Saudi Prince Sees Risk in U.S. Stocks

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Bloomberg News

U.S. stocks are too rich for at least one prince’s royal blood.

Billionaire Saudi Prince Alwaleed Bin Talal, the biggest shareholder of Citigroup Inc. and Apple Computer Inc., says the U.S. market is so expensive that he won’t make any new investments for the foreseeable future.

Alwaleed, 42, who estimates his fortune at $14.5 billion, said he expects a “major correction” in stocks and will wait until it occurs before buying a large stake in another company.

“I’m very hesitant about investing in this market right now,” Alwaleed said in an interview aboard his 281-foot yacht, anchored off Cannes, France. “The market is overvalued.”