Institutional Investor Hall of Famer Richard Bernstein sees a troubling market trend.
He warns that the fear of missing out phenomenon is making a comeback despite the coronavirus’ damage from Wall Street to Main Street.
“Most investors, I would say, are once again becoming momentum investors,” the CEO and CIO of Richard Bernstein Advisors told CNBC’s “Trading Nation” on Monday. “We saw that in the fourth quarter where people were very enthusiastic simply because the market was going up — kind of, fundamentals be damned.”
The S&P 500, Dow and tech-heavy Nasdaq have rallied at least 30% since the March