Shelf Support Failure
Here’s another high-flying firm in Palo Alto that I think is heading for much lower prices, even though it’s lost 50% of its market cap already.
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SRSously?
Want to see a financial instrument that’s been carving out a series of higher highs and higher lows later, and has enjoyed a 15% appreciation since early August? Believe it or not, it’s that poor old battered beast we haven’t spoken about in years, the double-bearish ETF SRS:
To be sure, SRS has been viciously destroyed for years now, having peaked on a split-adjusted basis at $16,408.77 (yes, I’m serious) and presently trading at a level 99.8% lower than that. All the same, as my post earlier today about softening Palo Alto house prices suggested, we may well be past the peak of this particular bubble.
Lost My Home in 60 Days
For the longest time, I got emails from Zillow telling me, month after month, how my house was appreciating in value here in my beloved Palo Alto.
Recently, though, there’s been a bit of a change:
The funny thing is that the amount it has decreased in value – about $540,000 – is precisely what I paid for the entire house way back when I originally bought it.
Theranope
After a long trading week, for no particular reason on Friday afternoon I decided to take a look at the Theranos home page. This “smoldering wreckage” of a company (as Fortune eloquently put it) is based in my beloved Palo Alto, and I like to check in from time to time based on some morbid curiosity.
What struck me immediately was the sentence they put front and center on the home page. The geniuses at the firm decided it would be a great idea to slap these words on top of a photograph that also happened to have a lot of lines on it, yielding an appearance of – – how shall one say? – – pig crap.
Two Words Not Seen in Years
Has Palo Alto finally peaked? I think so.
