The Economist: Is the bull market about to turn into a bubble?
Two years ago, pretty much everyone agreed that one of the great bubbles was bursting. An era of rock-bottom interest rates was coming to a close, shaking the foundations of just about every asset class.
Share prices were plunging, government bonds were being hammered, crypto markets were in freefall. Wall Street’s prophets of doom were crowing with delight.
Less than 18 months later stockmarkets around the world are back at all-time highs
As the dotcom frenzy reached its peak, Julian Robertson, one of the 20th century’s most revered hedge-fund managers, stalwartly refused to buy tech stocks.
His investors eventually revolted and withdrew their money, forcing his fund to close right as the crash was about to start.
Hence another sign that a bubble is about to pop: some of the market’s gloomier voices are fired.
The Economist 11 March 2024
There is little reason to believe that the current rally can last
Kenneth Rogoff Project Syndicate 4 March 2024
Index funds keep blowing what looks like a bigger bubble in the giant tech stocks.
https://englundmacro.blogspot.com/2024/02/index-funds-keep-blowing-what-looks.html
What ‘The Wolf of Wall Street,’ ‘Dumb Money’ and ‘The Big Short’ say about investor behavior
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