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Monday, August 19, 2019

If you #think everything's OK, you're #nuts


It’s entirely possible that ecosystem collapse will render whole new swaths of the globe uninhabitable to humans.






Overdosing On Crazy Pills

Sometimes an otherwise-forgettable movie will be lifted up out of obscurity by the internet and made into a useful meme.
In the movie Zoolander Will Ferrell’s character, ‘Jacobim Mugatu,’ screams the line “I feel like I’m taking crazy pills!” because it seems nobody else sees what he does.
I have that feeling nearly every day now. And it’s getting more frequent and intense.
To the point where, some days, it feels like I’m in danger of overdosing on crazy pills.

Crazy Pill #1

Financial bubbles happen. History is full of them.  It’s just that they’re just not supposed to happen more than once a generation.
How can so many people have completely forgotten the painful lessons of not one, but two, recent bubbles?
The bursting of the DotCom bubble in 2000 was traumatic.  “Eyeballs” were favored for a time over “earnings.” But then investors woke up to the fact that all of their rationalizations for the sky-high valuations of profitless companies were actually ridiculous.
Okay, fine.  Lesson learned.  Earnings are actually important.
But here we go, again, less than 20 years after the DotCom bubble (and only 10 years post-subprime bubble — both far less than a full generation later to allow the keepers of the memories a chance to die off) with exactly the same dynamic at play:
% of IPOS with negative earnings


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