'Everybody is a genius in a bull market': Mark Cuban warns behavior around the stock market's current rally is eerily similar to the 1999 dot-com bubble
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Tech stocks' rally through recent months is "so similar" to the dot-com bubble seen in the late 1990s, billionaire entrepreneur Mark Cuban said on Monday.
"Everybody's a genius in a bull market and everybody's making money right now" due to the Federal Reserve's unprecedented monetary relief, he said onIt's "difficult to have patience sometimes" knowing prices could outpace fundamentals even further, Cuban said.Even as the recent tech rally cools, billionaire entrepreneur Mark Cuban sees several striking similarities between the stock market's latest trends and the late 1990s dot-com bubble.
The market hasn't been very focused on fundamentals since the Federal Reserve intervened with unprecedented monetary aid in March, Cuban said on CNBC's "." Since then, investors have been hastily chasing performance. After momentum strategies played out, investors consistently pushed cash back into mega-cap tech stocks, he said on Monday.
"In some respects it's different because of the Fed and the liquidity they've introduced and the inflation for financial assets that comes with that. But on a bigger picture it's so similar," he added. "I had my 18-year-old niece asking me what stocks she should invest in, because her friends are making 30% per day."
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