If you still actually need proof of the lunacy of this market, look no further than Cynk Technology. This is a publicly-traded firm with a market cap of about $3 billion (that’s billion, with a “B”). (By way of comparison, in 1997, during the high-tech mania, Apple had a market cap only about twice that big).
So let’s take a look at the finances of this powerhouse, shall we? These figures are in thousands. As you can see, there are nothing but losses, quarter after quarter. As reported by ZeroHedge, “According to official filings, the social media development company had one employee, no website, no revenue, no product, and no assets.”
With such horrible fundamentals, the chart should be in a free-fall, right? At least after word of this got out a few days ago, right? Ummm……..
