Biotech Stocks Up 75% Since Fed "Stretched Valuations" Warning

“Don’t fight the Fed,” unless The Fed says “sell.” That appears to be the message loud and clear from an absolutely exuberant Biotech bubble that is now up over 75% from Janet Yellen’s “stretched valuations” warning last year…Up almost 90% from post-Yellen dip lows…Yellen’s “irrational exuberance” moment.

Nevertheless, valuation metrics in some sectors do appear substantially stretched—particularly those for smaller firms […]