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Platinum warns of bloody end to ‘speculative mania’ – The Australian Financial Review
Andrew Clifford, chief executive of Platinum Asset Management, expects rising government bond yields to crush the value of high-flying growth stocks.
The pin to burst the mania will be the slow, sober rise of yields on long-dated government bonds, which are set to grind higher as the global economy expands.
A flash of the type of shock Mr Clifford forecasts swept the globe in February, when the yield on the US 10-year government bond, one of the most widely referenced assets in financial markets, jumped higher.
The rising yield, which was mirrored in Australian government debt, knocked the ASX All Tech and the Nasdaq composite benchmarks from…
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