It all seemed so assured.
Ellison was in with the Big Boss. The future looked bright. And yet it wouldn’t last. Maybe it was the ridiculous hair dye job that did him in.
Of course, things were fine for a while. None of us can forget 9/11. That is to say, the day following Oracle’s last earnings release, which, yes sucked but which also had a memo attached that say Oh Mah Gard AI.
That was all it took to blast the thing to a record high and nearly a trillion-dollar market cap.
It wouldn’t last, though. That explosive move was wiped out, and then the market kept pounding the price lower. As of this composition, Oracle’s price begins with a $1____ instead of a $3____ (the nightly bang-up isn’t reflected in this daily bar chart).
Thus, the market cap has had about half a trillion dollars loped off.
And boring old Oracle, the tired, bloated, overpriced SQL database monopoly from the 1980s, is dragging the /NQ down with it.
All of this delights me except for one important fact: I got out of ALL my big positions and don’t have an ETF short to my name.
Feh!
