Rowan argues extreme valuations in top stocks reflected money flows, not fundamentals.
“We had one stock which was larger than the market cap of every stock exchange in the world other than Japan. That was not necessarily fundamentals. That was money flow.”
Rowan asserts the U.S. remains the best market, capturing 60% of global capital flows.
“The reality is The U. S. Is the best market in town. We are still 60% of the world's capital flow. We will be for a very long time.”