Froth risks are bubbling up across high-momentum markets

Bill Harnisch is no permabear. His hedge fund is up 580 per cent since 2020 thanks to a honed portfolio of bets that this year alone has tripled the S&P 500’s return.But right now the Wall Street veteran is on edge — just like the market itself, judging by the nervous trading that closed out the week.“We look at the rally, we look at the uncertainty, I feel like I’m on another planet,” said Harnisch, whose Peconic Partners oversees $2.7 billion. “If there was a negative that comes out, boy oh boy, the marke ...