LONDON - The $6.2 billion-an-hour rise in the value of world stocks since March was dubbed the “mother of all asset bubbles” by BofA analysts last week - and all of a sudden there is a high-pitched hissing sound.
Both are technically in bear markets, defined as down 20% from their latest peaks, although for ultra-volatile Bitcoin which has surged well over 1,000% since March, that was admittedly only a few days ago. For UniCredit’s Co-Head of Strategy Research Elia Lattuga, the quick rise in benchmark yields represents “a significant risk for equities in general but especially for the parts of market like growth and tech stocks that have seen the sharpest expansion in valuations.
There are echoes of the ‘taper tantrum’ of 2013, when world stocks saw a number of 3-5 percentage point drops as global yields began to climb. Ray Dalio co-chief investment officer of the world’s biggest hedge fund, Bridgewater, posted on Monday that around 5% of the top 1,000 U.S. firms were in bubble territory, which while high is well off dot.com boom levels.Tesla’s rise has been a staggering 16,000% over the last decade. It is worth the majority of the world’s other carmakers combined and even with its drop this month, its shares still trade at 163 times this year’s expected earnings.
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