Meme stocks. Story stocks. Hot IPOs. We’ve gone from madcap to madcapper. Take Luminar, for instance. Please.
Here’s what happened to the volume in recent weeks. As you can see, it has increased by thousands of percent.
What’s all this excitement about? It’s a company that this young chap started. He’s all of 25 now. He started working on it when he was 17. The company is Luminar, and the symbol is LAZR.
The thing about these fever-dreams is how swiftly they can break. On absolutely no news at all, and in a span of only 5 days, half the stock’s value has vanished. Easy come, easy go. Imagine what all those buyers (who were plunging in feet-first six days ago) must think.
Of course, one can draw few conclusions from companies this young. But I’ll say it once again – – Easy Come, Easy Go – – with our friends at Nikola (NKLA) being the poster child for that phrase this year.