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2021-06-16

One way down

Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets

2021-06-16

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way down","listText":"One way down","text":"One way down","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160131796","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","kind":"news","pubTimestamp":1623762167,"share":"https://ttm.financial/m/news/1191245053?lang=&edition=fundamental","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p>\n<p>So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p>\n<p><img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p>\n<p>Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p>\n<p><img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p>\n<p>It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p>\n<p><img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p>The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p>\n<p><img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p>This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p>\n<p><img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p>\n<p>Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p>\n<p><img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p>\n<p>Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p>\n<p><img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<p>One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p>\n<p>As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p>\n<p><img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p>\n<p>Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 21:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1},"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160130128,"gmtCreate":1623774199964,"gmtModify":1703819139671,"author":{"id":"3553726699257818","authorId":"3553726699257818","name":"Robson","avatar":"https://static.tigerbbs.com/73adc369c1c89e0c421e99ef5e029c05","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3553726699257818","authorIdStr":"3553726699257818"},"themes":[],"htmlText":"Lai","listText":"Lai","text":"Lai","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160130128","repostId":"1178091722","repostType":4,"isVote":1,"tweetType":1,"viewCount":202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381139363,"gmtCreate":1612942459052,"gmtModify":1704876268812,"author":{"id":"3553726699257818","authorId":"3553726699257818","name":"Robson","avatar":"https://static.tigerbbs.com/73adc369c1c89e0c421e99ef5e029c05","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3553726699257818","authorIdStr":"3553726699257818"},"themes":[],"htmlText":"Btc to the moon","listText":"Btc to the moon","text":"Btc to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381139363","repostId":"1154979914","repostType":4,"repost":{"id":"1154979914","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1612937845,"share":"https://ttm.financial/m/news/1154979914?lang=&edition=fundamental","pubTime":"2021-02-10 14:17","market":"us","language":"en","title":"Musk's bitcoin bet fuels gains in companies already invested","url":"https://stock-news.laohu8.com/highlight/detail?id=1154979914","media":"Reuters","summary":"Shares of companies that have invested in bitcoin have vastly outperformed on Wall Street in 2021 an","content":"<p>Shares of companies that have invested in bitcoin have vastly outperformed on Wall Street in 2021 and are extending their gains thanks to Tesla’s $1.5 billion bet on the soaring digital currency.</p>\n<p>The price of bitcoin hit a record high over $48,000 on Tuesday in a two-day surge after Tesla said on Monday that it had bought the digital currency and would soon accept it as a form of payment for cars.</p>\n<p>A handful of bitcoin-related companies listed on U.S. stock exchanges were also buoyed by the disclosure that Tesla CEO Elon Musk, a fan of cryptocurrencies, added bitcoin to the electric car maker’s balance sheet.</p>\n<p>Tesla’s bitcoin purchase amounts to a minor bet for the fast-growing electric car company with an $800 billion stock market value. However, it bolstered the digital currency’s emerging credentials as a mainstream financial asset.</p>\n<p>Driven in part by interest from institutional investors, the price of bitcoin has quadrupled in the past four months, surging far beyond record highs set in 2017. Some investors view it a hedge against inflation.</p>\n<p>Tesla gained after disclosing the investment on Monday, but dipped 1.6% on Tuesday, leaving its gain in 2021 at 20%, compared to the S&amp;P 500’s 4% rise.</p>\n<p>Companies with much more significant exposures to bitcoin in proportion to their overall stock market value than Tesla have also rallied following Tesla’s disclosure, increasing already strong stock gains driven by the cryptocurrency’s recent rally.