IW Long Reads: Is vaccine mania in danger of creating the next bubble that will pop?

Managers fear repeat of dotcom bubble

Record capital investment levels flooding into biotechnology names - a sector housing many companies with as-yet-unproven wares - might spark distant memories from 20 years ago, as investors recall similar enthusiasm towards tech stocks. Appetite has been fairly indiscriminate. UK-based companies alone saw a record Q3 with £1bn of fundraising between 1 June and 31 August, according to trade association BioIndustry Association (BIA). Across the pond, Pitchbook reported Q2 venture capital funding of $6.4bn - the largest quarterly figure ever - and data from BMO Capital Markets shows $17.6bn...