Investor Mark Cuban on Monday likened the present stock market to the dot-com boom of the late 1990s. Cuban, of course, made his fortune by selling Broadcast.com to Yahoo during that era, so he knows what he is talking about. He sold the company a year before the tech crash of early 2000.
Cuban also made the point that the dot-com boom lasted five years. And that means there is no telling when the current Fed-fueled buying binge will end. Just on Monday, tech stocks seemed to reach new bubble-like levels. The Nasdaq hit a post-Covid high. Alphabet, which has struggled to regain its pre-Covid peak in recent weeks, easily surpassed it. Tesla, which has doubled since late May, rose another 9%. And so on.
