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Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
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Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
Wall Street is the world's most expensive market, even as the disconnect widens between stock prices and economic and earnings fundamentals, analyst Peter Boockvar said Monday in renewing his alarm on U.S. equities.
"The markets are very dangerous," the chief market analyst at The Lindsey Group said, pointing to what he sees as easy money from central banks artificially inflating asset prices.
"Since the U.K. [Brexit] vote, there's been this voracious search for ... yield. But I think [it] made investors forget the risks of capital loss only for the reward of a yield that is pretty microscopic."
As August began on Wall Street, the was riding a new intraday high, set on Friday, with the Nasdaq composite index on a four-session winning streak. But the Dow Jones industrial average was trying to break a five-session losing streak.
While the Dow limped into the July finish line, the blue chip measure gained nearly 3 percent for the month. The S&P 500 advanced about 3.5 percent in July. The Nasdaq was the big winner last month, surging 6.6 percent.
Despite those gains, Boockvar isn't the only pessimist. Goldman Sachs on Monday cut its three-month rating on equities tounderweight, while DoubleLine Capital CEO Jeff Gundlach said on Friday that many asset classes look frothy.
Perhaps caution may be warranted, when considering that over the past 20 years, the Dow has performed worse, on average, in August than during any other month. According to Bespoke, the Dow averaged an August decline of 1.3 percent.
Boockvar said he believes "the better opportunities" are outside the United States.
"To me, the U.S. stock market is the most expensive market in the world. The better opportunities are in emerging markets that have already been through bear markets over the past four to five years, driven by commodities," he said. "I'm [also] a big fan of gold and silver."