Market analysts discusses risk as stocks near record highs

US equity markets (^DJI, ^IXIC, ^GSPC) have had solid footing in 2024 despite some hiccups, until the Dow Jones Industrial Average spilled 600 points in a single day this week - the worst trading day of the year for the average. Pernas Research Co-Founder Deiya Pernas and Mahoney Asset Management CEO Ken Mahoney join Market Domination to discuss the state of index investing. Pernas believes investors' biggest worry should be "complacency" in the indexes.
"The market's trading at 21 times forward. and it's somewhat typical of late-cycle that you see large cap quality do quite well and that's what we've seen this year," Pernas elaborates, pointing out small cap equities' value growth is flat and may not be participating in market rallies. "If you look at it holistically, there's some areas of the market where cracks are evident, but again, at the index level, I think there's a lot of complacency."
"Tere's a lot of examples this earnings season, especially in technology, so we don't need to be near airlines and autos or retailers or some of these other ones that are mentioned. We don't need to be in those industries," Mahoney explains, later going on to discuss big names in tech. "We're in the fast lane, we're growth managers. We accept the bumpy ride in the left lane, but that's where all the CapEx spending, that's where the excitement is. The multiples can expand when we have this type of opportunity..."
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