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Reddit stock frenzy a sign of frothiness in market fringes: CIBC s Dodig
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CIBC Chief Executive Officer Victor Dodig said that the recent rallies in shares of companies like BlackBerry Ltd. and GameStop Corp. is a sign of frothiness occurring in the fringes of the market.
Dodig said in an interview taped on Tuesday that the recent run-up has been caused by frenzied retail investors pouring into companies with significant short interest and is not having much of an effect on the bank. However, he noted that much of that trade originated from cheap money that came from stimulus funding and low-interest rates.