Those of you who have ever seen Fiddler on the Roof probably remember the line from Tevye, “When you’re rich, they think you really know.” That certainly applies here in the Silicon Valley, as the words from billionaires – – no matter how wrong-headed or goofy – – get a lot of attention and respect.
Tim Draper is a big venture capitalist here, and among such stellar investments as Tesla and Skype, he also put cash into the clunker Theranos, whose bankruptcy (to my mind at least) seems virtually inevitable. Instead of being quiet on the Elizabeth Holmes debacle, he has instead painted the company’s failure as some kind of anti-feminist conspiracy against Ms. Holmes, instead of a simple matter of outright fraud.
ONE: Observe the IWM roar higher……….
TWO: Write up a post plainly stating “In spite of the record-highs-everywhere in equities, I’d like to quietly point out that on the small caps, we did in fact break a crucially important trendline, and we are rallying beautifully to its underside.” (more…)
Good morning, Slopers. The bright spot for me today is my short position is PAA, which is a stock down nearly 20%. What I found amusing is the analysts stumbling all over themselves to update their completely inaccurate predictions with lower-but-more-plausible predictions. Here’s a gem from Baird:
Nearly four months ago, I did a post called Short Now And Profit, which boils down to the acronym – surprise! – of SNAP. I’ve been pissing on this IPO ever since it came out, and now it’s gone sub-teen, approaching losses of 60%.
As a public service, I will remind my readers that Evan Spiegel is understandably not concerned about the unwashed masses getting wiped out by their bag-holding ways, as his mind is focused on his lovely bride and all the fun they can have together – – so forgive him.
This morning, the POTUS (who I suppose is closely monitoring GLOBEX quotes on the YM) tweeted this out:
My first remark is……….the mainstream media seldom mentions? Actually, no, he’s right. I don’t think anyone in the mainstream media has said word one about equities for the past two or three years. It’s especially bizarre that CNBC makes no mention of the daily lifetime highs, since you would expect them to be kind of focused on it. Its mostly smalltalk and puzzlement as to why Gartman only seems to own three ties.
“How ya doing? Your energy level OK? Everyone all right?”
Our children, treading water in Trunk Bay just as I was, signalled to me that they were fine. Unlike their doughy father, my beloved children are athletic and strong, and they have the kind of stamina that makes a lengthy snorkeling adventure a pleasure. Like their father, however, they are sanctimonious about going au naturel and not relying on fins for their exploration like some of the obese Americans we witnessed.
My beloved kids have the same love of nature that I do, and we had several explorations during the past week that got us close to all manner of reptile, bird, and fish life. As a child, I cherished animal life far more than human, being somewhat of a misanthrope (surprise!), and my daughter in particular inherited this gene from me in abundance.