Hedge fund manager turned cryptocurrency investor Michael Novogratz cautioned that the stock market is nearing the end of its historic rally.Based on the broader global environment, the former Fortress fund manager said he’s skeptical of the risk-reward payoff for stocks. “I think we’re long in the cycle,” Novogratz, head of cryptocurrency merchant bank Galaxy Digital, told CNBC’s “Squawk Box ” Thursday. “This could be the last leg of this giant, decade-long liquidity driven rally. When you really step back, the macro is dangerous and you’re going to surf this last leg of the rally.”Novogratz pointed to Hedge fund kingpin Ray Dalio’s…

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