The S&P was down 6 percent this week. Just 16 more weeks like this one and the S&P will be zero.
The Nasdaq 100 was just as nasty. To have some perspective on how far the big tech has run take a look at this chart:
I like to say ‘sell when you can, not when you have to’ because the Nasdaq feels vulnerable short term for 10-20 percent more downside.
It’s not all bad news. Dropbox went public today on the Nasdaq 11 years after launching. The stock rose 30 percent.
The most amazing thing about the Dropbox IPO was that it is the first company of the Y Combinator portfolio to go public. That seems almost impossible over thousands of startups they have funded the last 13 years.
There is plenty to hate about this last boom in technology, but there is much to look forward too.
We all spent the week taking shots at Facebook, but meet Auris Health:
No, this is not the latest Call of Duty first-person shooter game. This is Monarch: the extraordinarily ambitious new flexible robotics platform dreamed up by technology pioneer and da Vinci creator Fred Moll, MD.
Today, after raising more than half a billion dollars in equity capital from leading technology investors and operating in stealth for the past six years, Auris Health is unveiling Monarch Platform: an FDA-approved device that has the potential to transform endoscopy — the use of small cameras and tools to enter the body non-invasively.
I spent the week reading fintech startup decks and meeting with founders in Phoenix and Los Angeles.
It is amazing that we are 10 years from the financial and banking crisis and this stat exists:
It is hard to disrupt a bank.
Have a good weekend and get ready for next week because there should be some opportunities to peck away at some 8 to 80 stocks