With the notable exception of cryptocurrencies, there has been no financial instrument I’ve enjoyed pissing in the face of more than Snap, Inc. The company, which pretends, in its own words, that it is “A Camera Company” is instead, as we all know, the maker of ONE product – – an app – – that lets you share disappearing dick pics. The firm has made a few clumsy attempts at selling hideous sunglasses that let you film your friends sneezing or scratching their nose.
When they first came public, I came out with the oh-so-clever description of the ticker as meaning Short Now And Profit (a phrase that plenty of journalists have copied since). But I was right. This thing has been a complete toilet-flush for its entire history as a public entity, and although people thought I was out of my mind to predict a single digit stock, it is already there. Firm support remains at $0.