A market expert who called the dotcom crash says Wall Street is recycling tech-bubble tactics to justify the record-shattering stock rally — and warns it's creating a 'valuation accident waiting to happen'
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Edwards says analysts appear to be reverse-engineering their profit estimates so they can keep "buy" ratings on some stocks, and explains that this questionable practice also preceded the dot com bust.Stocks have been on a phenomenal run since last spring, but the spectre of the late 1990s and early 2000s tech bubble still keeps Wall Street veterans up at night.— who foresaw that painful crash — says he thinks some of the worst excesses of that time are being repeated today.
"Investors have bet that weak economic and profits data is a mid-cycle pause," Edwards wrote in a recent note to clients. "The market has placed a very big bet on recovery."
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