Chamath Palihapitiya speaks at the 2017 episode Alpha Conference in New York on September 12, 2017.
David A. Grogan | CNBC
Consumers have been sitting at home for months and months, and without typical things to spend money on, assets grow in bank accounts. According to Chamath Palihapitiya, CEO of Social Capital, this is a positive sign for equities.
He said the combination of consumer savings and cash in money markets would rise to an all-time high as a rocket for assets.
“Whether it’s housing markets, whether it’s capital purchases like cars or holidays, or stocks in this case – if we’re still locked in, these things are only going to go away for a while,” he said on Thursday. on CNBC’s “Halftime Report.”
“You just have to be tall. Anyone who tries to understand why you should not be long, I think, will regret it for at least the next 18 to 24 months. ‘
His comments come as the big averages peak on Thursday to new overall highs, after also progressing on Wednesday, despite the unrest in Washington. Investors hope a Democratic-controlled Congress will lead to more stimulus payments for consumers.
Palihapitiya said investors should not share the names that worked with a record high. His comments relate specifically to his position in Tesla.
Despite the stock’s 750% gain over the past year, Palihapitiya said he believes shares could double or even triple.
“I do not understand why people are so focused on selling things that work,” he said. ‘When things work out, you get paid to stay with people who know what they’re doing. This is a man [Elon Musk] who was consistently one of the most important entrepreneurs in the world. And why bet against him then, ‘he said.
Palihapitiya also weighed in on the record run in bitcoin as the cryptocurrency reached $ 40,000 for the first time on Thursday.
“It’s probably $ 100,000, then $ 150,000, then $ 200,000,” Palihapitiya told CNBC. ‘In what period? I do not know. [Maybe] five or ten years, but it goes there. ‘
On Thursday, SoFi, the online training company for finance, announced that it would be revealed through a merger with a blankcheck company run by Palihapitiya.
– Fred Imbert, CNBC, reported.
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