The stock market frenzy feels like 1999 dot-com bubble, global investor Barry Sternlicht warns

The stock market frenzy feels like 1999 dot-com bubble, global investor Barry Sternlicht warns

Billionaire global investor Barry Sternlicht said Thursday he's concerned about the long-term viability of current conditions in the stock market, warning that some aspects feel reminiscent of the dot-com bubble back in the 1990s."I don't think we're having a problem in the stock market near term," Sternlicht said on "Squawk Box." "The stimulus is too big."After the market plunged due to Covid fears in February and March of last year, the Federal Reserve slashed interest rates to near zero and unleashed other programs to support the financial system. Congress also pushed through two massive stimulus packages in 2020, with Wall Street hoping for another one this year.As of Wednesday's close, the Nasdaq was up more than 100% since its pandemic-driven low back on March 23. The S&P 500 was up about 75% in that same span. The Nasdaq, the S&P 500 and the Dow Jones Industrial Average all closed at record highs Wednesday as President Joe Biden took office.However, the Starwood Capital CEO urged investors to watch out "come the back half of this year," citing worrisome characteristics such as investors who appear to be leaning on social media sites for stock ideas and contributing to short squeezes. It's a