Could US stocks be heading for their very own “1980s-style Japanese melt-up”? asks Ian Harnett in the Financial Times. The dovish duo of Janet Yellen at the Treasury and Jerome Powell at the US Federal Reserve are boosting valuations by drenching markets with loose money and state spending.
The market’s current valuation philosophy is “basically to ignore it”, says Eric Savitz in Barron’s. The likes of Zoom Video Communications and Shopify trade on more than 35 times estimated sales – sales, not profits. Yet an end to the pandemic, which will let us spend more time away from the internet, is starting to take the shine off tech stocks.
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