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1.Market Observations, 8.Was Sticky

27 Apr 2017 (AFR) – David Einhorn on Tesla, Amazon: ‘We expect this bubble to pop’

(27 April 2017, AFR, p28, by Karen Maley)

‘Billionaire US hedge fund manager David Einhorn has warned that “we have seen this before”, as the tech-heavy Nasdaq Composite breached 6000 for the first time overnight, 17 years after it first hit 5000 at the height of the dotcom era. The Nasdaq has surged around 12 per cent so far this year, well ahead of the 6.5 per cent rise in the S&P 500, as investors have increasingly piled into tech mega-caps as uncertainty over the US President’s promised tax cuts, deregulation and higher infrastructure spending has curbed their appetite for bank and industrial stocks.’

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