When Wall Street bigwigs say the market is overvalued — it’s time to “follow the smart money”, says Matt Maley, chief market strategist at Miller Tabak.
On Wednesday billionaire investor David Tepper said this was the second most overvalued market he’d seen outside of the 1999 bubble. The day before, hedge fund manager Stan Druckenmiller sounded the alarm on stock valuations.
“In Wall Street, it’s smart to follow the smart money…when you have so many of them who’ve made their billions doing this, it makes be a little bit more cautious,” said Maley told Yahoo Finance’s The First Trade. …read more
Source:: Yahoo Finance
