The case for why 2019 will be a bad year for markets and 2020 will be even worse

New York (CNN Business)Hedge fund manager Mark Yusko sees eerie similarities between today and the implosion of the dot-com bubble. US stocks, as measured by the S&P 500, plummeted nearly 20% between last fall and Christmas Eve. That’s just shy of what typically qualifies for a bear market. Vicious cycle? But Yusko doesn’t think that matters. He believes the stock market is way too expensive and it will ultimately plunge at least 40% to 50% from all-time highs. “Amazon is a bubble. The stock is wildly overvalued. Netflix is even worse,” he said. One crucial difference between now and the dot-com bubble is most of today’s popular tech stocks are profitable. Back then, many money-losing companies were trading on ill-defined …