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BANK OF AMERICA: There’s one big difference between now and the 1999 tech bubble

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The boom in stocks is not yet irrational, Bank of America Merrill Lynch strategists say.

About three-quarters of those managing large funds whom the bank surveyed said tech stocks were either expensive or bubble-like. The survey was conducted June 2-8, right before the tumble on Friday and Monday, and offers more insight into why investors dumped tech stocks.

Also, the share of investors who thought that stocks were overvalued jumped to a record high.

Unlike 1999, BAML said, investors are not reducing their cash holdings even though they think stocks are overvalued, suggesting that there’s “no irrational exuberance” yet.

The 21% ascent this year read more >>>

Source:: BusinessInsider.Com

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