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Memes, Bubbles, Busts And Bears
"Tesla is acting like a meme stock," Bill Gross remarked this week. "Sagging fundamentals, straight up price action."
I don't know what to say. That's the way it is now, Bill. Fundamentals are passé, just like your career.
Sorry. That's a bad joke. I actually like Bill Gross. A helluva lot more than the unapologetically self-important inheritor of Bill's "Bond King" title, that's for sure. (As a self-important jerk myself, I'm well-placed to judge Jeff Gundlach's character. If I were anywher
OK. Breadth or bubble. I’d take breadth.
But, otoh, if all the revenue growth and most of the earning growth is concentrated in a few names/the tech sector, doesn’t it make sense they get bid up while the rest doesn’t? I know multiples aren’t perfect predictors but sectorial relative growth adjusted multiples might be interesting here…
And, sure, it isn’t great that “the economy” has only one (industrial) engine rather than general, consistent, demand-led growth but it is what it is.