"People are, once again, being fooled," fears Bill Fleckenstein in this brief CNBC clip, warning that investors buying into the stock market at all-time highs here are making a grave error.
Investors are ignoring fundamentals at their peril, "in the stock mania in 1999, people were bullish because stocks were going up. In 2007, people were bullish because stocks and real estate were going up. They didn't look ask - Why are they going up? Is this sustainable? Is this healthy? - and in both cases, it was not."
In the current environment, the bubble Fleckenstein points to is powered not by tech stocks or real estate, but by the Fed's quantitative easing program.