</p>\n<p>MicroStrategy, whose CEO Michael Saylor is an avid bitcoin bull, surged 22% on Tuesday, bringing its gain this week to over 50%, and it has surged over 200% so far in 2021. The business intelligence software company has bought about 71,079 bitcoins, now worth over $3 billion and equivalent to over a quarter of its $11.8 billion stock market value.</p>\n<p>Canadian financial technology firm Mogo, which in December said it would invest up to 1.5 million Canadian dollars in bitcoin, jumped 45% on Tuesday, bringing its gain since Tesla’s announcement to 85% and giving it a stock market value of $318 million.</p>\n<p>Payments company Square dipped almost 1%, leaving its 2021 gain at 19%. In October, Square said it bought 4,709 bitcoins for about $50 million, amounting to about 1% of its total assets at the end of the second quarter of 2020. Those bitcoins are now worth over $200 million.</p>\n<p>Marathon Patent Group, a bitcoin mining company that in January announced it bought nearly 4,900 bitcoins for $150 million, has jumped over 60% this week and is up 260% year to date.</p>\n<p>PayPal Holdings joined the cryptocurrency market in October, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets. Its stock has surged 21% in 2021.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Musk's bitcoin bet fuels gains in companies already invested</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMusk's bitcoin bet fuels gains in companies already invested\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-10 14:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Shares of companies that have invested in bitcoin have vastly outperformed on Wall Street in 2021 and are extending their gains thanks to Tesla’s $1.5 billion bet on the soaring digital currency.</p>\n<p>The price of bitcoin hit a record high over $48,000 on Tuesday in a two-day surge after Tesla said on Monday that it had bought the digital currency and would soon accept it as a form of payment for cars.</p>\n<p>A handful of bitcoin-related companies listed on U.S. stock exchanges were also buoyed by the disclosure that Tesla CEO Elon Musk, a fan of cryptocurrencies, added bitcoin to the electric car maker’s balance sheet.</p>\n<p>Tesla’s bitcoin purchase amounts to a minor bet for the fast-growing electric car company with an $800 billion stock market value. However, it bolstered the digital currency’s emerging credentials as a mainstream financial asset.</p>\n<p>Driven in part by interest from institutional investors, the price of bitcoin has quadrupled in the past four months, surging far beyond record highs set in 2017. Some investors view it a hedge against inflation.</p>\n<p>Tesla gained after disclosing the investment on Monday, but dipped 1.6% on Tuesday, leaving its gain in 2021 at 20%, compared to the S&amp;P 500’s 4% rise.</p>\n<p>Companies with much more significant exposures to bitcoin in proportion to their overall stock market value than Tesla have also rallied following Tesla’s disclosure, increasing already strong stock gains driven by the cryptocurrency’s recent rally.</p>\n<p>MicroStrategy, whose CEO Michael Saylor is an avid bitcoin bull, surged 22% on Tuesday, bringing its gain this week to over 50%, and it has surged over 200% so far in 2021. The business intelligence software company has bought about 71,079 bitcoins, now worth over $3 billion and equivalent to over a quarter of its $11.8 billion stock market value.</p>\n<p>Canadian financial technology firm Mogo, which in December said it would invest up to 1.5 million Canadian dollars in bitcoin, jumped 45% on Tuesday, bringing its gain since Tesla’s announcement to 85% and giving it a stock market value of $318 million.</p>\n<p>Payments company Square dipped almost 1%, leaving its 2021 gain at 19%. In October, Square said it bought 4,709 bitcoins for about $50 million, amounting to about 1% of its total assets at the end of the second quarter of 2020. Those bitcoins are now worth over $200 million.</p>\n<p>Marathon Patent Group, a bitcoin mining company that in January announced it bought nearly 4,900 bitcoins for $150 million, has jumped over 60% this week and is up 260% year to date.</p>\n<p>PayPal Holdings joined the cryptocurrency market in October, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets. Its stock has surged 21% in 2021.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154979914","content_text":"Shares of companies that have invested in bitcoin have vastly outperformed on Wall Street in 2021 and are extending their gains thanks to Tesla’s $1.5 billion bet on the soaring digital currency.\nThe price of bitcoin hit a record high over $48,000 on Tuesday in a two-day surge after Tesla said on Monday that it had bought the digital currency and would soon accept it as a form of payment for cars.\nA handful of bitcoin-related companies listed on U.S. stock exchanges were also buoyed by the disclosure that Tesla CEO Elon Musk, a fan of cryptocurrencies, added bitcoin to the electric car maker’s balance sheet.