Billionaire global investor Barry Sternlicht said Thursday he’s concerned about the long-term viability of current conditions in the stock market, warning that some aspects feel reminiscent of the dot-com bubble back in the 1990s.
“I don’t think we’re having a problem in the stock market near term,” Sternlicht said on “Squawk Box.” “The stimulus is too big.”
After the market plunged due to Covid fears in February and March of last year, the Federal Reserve slashed interest rates to near zero and unleashed other programs to support the financial system. Congress also pushed through two massive stimulus packages in 2020, with Wall Street hoping for another one this year.
As of Wednesday’s…