Not exact matches
They will continue holding while all the
gains made
during the
bubble are given back.
Even though some investors came into 2015 thinking that stocks like Netflix and Amazon were in
bubble territory, they only accelerated their share - price
gains during the year.
But unless one expects a reprise of that
bubble, or at least a reprise of the sort of enthusiasm we saw
during the housing
bubble (when valuations ascended high enough to drive 10 - year prospective returns below 3 % annually), the odds of sustained durable
gains from present levels are weak.
Having said that, the validity of a story, at the end of the day, can't justify the insane
gains that we are experiencing currently, just as the validity of the dot - com story didn't justify the lofty valuations of basically non-existent business
during the late phase of the tech -
bubble.
During the month of November, which saw triple - digit
gains in a matter of a few days at a time, bitcoin skeptics with impressive financial credentials joined the «bitcoin's a
bubble» chorus.