Cembalest: 2000s equity crash was mostly unrelated to US economic performance
Michael Cembalest · Michael Cembalest – Eye on the Market (Capital Allocators, EP.49) · Apr 23, 2018 · at 23:38
Michael Cembalest, strategist at J.P. Morgan Asset Management, analyzes the macro drivers behind the dot-com market crash and corporate accounting scandals in the early 2000s.
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“Because we were all picking up the pieces of an equity collapse that was really, for the most part, unrelated To the performance of the U.S. Economy. It had everything to do with risk-taking, and not even so much leverage, it was just ridiculous risk-taking and valuations.”
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