John Authers, Columnist

The Stocks Bubble-O-Meter Is Flashing Bright Red

Easy money? Check. Exciting narratives? Check. Excessive valuations? It depends where you look.

January 25, 2021 at 6:13 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Things may be getting a little overheated.
Photographer: Juliano De Oliveira Alves/ EyeE/Getty Images

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I’m sorry about this, but I’m forever writing about bubbles. Unfortunately, it’s unavoidable. Based on an unscientific survey (my email inbox), interest is its most intense in many years. I’ve received 210 messages on the subject since the turn of the year. Many are emphatic arguments that we don’t in fact have a speculative bubble, but investment debate is being dominated by the question. So it’s time for yet another newsletter on bubbles.