Nelson Peltz says postelection market rally won't last: ‘There will be something that will upset it'
NEW YORK — Billionaire investor Nelson Peltz is confident in the incoming Trump administration, but he doesn't think the stock market rally will last.
Speaking Wednesday at CNBC's Delivering Alpha conference, the Trian Partners CEO thinks investors are getting caught up in the hype and that things will cool down.
"Trees don't grow to the sky, definitely not uninterrupted," he told CNBC's Sara Eisen on the conference stage in New York. "There will be something that will upset it. I think we've got euphoria from the election. On the other hand, you look at the international stocks, we've gotten slayed over the last week."
Peltz noted the extreme concentration in the market among a top-heavy group of high-momentum stocks.
"You've got two different markets... You've got these 20 companies that are swinging the cat around the room. And then you've got these other companies," he said.
Earlier in the interview, Peltz reiterated his support for President-elect Donald Trump, who won a stunning victory on Nov. 5, sparking a rally among risk assets like stocks, metals and crypto while bond yields have soared higher on anticipation of economic growth and some inflation as well.
Money Report"I've never seen so much optimism," he said. "America is No. 1 in the world. It's the shining light on the top of the hill, whatever the expression goes, and we separated ourselves from whoever is number two. But we've got issues that we have to resolve."
