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'Cryptos are biggest financial bubble ever in history,' says famed investor Rich Bernstein

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'Cryptos are biggest financial bubble ever in history,' says famed investor Rich Bernstein

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Instead of frothy bubbles like tech, innovation disruption and cryptocurrencies, ‘Hall of Famer’ Rich Bernstein believes that energy companies can be a growth group in 2022. 

'Cryptos are biggest financial bubble ever in history,' says famed investor Rich Bernstein
One of the most highly-awarded investors in the US is not investing in many of the hottest assets in the market right now. Rich Bernstein, one among few analysts inducted into the Institutional Investor ‘Hall of Fame,’ has said that he’s steering clear of risky bubble assets.
“On one side, we have all that I would call the bubble assets: Tech, innovation disruption, cryptocurrencies,” the Richard Bernstein Advisors CEO and CIO told CNBC. “On the other side of this see-saw, you have literally everything else in the world. I think if you’re looking at 2022 into 2023, you want to be in ‘the everything else in the world’ side of that see-saw’.”
Bernstein particularly sees cryptocurrency as one of the biggest risks currently around. Bernstein believes that cryptocurrencies could see a massive fall off, just like the 90s dotcom bubble had done before.
“Cryptos are the biggest financial bubble ever in history. This is just a monster one,” said Bernstein. 
“I think one wants to wait to look at the true fundamentals, and look at the valuations before deciding that this is all over,” Bernstein added.
Bernstein is not the only legendary investor who has vehemently spoken about cryptocurrencies, especially Bitcoin, in recent times. Despite being down 30 percent over the past month, Bitcoin is still up by 63 percent over the past year.
Investors like Charlie Munger and Warren Buffet, the Vice-Chairman and Chairman, respectively at Berkshire Hathaway, have not been shy of making their dislike known.
"I wish they had never been invented," Munger had said recently. "I admire the Chinese, I think they made the correct decision, which was to simply ban them," he said according to a CNBC report that quoted the Australian Financial Review.
"Cryptocurrencies basically have no value and they don't produce anything. They don't reproduce, they can't mail you a check, they can't do anything," Buffett said per a Business Insider report. "In terms of value: Zero," Buffett added.
Bernstein instead is looking at energy companies for the highest returns instead, highlighting that the sector could be one of the growth groups in 2022.
“The last time the FCF
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