But now, things are getting stranger. And David Rosenberg, the famed economist and founder of Rosenberg Research, thinks he's pinpointed a reemerging trend that could aid an unwind — one investors haven't had to grapple with for decades.
To Rosenberg, that's cause for concern. He's seen similar market behavior push equity prices to nosebleed levels during the dotcom era, a period when profits and sales were erroneously eschewed in place of eyeballs and clicks as valuation metrics. To him, investor appetite is looking distinctly similar.
Rosenberg provided the following chart depicting a recent record high in combined IPO and secondary offerings."Ultimately, the flurry of IPO and equity issuance activity, and the frenzy with which investors are snapping up these shares, are all classic signs of euphoric sentiment and bubble-like conditions bringing back memories of the dotcom craze ," he said.
As long as there are products and revenue with expectations things looking bot too bad.
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