Markets are on a 'runaway tear' and have created a 'bubble-like environment' similar to the one seen in 2000, said David Sokulsky of Concentrated Leaders Fund.
that economic and corporate fundamentals are "nowhere near as good as what the equity markets are pricing in."
A trader walks in front of the New York Stock Exchange on May 26, 2020 at Wall Street in New York City.Sokulsky said the market is "purely driven by speculation and ... excess liquidity in the system."and governments around the world have announced fiscal and monetary in various packages to support their economies, which have been thrown into crisis by the virus.
"This is why I say it's a dangerous environment, because at the moment, the markets are not ... responding to any of the macro risks that are out there. They're not responding as they would have a year ago." "It seems like the fundamentals and the risks actually just don't matter," he added. "All that matters is liquidity and momentum and, you know, that doesn't last forever."
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