Salient to Investors:
- Paul Zemsky at Voya Investment Mgmt sees a new era of macro policy where the Fed uses new tools to prevent bubbles and raises concerns when markets are away from fundamentals.
- Alan Gayle at RidgeWorth Investments said the Fed recognizes it needs to broaden its scope of factors affecting financial health and stability.
- The S&P Smallcap 600 Index is at 26 times earnings, the Nasdaq Biotech Index is at over 500 times earnings, versus the S&P 500 at 18 times.
Read the full article at http://www.bloomberg.com/news/2014-07-15/biotech-falls-with-internet-stocks-as-fed-cites-stretched-values.html
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