Barry Sternlich (Barry Sternlicht), the US real estate and hotel investment tycoon and CEO of Starwood Capital, said on Wednesday that he thought part of the current stock market was full of "speculative bubbles".

"there are actually two stock markets today," Sternlich said. There is a place where I grew up. I went to business school and learned about discounted cash flow and the company's ability to pay dividends and growth. "

"and then there is a complete casino society. A completely speculative bubble, whether it is Mihm shares, or even the price-to-earnings multiples of some technology companies is unthinkable. "

At present, NASDAQThe composite index trades at more than 28 times trailing earnings. As for Mihm shares, AMC Entertainment Holdings, the world's largest cinema chain, has soared 17-fold this year.

The current market reminds Sternliht of the dotcom bubble of the early 2000s, when the market capitalization of many lossmaking companies was at an all-time high. "there are a lot of warning signs that we are already in a period similar to that of 2000 and 2001, just before the NASDAQ fell 82%."