The markets’ disconnect from reality is ‘overwhelming,’ the manager of a $135 million hedge fund tells clients as he predicts a repeat of the dot-com bubble

As protests dominate headlines amid the coronavirus pandemic, the stock market has hummed along — finishing May up nearly 5%. Aristides Capital, a $135 million fund founded by Chris Brown, told investors in a letter sent Wednesday that “the cognitive dissonance is overwhelming at times.” Brown called growth stocks without earnings “one step above a Ponzi scheme” and said he foresees a repeat of the 2000 tech-bubble crash.  Visit Business Insider’s homepage for more stories.

Chris Brown — like many professional investors — doesn’t get it.

Amid a double-digit unemployment rate, a pandemic, and widespread protests against