FEX - Shades Of 1999 As 'Market Mania' Returns In 2020

• There are certainly many similarities between today and 1999. From exceedingly high valuations to a rush by private equity investors to IPO overly priced companies as quickly as possible, prices are high.
• The repeated rounds of liquidity, interventions, and accommodative policies have trained investors to take on more "risk."
• Notably, the ongoing Fed policies have lured investors into an extreme sense of complacency, as witnessed by the sharp drop in "short interest" in the S&P 500. This belief that the markets can no longer have a correction is fueling an equity chase in companies with the most inferior underlying fundamentals.

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