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In the video below, I note that Bitcoin has dropped by more than a third since the ProShares Bitcoin Strategy ETF (BITO) launched, and discuss a couple of other examples of similar phenomena that came to mind. The first was when Alliance Capital (as it was known at the time) launched its healthcare fund in the late ’90s. At the time, Pfizer (PFE) was one of its top holdings, and an archetypical one at that. It was selling two of the biggest drugs on the market: Warner-Lambert’s Lipitor (starting in 1996) and its own Viagra (starting in 1998). And yet Pfizer’s share price hit a high water mark a few years later that it didn’t regain until last year with its BioNTech (BNTX) COVID vaccine.
Welcome to Christmas Week, everyone, as the shortened trading week begins.
Well, following the preposterous lifetime high established by the ES only a few trading goes ago, the equity markets have continued to weaken, prompted most recently, and ostensibly, by the (thankful) failure of the idiotic Waste More Money program that the Feds were going to launch. It’s pretty sad when the biggest achievement of the government is when they DON’T do something.
Well, none of us can claim to be surprised. If, out of a sample set of 400, the correlation is precisely -1.0, then you’re on to something. Yet, every time, I figure, meh, maybe the old bugger will be right this time. Nope. Never. Not even once.