A trader in the Nasdaq 100 stock index futures pit at the Chicago Mercantile Exchange watches prices for electronic dealings in the contract November 22, 2000.
Reuters
- Bill Smead warns of a market bubble similar to the dot-com era in 2000.
- Investor exuberance around AI has driven much of the S&P 500's 157% rally since March 2020.
- High equity ownership and a penchant for risk-taking signal a bubble, Smead says.
Bill Smead has only seen this once before during his 44-year career.