The momentum investment frenzy sweeps Wall Street, and Gross calls for vigilance

Bitcoin soars, meme stocks rebound for no reason, and bearish bets are generally losing. For observers unfamiliar with Wall Street's long history, the market frenzy of 2024 seems fresh and dangerous. However, for 80-year-old "bond king" Bill Gross, this kind of frenzy that has emerged on the fringes of the U.S. market has been a norm for investors since before he was born. "Will Rogers once said: 'Don't gamble, use all your savings to buy some good stocks, hold them patiently for the long term until they go up and then sell. If a stock doesn't go up, don't buy it,'" the retired co-founder of Pacific Investment Management Company (PIMCO) said in an email on the eve of the U.S. non-farm payrolls, later posting on social media about the gambling spirit sweeping the market. (Bloomberg)