A ‘hall of fame’ 39-year market vet breaks down why his criteria for a bubble ‘have now been met’ in both stocks and crypto – and shares the best way investors can protect themselves from carnage ahead

• Stocks are in bubble territory, Richard Bernstein said in a recent note.
• He said cryptocurrencies are also in a bubble.
• He shared how to best invest in the stock market during a bubble period.

It’s a question that comes up when asset prices soar to astronomical levels like they have this year: Are we in a bubble?

For Richard Bernstein – a 39-year market veteran who Institutional Investor put into its “Hall of Fame” – the answer is yes, at least for large swaths of the stock market and for the crypto space.

The S&P 500 hit all-time-highs on Friday, crossing above 4,600 for the first time ever. Technology and disruptive stocks are the most inflated, Bernstein said in a recent note. Alphabet, Microsoft, Apple, Amazon, Tesla, and Meta Platforms (formerly Facebook) make up about 25% of the S&P 500.