Stack's Jonson on why this market 'unravels similar to the tech bubble'

Money Life with Chuck Jaffe

Zach Jonson, chief investment officer at Stack Financial Management, says that while the stock market has been moving to record highs, "it wasn't healthy." He says that market valuations are overblown, with concentration in the index being more of a concern than at any time in history, which means that current conditions are lining up with some rare time periods, most notably the tech bubble days of the late 1990s, which ended turning ugly when the bubble burst. That's in contrast with the view from Eric Wallerstein, chief markets strategist at Yardeni Research, who says the Dow Jones Industrial Average will reach 60,000 and the Standard & Poor's 500 will hit 8,000 before the end of the current decade, and while that run could end up ugly at that point, any downturns in the interim are buying opportunities. Plus, John Cole Scott, president of Closed-End Fund Advisors — chairman of the Active Investment Company Alliance — provides an update on what's happened with closed-end funds through the first half of 2024, and Jaime Dunaway-Seale discusses Clever Real Estate's Gen Z Home Buyer Report, which showed that 60 percent of the generation just entering the workforces thinks they will never own a home.