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Last night, as I was about to hit the sack, I took a last peek at Bitcoin’s chart (since I’m long the inverse fund BITI) and was intrigued to see a plunge out of the blue. Uncharacteristically, I thought to myself, hey, that’s cool, and promptly went to sleep without investigating the situation any further.
Microsoft, as a $4 trillion+ company, was considered invincible. Led by their indecipherable CEO, they were seen as a giant for the ages. Well, times have changed. In the span of merely four months, they have lost 30% (!!!!!!!!) of their value, destroying $1 trillion in shareholder wealth.
Importantly, the stock even breached a major gap (see arrow), illustrating that the only thing holding this thing up is hope and vaporware.
I’ve written about Klarna in the past. This company makes it very easy to pay for stuff, no matter how inexpensive, and to pay over time. I only became aware of it when I was walking into a grocery store in a not-great neighborhood and saw a sign stating that you didn’t have to pay for your groceries all at once but could spread it out (with interest, of course).
This advertisement kind of shows you the demographic: a black hand is holding up the bedazzled phone, and the fingernails are done up in some jazzy style that surely was funded with a Klarna loan.
With the wipeout of Carvana taking place after hours, it got me to thinking about what other tradeable instruments exist because of a convicted felon’s efforts.
It was truly our “God himself could not sink this ship” moment. When the haggard and heartless Pam Bondi shrieked last Wednesday that, instead of focusing on the largest scandal in human history, we should be focused on the fact that the Dow is fifty thousand dollars (……….), that shoved a fork right into the toast.
The market has been breaking down ever since. Who ever thought I would be crediting a graduate of Stetson, ranked as the 99th best law school in the country, for this heroism!
