This article is part of the FT’s Runaway Markets series.The writer is chief global equity strategist at Citigroup
Back in the late 1990s bull market, one value investor gave us an unbeatable definition of a bubble: “Something I get fired for not owning”. I should probably end this column there. But I will persevere.
Everywhere I look there’s talk of bubbles, not just the social kind. Bond bubbles, bitcoin bubbles, equity bubbles, tech stock bubbles. There’s definitely a bubble in bubble talk.
Google search trends for “stock market bubble” are at their highest since 2004. I’m not sure what to make of that, because the markets kept rising afterwards. Few were googling the phrase back in 2007, before a 60 per cent drop in global equities.
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