The 1990s Called, And They Want Their Markets Back

Every so often, the markets start moving toward various extremes in such a way that someone recalls a particular time in history when a similar situation was occurring. Gradually, more and more people start looking back at that time in history and drawing comparisons and then reminding everyone else of what happened next. Right now, portfolio managers, analysts and some investors are calling to mind the 1990s and early 2000s, an era marked by extraordinary valuations (especially among tech firms), the popping of the tech bubble, and high debt levels.

In his Q1 letter, RBI Capital manager Skip Tague wrote extensively on...