\nTesla’s bitcoin purchase amounts to a minor bet for the fast-growing electric car company with an $800 billion stock market value. However, it bolstered the digital currency’s emerging credentials as a mainstream financial asset.\nDriven in part by interest from institutional investors, the price of bitcoin has quadrupled in the past four months, surging far beyond record highs set in 2017. Some investors view it a hedge against inflation.\nTesla gained after disclosing the investment on Monday, but dipped 1.6% on Tuesday, leaving its gain in 2021 at 20%, compared to the S&P 500’s 4% rise.\nCompanies with much more significant exposures to bitcoin in proportion to their overall stock market value than Tesla have also rallied following Tesla’s disclosure, increasing already strong stock gains driven by the cryptocurrency’s recent rally.\nMicroStrategy, whose CEO Michael Saylor is an avid bitcoin bull, surged 22% on Tuesday, bringing its gain this week to over 50%, and it has surged over 200% so far in 2021. The business intelligence software company has bought about 71,079 bitcoins, now worth over $3 billion and equivalent to over a quarter of its $11.8 billion stock market value.\nCanadian financial technology firm Mogo, which in December said it would invest up to 1.5 million Canadian dollars in bitcoin, jumped 45% on Tuesday, bringing its gain since Tesla’s announcement to 85% and giving it a stock market value of $318 million.\nPayments company Square dipped almost 1%, leaving its 2021 gain at 19%. In October, Square said it bought 4,709 bitcoins for about $50 million, amounting to about 1% of its total assets at the end of the second quarter of 2020. Those bitcoins are now worth over $200 million.\nMarathon Patent Group, a bitcoin mining company that in January announced it bought nearly 4,900 bitcoins for $150 million, has jumped over 60% this week and is up 260% year to date.\nPayPal Holdings joined the cryptocurrency market in October, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets. Its stock has surged 21% in 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381194802,"gmtCreate":1612942179406,"gmtModify":1704876265905,"author":{"id":"3553726699257818","authorId":"3553726699257818","name":"Robson","avatar":"https://static.tigerbbs.com/73adc369c1c89e0c421e99ef5e029c05","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3553726699257818","authorIdStr":"3553726699257818"},"themes":[],"htmlText":"Bubble pop","listText":"Bubble pop","text":"Bubble pop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381194802","repostId":"1117067138","repostType":4,"repost":{"id":"1117067138","kind":"news","pubTimestamp":1612938414,"share":"https://ttm.financial/m/news/1117067138?lang=&edition=fundamental","pubTime":"2021-02-10 14:26","market":"us","language":"en","title":"Is This The Biggest Financial Bubble Ever?","url":"https://stock-news.laohu8.com/highlight/detail?id=1117067138","media":"DollarCollapse","summary":"If you’re over 40 you’ve lived through at least three epic financial bubbles: junk bonds in the 1980","content":"<p>If you’re over 40 you’ve lived through at least three epic financial bubbles: junk bonds in the 1980s, tech stocks in the 1990s, and housing in the 2000s. Each was spectacular in its own way, and each threatened to take down the whole financial system when it burst.</p><p>But they pale next to what’s happening today. Where those past bubbles were sector-specific, which is to say the mania and resulting carnage occurred mostly within one asset class, today’s bubble is spread across, well, pretty much everything – hence the term “everything bubble.”</p><p>When this one pops there won’t be a lot of hiding places.</p><p><b>Way too much money</b></p><p>Most bubbles start when an influx of outside cash sends the price of something up dramatically. This captures the imagination of the broader investing public and the process takes on a life of its own, culminating in an orgy of bad decisions and eventually a wipe-out of the easy fortunes made on the way up.</p><p>So to understand the everything bubble, let’s start at the beginning with that influx of outside money. This time it’s coming from the Federal Reserve in what can only be described as the mother of all print runs. M2, a medium-broad measure of the US money supply, has more than tripled so far in this century, and lately the arc has gone vertical, rising by nearly a third in just the past year.