Twenty years ago, UK-based asset manager Phillips & Drew warned that technology, media and telecom stocks were overpriced. It took more than three years, but the market finally proved the group right in early 2000. Now, its former UK equities chief has an equally stark warning for the market.
It was Tony Dye, the late investment chief at Phillips & Drew, who led the TMT naysayers in 1996. This time his former UK equities chief Hugh Sergeant, now equity chief at boutique manager River and Mercantile, is baiting the bulls by arguing that bubbles in bonds, quality and growth stocks are likely to implode at any moment.
