El-Erian: “we may be looking at an equities bubble”

Mohamed El-Erian, CEO and co-chief investment officer at Pimco, discusses the risks of recession and the extreme disconnect between present market valuations and fundamental prospects:  “markets have priced in not just an active Fed, but an effective Fed.”

Here is a direct link.

See also Gary Shilling’s piece today: Bargain-addicted investors ignore perils of low rates