Stock Market Crash Not Coming Now, Says Kevin O’Leary
(Kitco News) – Equities have another two years of good returns coming, said Kevin O’Leary, star of Shark Tank and chairman of O’Shares ETFs.
“Here’s the really interesting situation we’re in. You look at a lot of analysts now looking at S&P earnings saying ‘OK, they’re going to go flat, and they’re not grow them more than 2%,’ but the reason that’s not going to ultimately completely bring down the market is the S&P is now 46% in foreign revenue,” O’Leary told Kitco News.
Even though problems exist globally, domestically, the U.S. economy is “on fire,” O’Leary added, noting that regulatory, not tax reforms, will bring the next leg up in the domestic markets, particularly in small and mid-cap businesses.
On alternative assets, O’Leary likes certain altcoins, like Facebook’s Lira.
“I like the Libra idea that Facebook has brought forward because it’s a regulated crypto and it’s a payment system that I would use to move capital between markets,” he said. “Every time you want to move a million bucks out of the U.S. to Canada it’s a total nightmare and it’s going to cost you a whole lot of basis points in FX trading.”
O’Leary also likes the cannabis space, but said he is not able to invest in it until the government removes medicinal marijuana from the Schedule 1 narcotics list.
“I would invest a lot in [cannabis]. I have no interest in the recreational side…I’m not into taking drugs. I want to see the medicinal side. I want to invest in that,” he said.