Good morning to all the people except bears
Except for 3 people in Burkina Faso, pretty much everyone thinks we’re in a bubble. All the smart people point out the froth, the irrational exuberance, and stupidity in the markets. They say SPACs, NFTs, Crypto, sky-high equity valuations are signs that we’re in a bubble. I don’t know, I’m a coward and I don’t have the guts to call a bubble, and calling bubbles is hard. Maybe, everybody at some point in their lives always felt that the markets were bubblicious. But regardless, I think the financial markets are super exciting right now.
All this mania in the markets is evoking some pretty strong reactions from people who’ve been around for a while. These NFTs seem to broken people’s minds. Here’s Josh Brown in his latest:
So here’s my suggestion, as someone who was broke in my twenties and bought books to read my way out of the horrible situation I had found myself in. Get out of the house. Leave the home. Go outside. Get off that fucking internet. Stop scrolling, stop gaming, stop trading, stop making fucking memes. Stop collecting things that don’t function and will, with the passage of just a year or two, become completely laughable. Nobody’s going to want to buy any of this stuff from you because they’re going to make 70 billion versions of everything you’re buying now. It’s artists today, but eventually it will be corporations. They will sell you limited edition ziploc bags filled with air if you demonstrate a willingness to buy it from them
I have two theories since the Fed has banned bear markets and crashes. One, a lot of these people might die from an anger-caused heart attack if the markets don’t crash soon. They might be right, but what’s that saying about being early is the same as being wrong. All this irrationality is making the old timers in the market livid and they’re losing it. On the other hand, if old-time market participants don’t die of a heart attack, there’s a serious risk of them staging a coup and taking over CNBC.
For supposedly being the most superior organisms in the galaxy, humans are surprisingly easy to scam. While it sounds cool to blame human stupidity for people getting scammed, it isn’t always the case. There are a lot of degenerates in the financial services industry that prey on the weak and the infirm. While it’s easy to act surprised that people still fall for financial scams in this day and age, remember there are a lot of structural disadvantages like access to information at play too.
For me, the most disturbing experiences were when scammers extracted money from the naïve and innocent. I’ve seen the pain of customers who found out that their elderly mother had given her life savings to a manipulative TV preacher. Unfortunately, there isn’t a lot that can be done in such situations
Here are some ways you might be getting scammed. Taking stock of your finances once a while means saving a whole bunch of money.
Broadly speaking, today’s market climate resembles that of the late 1990s. Then, too, upcoming individual investors were aggressive, trading Internet stocks from accounts they had established within discount-brokerage firms. They also brandished their youth as a virtue, believing that they understood technology better than did their stodgy elders. (Likely true.
Their behavior was isolated because there was no practical method for uniting them. Thus, while the underlying conditions for the two eras are similar–a rising investor class that sought to push aside its predecessors–the outcome has been different. Thanks to social media, today’s Young Investment Turks are organized. They use the power of their numbers to force market prices to obey their will.
See, typically whenever someone goes undercover, the goal is to expose wrongdoing. Take the case of any cop movie, what if the cop ends up becoming a gangster for reals? This is a problematic problem. The same goes for journalists. If a journo goes undercover in a company to expose wrongdoing but ends up becoming the CEO, how does he even get out of the problem? This is exactly what happened to this Chinese journo.
He initially started in sales, an area he had no experience in, but over time improved. However, later he found out that his job was of limited help to his investigation, as salespeople rarely handle sensitive company data and documents that could serve as evidence.
“I was so anxious that I worked extra hard, and my performance improved exponentially, and I went from a regular salesperson to the vice-director of the company,” he said. “I’ve never been in such a high position that I even felt a little arrogant.” The new job came with benefits; his salary doubled and was a several times higher than his salary at CCTV. He also had more than a dozen staff working directly under him. “Since then, my investigative work went smoothly, as I was on the executive board of the company,” he said.
So the moral of the story is working hard always isn’t a good thing.