Synopsis
Stock markets once examined every stock for value. Today, value investing is sneered at, and the big boys are rushing into companies that have never made a profit, just as during the dotcom boom, and for the same reason. Losses are seen as a sign of future growth potential rather than disaster. Everybody knows most startups will sink, but nevertheless continue searching for golden needles in a haystack.
Global stock markets will suffer a major crash within the next year. There. I’ve said it without hedging or qualification. I could have said something more cautious like, ‘The chances of a stock market crash have increased considerably.’ Or, ‘The manic investment in stocks that have never made a profit is going to end.’ Or even, ‘After a bull run of four years, the stock markets are overdue for a major correction.’ Instead, let me stick my neck
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