Rich Bernstein, CEO of the capital market company Richard Bernstein Advisors, is saying that crypto reminds him of the tech bubble in the late 1990s.
In a new interview on CNBC’s Trading Nation, Bernstein tells investors where to put their money instead of investing in bubble assets in the coming year.
“The way to think about the markets is to think of it as a seesaw.
On one side, we have all that I would call the bubble assets: tech, innovation disruption, cryptocurrencies, that whole group.
On the other side of this see-saw, you have literally everything else in the world.
I think if you’re looking at 2022 into 2023, you want to be in the everything else in the world side of that see-saw because that’s where the opportunity is, that’s where there’s a scarcity of capital.”
The famed investor says that crypto may be worse than the dot-com bubble when the prices of tech stocks plummeted as much as 90%.
“I think cryptos are the biggest financial bubble ever in history.
I think this is just a monster one and a lot of people have responded when I talk about technology, innovation, disruption… The stocks are down a lot. They’re down 35%.
… in the tech bubble, people said the exact same thing when tech stocks are down 30%, 35%, 40%, except that was only the halfway point.
They went down to 75%, 80%, 85%, 90% and so I think one wants to wait to look at the true fundamentals and look at the valuations before deciding that this is all over.”
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