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Julian Robertson: “There’s A Bubble” And “It’s The Federal Reserve’s Fault”

September 12, 2017

Julian Robertson: “There’s A Bubble” And “It’s The Federal Reserve’s Fault”

Call it the “bearish billionaire” curse. One month ago, MarketWatch penned “7 billionaires who are worried about a stock-market correction” which listed Carl Icahn, David Tepper, Howard Marks, George Soros, Jeff Gundlach, Warren Buffett and Eliot Singer as some of the world’s wealthiest people who are losing sleep over the S&P trading at all time highs.

Today we can add another investing billionaire – one of the original hedgers, Tiger Management co-founder Julian Robertson – who spoke to CNBC’s Kelly Evans, and stated in no uncertain words that the market is a bubble and that “it’s the Federal Reserve’s fault, and the Federal Reserves all over the world.”

KELLY EVANS: … I just wonder what you think generally of where we are in the equity market today, where we are in the stock market in terms of valuation.

JULIAN ROBERTSON: Well, we’re very, very high — have very high valuations in most stocks. The market, as a whole, is quite high on a historic basis. And I think that’s due to the fact that interest rates are so low that there’s no real competition for the money other than art and real estate. And so I think that’s why the valuations are so high. I think when rates do start to go up and the bonds become more attractive to investors, it will affect the margins.

KELLY EVANS: Do you think they’re dangerously high right now?

JULIAN ROBERTSON: Well, that’s a — you know, it’s pretty — they’re high.

KELLY EVANS: Is it the Federal Reserve’s fault or…

JULIAN ROBERTSON: Yes. It’s the Federal Reserve’s fault, and the Federal Reserves all over the world. I mean, in Germany, in order to buy a bond, until recently, you actually had to pay interest.

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