It’s a long way down from here
16/ I think there's a good chance something else is going on. As depicted in the below chart, the trend for average 30-year equity valuations has increased substantially since 1990. Notably, that basically coincides with the explosion of computers/internet.
— Stuart Loren (@StuLoren) May 6, 2022
h/t @LeutholdGroup pic.twitter.com/p80gJBLSgI
Musky Twitter
Matt Levine writes even more about Musk and Twitter. Whatever you think about Levine’s takes on the latest news, one has to admire his prolificacy (yes, it is a word, but I had to look it up). He comments on stuff which is baffling to everyone, which is why most commentators steer well clear of it. This:
Will a re-IPO’ed Musk Twitter just be sort of Musky enough, with Musk-fan retail shareholders and a Musk-aligned board of directors, that it can withstand any pressures on free speech?[2] “This is the town square, an important venue for public communication, so the richest man in the world must take it private” always struck me as a very weird argument, but “… and then take it public again almost immediately” adds some new complications.
is utterly wonderful, imho.
For what it’s worth, I think Musk is a psychopath, but I have to agree that if anyone can make Twitter’s stock price go to the moon, it’s him.
Wrap
Commodities sagged, bonds rallied, the USD was up a bit. Equities were subdued. Generally, a risk-neutral day.
Image
©︎Nina Leen. 1957 pic.twitter.com/2dw5PDXCRT
— megumi (@caecilia1003) May 11, 2022
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