The US Federal Reserve “can’t save a stock market” from a “total nightmare” failure driven by millennials, according to Cole Smead, president and portfolio manager at Smead Capital Management.
“The buying that went on in August and September is a 10-year phenomenon the likes of which we have never seen among millennials, and in the risk-taking among people that don’t want to own bonds and want to own overpriced US quality businesses, it is of record proportions,” Smead told CNBC.
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