FAST FIVE: David Einhorn: "This Is An Enormous Tech Bubble" And It Popped On September 2, 2020
Our working hypothesis, which might be disproven, is that September 2, 2020 was the top and the bubble has already popped.
We have adjusted our short book accordingly including adding a fresh bubble basket of mostly second-tier companies and recent IPOs trading at remarkable valuations So without further ado, below we excerpt his key thoughts on the biggest asset bubble that the Fed has inflated: * * * We are now in the midst of an enormous tech bubble.
Four years later, there is a consensus that we are in a bubble.
Had it peaked at 3,500, it would be easier to argue that this bubble has surpassed that one.
Is a bubble only dangerous when it has exceeded the prior one on every metric.