Funny Numbers

When analysts buy into the funny numbers, they are just going along with the crowd. The other day, an analyst of the grossly overvalued Tesla (TSLA), raised his price target by increasing his 2020 forecast and slapping a 35 multiple on that. Wow! And the stock went up...

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Leverage

Another sign of bubble formation is the leverage put on to participate in said bubbles: Margin Debt Breaks Out: Hits New Record 50% Higher Than Last Bubble Peak

Remember, the higher and longer bubbles float, the greater their bust. Of course, very few are ever concerned when getting tickled by a bubbly.

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The 24 Year Old Gets It

Snapchat CEO Evan Spiegel said that years of near-zero interest rates have created an asset bubble that has led people to make "riskier investments" than they otherwise would. [Read]

It is amazing that the 24 year old sees the obvious equities bubble, but those much older who have been through this a couple of times in the last couple of decades are in complete denial...or is it more accurate to say delusional?

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