Slope of Hope Blog Posts
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This post is intended to disabuse people of the notion that, in the financial world, popularity equals competence. This is been much on my mind lately, because for some reason I have been buried in video ads with come-ons from all kinds of hucksters pledging that their followers can basically print money if they only sign up for their expensive seminars or join their programs. These programs must pull in enough suckers to make it worthwhile to the advertiser, because the ads persist.
Long before these, though, I saw the Crypto-Genius ads. Endlessly. I haven’t been shy about rolling my eyes at James Altucher’s ads that polluted everyone’s web browsers early this year. For obvious reasons (like the 95% drop in value on many cryptos), these ads have vanished, but in case you’ve forgotten, here’s what they looked like:
With the notable exception of cryptocurrencies, there has been no financial instrument I’ve enjoyed pissing in the face of more than Snap, Inc. The company, which pretends, in its own words, that it is “A Camera Company” is instead, as we all know, the maker of ONE product – – an app – – that lets you share disappearing dick pics. The firm has made a few clumsy attempts at selling hideous sunglasses that let you film your friends sneezing or scratching their nose.
When they first came public, I came out with the oh-so-clever description of the ticker as meaning Short Now And Profit (a phrase that plenty of journalists have copied since). But I was right. This thing has been a complete toilet-flush for its entire history as a public entity, and although people thought I was out of my mind to predict a single digit stock, it is already there. Firm support remains at $0.
Thanks, Evan! Now go back to your principle focus of attention, instead of building a profitable company.
The unraveling continued overnight with the market leader Bitcoin………
No, I’m not referring to the corners of my soul. I’m speaking of the lack of light in the early morning of Palo Alto’s suburban streets. In spite of just having woken up, I am treated to the following:
(1) Equities are continuing to weaken
I have 57 different short positions, 52 of which are profitable at the moment and the other 5 with a miniscule loss. One of my shorts is SNAP, which is a company I’ve been pissing on, pointing at, and laughing at since they went public.
For those unacquainted with this company, they sell the disappearing dick-pic app (yeah, a real growth market there) and have clumsily tried to position themselves as “a camera company”. They have failed at basically everything they have tried, and my target price for them is $0.
I have maintained all along that if the young chap who founded this place hadn’t run off and gotten married, he might be a little less distracted. Here’s the chart, sporting a NEW LIFETIME LOW, which are my three favorite words in the English language.
In case there are one or two naive souls out there who don’t think the equity markets are completely controlled by the central bankers, look no farther than precious metals. They have been in a full-on bear market for seven years. Seven. YEARS. What’s the longest equities have been allowed to fall in the past few years? A week. That’s all the powers that be can take.
Incredibly, even though yesterday we were down, we’re actually red at the moment I’m typing this too. So – – maybe two days could get under our belt! Who knows. But if things are permitted to slip a little, the measured target seems to be just above 2870.