Irrational exuberance? One gauge gives BlackRock pause

One measure of investor euphoria is registering its most extreme readings since the 2000 tech crash

BlackRock New York office
BlackRock headquarters in New York. Its risk executives were evenly divided on whether an indicator of exuberance is reflecting market froth or correct valuations.
Photo: Jerry Goldberg

BlackRock risk chiefs are finding reason to pause.

The asset manager has one indicator saying markets may already be experiencing a bubble – even as many other gauges are saying assets are not over-inflated.

In the meantime, the wild card of political risk has clambered up the firm’s list of concerns as developed markets now occasionally behave as if they were rough-riding emerging markets.

Edward Fishwick, the asset manager’s global co-head of risk and quantitative analysis, made his remarks

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