A Swedish billionaire just sold his entire stock portfolio – saying there’s a major crash coming

Jon Geopolitics, Market Commentary

One of Sweden’s most prominent investors, Rune Andersson, has officially quit the stock market as of this January.
‘I currently own zero stocks’, Andersson tells Dagens Industri.
Andersson, with an estimated net worth of 9 billion SEK ($1bn), cites ever-soaring stock prices as the reason behind his big sell.
The 72-year old financier sees a systemic problem that affects many major stocks today. For instance, in the past year, Sandvik, a Swedish industrial giant, soared 55 percent, while Volvo’s value rose 47 percent. As a whole, since the 2008 crash the OMX Stockholm PI index has surged 210 percent.
Andersson says high price-to-earnings ratios (P/E) – around 20 for many stocks – indicate major problems.

This post was published at Business Insider