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As I was under house arrest all through the night (as are all the residents of my pleasant burgh for a ten day stretch), the market kept doing what it does best: go up based on endless stimulus from Fed-bux from thin air. This is what small caps have done since the open on Sunday, under the cloud of national unrest and near-martial law.
On social media this week, America’s largest brands have expressed support for Black Lives Matter protesters; many of those same brands have also had their flagship stores looted during the protests.
A typical example is Coach:
There are plenty of good candidates, but allow me to offer as the Poster Child of this insane 10-week run-up a stock known as Restoration Hardware:
BlackRock’s coziness with China isn’t going unnoticed amid its increased push in favor of (environmental, social, and corporate governance (ESG) issues. China isn’t exactly known for supporting ESG issues, and BlackRock is being criticized as favoring Chinese companies that lack regulatory oversight over their better regulated U.S. peers. Meanwhile, U.S. lawmakers are criticizing the firm’s involvement in coronavirus-relief measures for its focus on China.
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