NEW YORK (Reuters) - Billionaire investor Julian Robertson said on Tuesday stocks are in a bubble, one day after the broad market hit another record high.
Fueled by low interest rates, most stocks are now highly valued, the octogenarian founder of pioneering hedge fund firm Tiger Management said at the CNBC Institutional Investor Delivering Alpha Conference in New York.
“The market on the whole is quite high on a historic basis.”
Robertson said he still liked the so-called FANG technology stocks, which include Facebook Inc, Amazon Inc, Apple Inc, Netflix Inc and Alphabet Inc’s Google, calling them relatively inexpensive.
“Apple is not that expensive a stock,” he said, also noting that he considered himself a “long-term player” in Facebook.
Reporting by Lawrence Delevingne, Jennifer Ablan and Svea Herbst-Bayliss; Editing by Richard Chang