The new kind of transitory
It’s been quite a ride on the equity markets so far this year. The estimated S&P P/E ratio is somewhere over 45 now, way above the “new era” average of the S&P 500, and more than two standard deviations above the fair value of the market. Well, let’s just presume that there is still such a thing as fair value of a stock market, and it is not something you can only find in the Sci-Fi & Fantasy section. Oldschool company valuations? Hold my beer… Forum based mobs kill short positions by the dozen through vega-game regardless of the underlying company’s free cash flow or earnings, thus creating a ponzi scheme ran buy online trading service providers and the hedge funds these provides are owned by. To top it all, a Jack-of-all-trades openly manipulates markets through tweets of a shiba-inu dog. What’s not to love about it?
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