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Two charts show why the stock market today is a far cry from the dot-com bubble

 

Two charts show why the stock market today is a far cry from the dot-com bubble

By Myles Udland

The stock market’s incredible run since President Donald Trump’s election win has come down to one sector: tech.

This has some observers asking if we’re not seeing something resembling the 1990s tech bubble, when valuations ballooned, a few major tech giants led the way, and companies with no prospects to make money went public.

But in a new note to clients, John Higgins at Capital Economics argues the answer to that question is no. We’re seeing less enthusiasm from investors this time around, and we’re also seeing less insane valuations for stocks.

Higgins notes that back in 1996, then-Fed Chair Alan Greenspan gave his infamous warning that perhaps investor enthusiasm for stocks had become “irrational exuberance.” After this speech, valuations took off as Greenspan’s warning was roundly ignored. And then the market crashed, as Higgins shows in this chart.

More here > 


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