Billionaire Mark Cuban explains what stock bears think of bulls: “I don’t think they really care what they see on the other side” of the coronavirus

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Dallas Mavericks owner and billionaire Mark Cuban explains his skepticism about the recent upside in the market, despite the COVID-19 pandemic.
What will the economy look like? How will businesses restart? How many workers will be rehired? What impact will the worst 100-year pandemic have on the American psyche?

These were just a few of the many questions that swirled in the minds of the entrepreneur in an interview with CNBC on Wednesday afternoon as he examined the economic and market landscape once the deadly virus is gone.
“In the long run, I have high hopes; in the short term, I’m not sure, “he told the commercial chain.

The disease, which was first identified in Wuhan, China in December and infected nearly 1.5 million people worldwide, has forced the closure of personal and commercial activities, including the NBA, in an attempt to curb the spread of the contagion.
Cuba’s comments came as an S&P 500 index
SPX,
+ 3.40%

technically entered a bull market, having now increased 20% from the recent trough on March 23.
The “Shark Tank” star said that a positive tone in the market could be a “buy the rumor” and “sell to the news” case as “the reality sets in”. Cuban said that people are natural optimists, and he hopes, too, but added that it does not mean that he joins this current rally. He suspects there will be another lower leg at some point, he said.
For its part, Cuban waits for its time in money and accumulates more when it can.
See:The founder of the world’s largest hedge fund doubles his argument that “money is a trash can”, warning of debt-fueled inflation
“I haven’t bought anything in two weeks,” he said. “I had a lot of money, and I’m trying to get more money,” he told the network. The famous investor said his main assets remain Netflix Inc.
NFLX,
-0.31%

and Amazon.com Inc.
AMZN,
+ 1.56%,
that he said were good for him.
Amazon has gained 10.6% this year, while Amazon has grown nearly 15% since the start of the year, according to FactSet data. In comparison, the S&P 500 is down 15%, the Dow Jones Industrial Average
DJIA,
+ 3.44%

is down 18%, and the Nasdaq composite index
COMP,
+ 2.58%

is down 9.8% to date in 2020.
Cuban said that if “unfortunately” things go wrong for the market, “he will be able to do it.”
These opinions highlight a debate raging on Wall Street over whether the bottom was hit on the stock market after the start of the COVID-19 pandemic, which led to a devastating risk drain to valuation.
Some investors expect the markets to retest the lows reached in late March and advise investors to wait until this happens or, at least, be aware that the markets may get worse before they get better.
Lily:Wall Street chief financial officer says S&P 500 could dip to 1500 in worst case, with coronavirus fallout for years
Also read:Goldman analyst who predicted coronavirus would kill bull market says “downside risk is greater” despite recent Dow rally

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