I love the markets.
They are making a mockery of ‘smart’ people this year. Smart people breaking what seem to be basic and well treaded rules.
Bill Ackman implodes on a debt loaded rollup called Valeant…what a putz and not the first.
Theranos used magic speak to get Walgreens to roll out a fake blood test and Henry Kissinger on her board. She tricked people and the markets up to $9 billion over 8-10 years and now it’s poof in less than one.
(Ben Thompson asked me today which of these was the financial story of the year. I told Ben that a web of lies tied to debt is way bigger than a web of lies tied to just equity.
LinkedIn was downgraded by Wall Street after they ALL missed that Linkedin was getting stale:
— Ophir Gottlieb (@OphirGottlieb) Jun. 13 at 10:12 AM
These big ‘analysts’ downgraded the stock recently ahead of a 50 percent up move. Good work.
We hear complaints all day of market manipulation and cheating, but there was not a word about the Linkedin/Microsoft merger and 50 percent Monday Morning bump. It was only the LARGEST internet deal of all time. Way to go you UNBROKEN beautiful markets!
Goldman Sachs is down 40 percent from their all-time highs and Libya is suing them for blinding them with prostitutes and what their lawyers call the rare ‘double f$%^king’ them out of money. Libya and Goldman Sachs deserve each other more than ever.
Finally, likely most importantly, no matter how much this coordinated ‘Ginsu’ global monetary policy easing continues, the textbook does not work. Could it be because nobody can afford the ‘textbooks’:
The biggest #bubble is textbook pricing not bonds …
— Howard Lindzon (@howardlindzon) Jun. 13 at 07:33 AM
Interest rates have now done the impossible and the monetary masters of the universe are as clueless as monkeys throwing darts at stock tables.
Disclosure – Long Bitcoin (which has already been forgotten about by the media after it’s crash in 2014)