First off…happy fathers day. I am a lucky father with a great family. Everyone should be so lucky.
My meme investing post got a lot of feedback. It was mostly ‘this is the top’ or ‘this is a bubble’.
My friend Chris Camillo had my favorite take though:
Meme investing is a sickness that is born from the falsity that the stock market is rigged in favor of institutional investors and the only way to win is to out manipulate the institutional manipulators. In reality retail investors have a massive natural edge over institutions in that the us regular folks are diverse, not biased, and are not consumed by market noise. We are much better positioned to observe real world changes in technology, culture, and our own consumer behavior as they happen – and to connect that change to investable opportunities in the market. But nobody, especially not the attention seeking financial media is pushing out that narrative so we are stuck in this perpetuating idiotic fight with Wall Street where the only way people think they can win is with ridiculous meme stocks. I have gone as deep into Reddit and meme stock YouTube as one can go and the conversation around these trades is about the dumbest I have ever seen. It’s full blown idiocracy. I’ve had my fun making a few million getting in early on these meme tickers when they start trending and the conversation is expanding but cannot wait for it all to end. Unfortunately I don’t see that happening anytime soon.
As for reads…
Morgan Housel is back on the list today with ‘Harder Than It Looks, Not As Fun As It Seems‘.
Web Smith writes about e-commerce strategies and I loved this Netflix 2.0 Playbook (I am long).
The Cooperation Economy by Packy McCormick is excellent.
Packy has a second piece on my list today titled ‘Power To The Person‘.
If Packy’s writing and ideas don’t appeal to you, make sure you pass them down to your kids working their first job or in college. They will thank you.
Have a great Sunday.