What bubble? US equities have room to run

THESE days, it is difficult to read any financial newspaper or column without commentary proclaiming that we are in an equity market bubble destined to end in tears.

However, I believe US equities still have room to run. A quick look at history – specifically the dot-com bubble of the late 1990s – explains why this might be the case.

Parallels between the dot-com era and today’s markets are currently being drawn left, right and centre. Admittedly, the pace of change and the scale of investment in artificial intelligence appear to be at nosebleed levels.