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Barry Ritholtz

Einhorn's Premature Bubble Call

Are we witnessing another tech bubble? 
Seeing bubbles. Photographer: Scott Eells/Bloomberg
Seeing bubbles. Photographer: Scott Eells/Bloomberg

Earlier this week, Greenlight Capital Inc. hedge-fund manager David Einhorn reignited the bubble arguments that we have spilled so many pixels dissecting. The short-seller of Lehman Brothers Holdings Inc. and New York Mets fan said in a quarterly letter to clients "we are witnessing our second tech bubble in 15 years."

The bubble chatter is nothing new. Regular readers know this has been an issue I enjoy exploring. Indeed, it has been accompanying the current bull market since it lifted off five years ago. Back in 2011, I even created a checklist of "How to Spot a Bubble in Real Time." More recently, in November I noted we seemingly have a "Bubble in Bubbles."