At the Greenwich Economic Forum held earlier this month, billionaire hedge fund manager Paul Tudor Jones said equities are being bolstered in a big way by efforts to stimulate global economies. This according to a recent article in Bloomberg.

Jones argued that low interest rates and budget deficit spending will be a “boon” for the markets: “I just look at the fiscal monetary mix, it’s the most stimulative that I think I’ve ever seen. It’s no wonder that the stock market’s hitting new highs. It’s literally the most conducive environment, certainly in the short tun, for economic growth and strength that I’ve ever seen.” Jones also warned that the country will face a dangerous increase in the deficit during the next downturn.

At the same conference, fellow billionaire fund manager Ray Dalio asserted that another effect of low rates is that investors are willing to listen to companies’ selling predictions rather than focus on profits: “Because the world is looking for a yield or something, companies also can sell dreams rather than earnings. So, the number of companies that produce earnings is the lowest since the dot-com bubble in terms of their need because you can sell the dream.” The article cites the examples of office-sharing company WeWork and ride sharing business Uber as examples of shares that have attracted investors despite the absence of profits.