Billionaire entrepreneur Mark Cuban says he has moved most of his fortune to cash because he’s worried about overvaluation in the stock market.
The owner of the Dallas Mavericks says he only owns four dividend-producing stocks, as well as Netflix and Amazon, and has shorted a couple of stocks that he won’t name, but otherwise, he’s out of the market.
Cuban told CNBC he was leery of Donald Trump’s trade proposals and thinks the rising level of U.S. government debt is worrisome. He said that increasing the national debt was just as harmful to the economy as the Federal Reserve artificially pumping up the stock market by keeping interest rates low for so long after the 2008 financial crisis.
“We borrowed from the future to kind of pump up the current market,” he told the network. “If I get a feeling that [economic] growth will continue at 4-plus percent and the debt will then come down, then I’ll get back into the market.”