you certainly don’t see this kind of pessimism when looking at, say, LinkedIn. It’s big/old tech that’s getting penalised. For now, it still appears, investors can’t get enough of upstart tech.

And perhaps there’s the lesson: This is the market basically seeing a new crop of upstarts disrupting the old boys, and those old boys apparently include seemingly hot companies like Google and Apple.

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