The Tell: Here’s what happens when you trade the media’s ‘bubble’ calls as buy signals

Back in the second quarter of 2017, Bloomberg’s Joe Weisenthal suggested on Twitter TWTR, +0.86% that going long assets that journalists flag as bubbles would make for a great exchange-traded fund.

Paul McNamara, who helps oversee $135 billion in assets as investment director at GAM Investments in London, took him up on it — in theory, anyway.

“I plugged a bunch of securities into the Bloomberg Terminal Portfolio function to test how easy it was to make money shorting stuff that ‘everybody knows’ is overvalued,” McNamara explained to MarketWatch on Tuesday.

The portfolio takes long positions in such “overvalued” favorites as Netflix NFLX, +1.77% , Tesla TSLA, -0.14% , bitcoin BTCUSD, -2.02% and, considering McNamara covers emerging markets, the “no-brainer” Argentine century bond.

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