RIVN - Stock market has become 'land rush' like during the dot-com bubble - Liberty Media Chairman John Malone

Liberty Media Chairman John Malone said Thursday that the current stock market has become a "land rush" that resembles the dot-com bubble of the late 1990s. Speaking to CNBC, the largest voting shareholder of Liberty Media (NASDAQ:FWONA)(NASDAQ:FWONK) argued that a focus on growth over profitability and the entry of a large number of competitors into certain fields reminded him of the dynamics that shaped trading in the late 90s and early 2000s. Malone blamed the conditions on the proliferation of "cheap money" which has encouraged "too much competition particularly in capital-intensive businesses." The Liberty Media chairman argued that this dynamic can "wreck" the potential profitability within an industry. "The biggest threat has always been the stupid guy with a lot of money coming into your business because they might not end up with much profitability but they sure as hell can damage the profitability of the incumbent," he said. Malone

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Stock market has become 'land rush' like during the dot-com bubble - Liberty Media Chairman John Malone