Greed turns loss-makers into leaders

[NEW YORK] Two things explain why the biggest gains in the US stock market this year are coming from companies without profits, according to Jeff Mortimer of BNY Mellon Wealth Management: greed, and fear of missing out.

Neither dooms the bull market, even as they signal to some investors a potential top after five years, said Mr Mortimer, the Boston-based director of investment strategy for BNY Mellon Wealth Management, which oversees about US$185 billion.

More than US$14 trillion has been added to American equity values since March 2009 and the Standard & Poor's 500 Index is within 1 per cent of a record.