Longer riff today to clear my head…
Watching Elon Musk argue with shortsellers on Twitter is pretty damn entertaining.
It reminds me of this scene from a top 10 favorite movie of mine ‘The Princess Bride’…the battle of wits
Depending on the day I have no idea which character Elon Musk is.
I have a record number of half written blog posts right now. I am not sure what that means.
I am back in Coronado which is an inspiring place for me. It used to be we lived here ten months and left for the summer and made fun of the ‘Zonie’s’ (Arizona summer escapees). I am now that ‘Zonie’.
All the cool kids wants to break up Google and Facebook, meanwhile Comcast and AT&T are on the verge of being the two most indebted companies in the world. The old saying ‘I would rather pay interest on debt than taxes on income’ makes no sense anymore because old tech is paying interest on debt and new tech figures out how to never pay taxes!
Meanwhile my Verizon and AT&T bills are 11 pages each even though I am on their ‘simple’ unlimited data plan.
It used to be cool to compare Apple’s cash balance to every other asset or country or GDP in the world, but this year it’s all about Netflix.
Here are a few from the last few days:
Netflix passed Shittybank (Citibank) in market capitalization today. Netflix has 5,400 employees and Shittybank 209,000.
Netflix was up more in value today that what the entire company was worth just six years ago.
Market ‘factoid of the week‘:
Tomorrow is the first day of summer.
When the S&P 500 is up >3% YTD heading into the first day of summer (like '18), the full year has been positive every single time since 1950.
That is 35 out of 35 years …
— Ryan Detrick, CMT (@RyanDetrick) June 20, 2018
In that case…let’s all ever up our homes and buy the breakout of the week…biotechs:
Everyone is long large cap technology stocks, biotech stocks and crypto’s which might explain why defensive stocks (utilities, consumer staples, telecom and pharmaceuticals) have NEVER been so out of favor:
(I like adding to my one 8 to 80 defensive company Johnson and Johnson when things look this bleak).
Finally…only in the Trump and Twitter era could there be a boom in meditation companies/apps. Serenity Now!
I am off to Los Angeles for the day. Have a good one.