Police officers wearing riot gear push back demonstrators outside of the White House, June 1, 2020 in Washington D.C., during a protest over the death of George Floyd.This story is available exclusively on Business Insider Prime.As protests dominate headlines amid the coronavirus pandemic, the stock market has hummed along — finishing May up nearly 5%.
Brown called growth stocks without earnings "one step above a Ponzi scheme" and foresees a repeat of 2000 tech bubble crash. With double-digit unemployment, a global health pandemic, and widespread protests against police brutality, the stock market has continued to tick up.
"The cognitive dissonance is overwhelming at times" as the disconnect between the average person and the market is "stunning of late," he writes. Going forward, he expects to see a crash similar to 2000's tech bubble. Growth stocks that are still unprofitable are "one step above a Ponzi scheme" since someone "needs to be willing to buy shares and give the company capital at an even higher price" than you.
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Your glass is always half empty. I never followed your advice for investment.
That's what I think is happening too.. and for the same reasons.. Greenspan unleased the spigot in 1999 ahead of Y2K fears. That's what created the final blow-off top.. This one will pop ahead of Nov, dooming Trump.
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