Many financial commentators are worried that the stock market has entered bubble territory.
Barry Sternlicht, CEO of real estate investment firm Starwood Capital Group, hopes that's not the case. "I hope we're . . . in 2005, with a couple of years," he told CNBC.
Stocks hit record highs in October 2007, only to plunge from September 2008 through March 2009.
"There are more obvious light switches today or ticking time bombs" than in 2007, Sternlicht said. "The whole macro global situation is not good, and it affects how we think about the world."
For example, the threat of terrorism looms large over New York City real estate, he said. "Should you have a blanket buy on New York City? What's your shot in your investment horizon that, God forbid, something happens?"
As for his own thoughts about New York City real estate, "we love New York, we're invested in New York," Sternlicht said. "But do you want to have all your eggs in New York City real estate right now? It's not something you thought maybe two years ago."
Meanwhile, money manager John Tobey says the five-year bull market for stocks is in trouble.
"The seemingly non-stop stock market rise looks like it is ending," he writes on Forbes.com.
Ever-weakening fundamental factors combined with ever-worsening technical risks appear to have finally grabbed hold," Tobey says.
As for the fundamentals, existing home sales fell 1.8 percent in August, he notes. On the technical said, the Russell 2000 index' 50-day moving average traded below its 200-day moving average Monday for the first time in more than two years.
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