It’s as simple as this: taxi cabs are to Uber what Barnes and Noble was to Amazon. Down she goes.
One of the earliest chapters in my Panic, Prosperity, and Progress book is about the South Sea Bubble. I know I’m not the first chap to compare the insane Bitcoin bubble (which is rapidly deflating) with South Sea, but I am truly struck by the similarities. Here’s what happened with South Sea, four centuries ago………(the notations about Newton relate to Sir Isaac Newton’s own investing losses with this “security”:). I’ve put an arrow approximating where I think we are right now with respect to the Bitcoin analog……… (more…)
I noticed that the most prominent story over on MarketWatch was this one…….
It’s a real shame what happened to the Russell 200 chart today. After a terribly encouraging break in a vitally-important wedge (see green tint), the index fell as it should, then it started to recover. The recovery was terribly strong – - so strong, in fact, that it got back ABOVE the broken support line and challenged the lifetime high (see magenta tint). I’m afraid there’s pretty much no hope at this point for the bears. Game over. (more…)
There has been a lot of chatter lately about “the 1929 analog”, which has even been lingering on the front page of the couldn’t-be-more-mainstream CBS Marketwatch. The article has garnered over 2,000 comments. Here’s one of them, to give you a sense as to the erudite and thoughtful discourse on the topic: (more…)