Mark Cuban, who made billions from dotcom bubble, says here's how you'll know the rally is over
But like Cuban, Jones noted the difference in interest rates in 1999 and 2020. In the early half of 1999, the Federal Reserve had set interest rates at 4.75%. They are currently 1.5% to 1.75%.
In fact, Cuban, who owns the NBA's Dallas Mavericks, said interest rates will ultimately determine the fate of the stock market, which continues to move toward the upside in 2020 after a strong 2019. The S&P 500 is up around 3% year to date and its 29% gain in 2019 was its best annual performance since 2013."So that money is going to continue to flow into our equities, our market," Cuban said, while borrowing a phrase used by his friend who compared low interest rates to universal basic income "for rich people."
"I think interest rates will tell us what's going to happen next in the market. Is it frothy? You can definitely make that argument," Cuban said. "Is it like 1999? No."Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank," on which Mark Cuban is a co-host.
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