Here are a couple of powerful examples of how much the market has changed since the heady days of 2021. Below are two stocks, Pinterest and Snap, into as of five years ago. As you can see, in their day, they could do no wrong.
These exact same stocks are shown below, updated through today. Pinterest (whose popularity I seriously never understood) is collapsing this morning and isn’t far from lifetime lows, whereas Snap is just dog food at this point, at prices never seen before.
Of course, the wipeout in SNAP only matters to the poor suckers who have held on to this thing, as opposed to its founder who dumped it at vastly higher prices and got to keep the plastic supermodel as a bonus.
