---
title: "Former Merrill Chief Global Investment Strategist: High Valuations of Tech Stocks Are Not Necessarily a Bubble"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265620181.md"
description: "Former Merrill Lynch Chief Global Investment Strategist Charles Clough stated in an interview with Bloomberg that the high valuations of technology stocks do not necessarily indicate a bubble. He believes that the current tech giants possess strong business models and sustainable profitability, which can withstand economic downturns, unlike the situation during the dot-com bubble in 2000. He pointed out that ample market liquidity could drive stock prices further up"
datetime: "2025-11-13T01:10:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265620181.md)
  - [en](https://longbridge.com/en/news/265620181.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265620181.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/265620181.md) | [繁體中文](https://longbridge.com/zh-HK/news/265620181.md)


# Former Merrill Chief Global Investment Strategist: High Valuations of Tech Stocks Are Not Necessarily a Bubble

Charles Clough, the former Chief Global Investment Strategist at Merrill Lynch who predicted the market crash in the late 1990s, stated in an interview with Bloomberg that today's tech giants possess strong business models capable of continuously generating substantial profits and resisting any economic downturns, which is different from the dot-com bubble of 2000. He pointed out that those questioning the bubble are asking the wrong questions, believing that the world has changed, especially in capital markets, which are no longer what they used to be.

He noted that the external focus is always on tech stock valuations, and it will always be this way; it is not uncommon for a few leading stocks to drive a bull market. He acknowledged that the valuations of these stocks are indeed concerning, but such indicators do not necessarily signify a bubble. He also mentioned that from a more macro perspective, market liquidity is more abundant, which could help drive stock prices further up

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