</p><p><img src=\"https://static.tigerbbs.com/0d7c5d7599587e83804628427877519b\" tg-width=\"569\" tg-height=\"273\" referrerpolicy=\"no-referrer\"></p><p>All this extra money has to go somewhere, so no surprise that it’s flowing in lots of different directions. Among the recipients:</p><p><b>Fixed income</b></p><p>The bond and money markets, made up of instruments that pay interest, are in the aggregate far bigger than the world’s stock markets. And they’ve been booming, with interest rates falling steadily for four straight decades. Since bond prices are the reciprocal of bond yields, the next chart can be read as an epic bull market in bonds, one which has gained steam in the past year as massive currency creation has forced fixed income investors (who have to invest new cash somehow) to buy bonds regardless of what they yield.</p><p><img src=\"https://static.tigerbbs.com/39bd37dba530db68fa732d5c32f5e0ff\" tg-width=\"625\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p><p>To further illustrate how uniquely dysfunctional the world’s bond markets have become, here’s a chart going back to the 1300s showing that today’s rates aren’t just low by modern standards, but are the lowest in human history. Which is another way of saying today’s bond bubble dwarfs anything anywhere ever.</p><p><img src=\"https://static.tigerbbs.com/eb9f3e80eda0017e7c7d5ba875d1f10c\" tg-width=\"625\" tg-height=\"337\" referrerpolicy=\"no-referrer\"></p><p>The hopeless position in which pension funds and retirees find themselves is summed up in the following headline:Junk buyers desperate for debt are pressing companies to borrow.</p><p><b>Stocks, of course</b></p><p>The most obvious bubbles happen in stocks, because “the market” gets top billing in both the financial media and the psyches of investors. And after a long, slow slog out of the depths of the Great Recession, US stocks have in the past couple of years blown through all previous valuation records. That’s right, this market is now a bigger bubble than those of 1929 and 1999, and it’s still going strong.</p><p>Pretty much any popular stock valuation indicator backs up this assertion, but the most dramatic is probably the “Buffet Indicator,” so named because legendary investor Warren Buffet uses it to decide how to allocate his billions. It’s also easy to understand: chart the aggregate market capitalization of all US stocks against GDP and there you are. When stocks are low versus GDP, they’re underappreciated and undervalued; when high compared to GDP they’re overvalued. Today they’re higher than ever before, including just before the last two major bear markets.</p><p><img src=\"https://static.tigerbbs.com/11a5caecbf7ce046db1c638dc9e5c11f\" tg-width=\"625\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p>Want some other bubbliscious indicators? Here you go: Right now, more stocks are trading at over 10 times sales than in 1999 at the height of the dot-com bubble. And the number of “zombie” companies, i.e., those that have to borrow to cover their existing debt service and will collapse if cut off from new credit, has never been higher.</p><p><b>Housing</b></p><p>This one is a surprise because it was the epicenter of the last bubble, and very seldom does an asset class reinflate so quickly. But hey,<i>all that money has to go somewhere</i>, and houses are the American dream yadda yadda. In the past couple of years, home prices in many places have blown through their 2006 bubble highs, and are now accelerating. Note the hockey stick inflection at the far right of the following chart.</p><p><img src=\"https://static.tigerbbs.com/56444887115ea248df937ddba049b806\" tg-width=\"625\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p><p>As the hedge fund guy in The Big Short says after visiting Florida,“Yep, it’s a bubble.”</p><p><b>Cryptocurrencies – this generation’s dot-coms?</b></p><p>Cryptos weren’t around for any previous bubbles so their role in what’s coming isn’t yet knowable. What is clear is that they’re behaving like dot-com stocks in the 1990s, with bitcoin (think Amazon.com) soaring parabolically if erratically…</p><p><img src=\"https://static.tigerbbs.com/e5a13760b1210cc61eda0c288bef17b5\" tg-width=\"625\" tg-height=\"336\" referrerpolicy=\"no-referrer\"></p><p>… and hundreds of lesser coins with a wide variety of future prospects (think eBay, AOL, Pets.com) also soaring on a torrent of fiat currency rocket fuel. Here’s the second most valuable crypto:</p><p><img src=\"https://static.tigerbbs.com/64e88fe38793194d9d2271f81a267410\" tg-width=\"625\" tg-height=\"341\" referrerpolicy=\"no-referrer\"></p><p>The conclusion: Even if cryptos end up dominating some future monetary system, their parabolic arcs in the here and now scream “bubble!”</p><p><b>As for moral hazard …</b>A true bubble is more than just soaring prices. It also features people behaving in ways that with hindsight will seem totally incomprehensible. Think previous bubbles’ daytraders and home flippers making fortunes doing things that experts normally find difficult. And recall the huge amounts of money that once poured into things that in normal times would have little appeal to rational investors. Collateralized Debt Obligations (bonds that were somehow comprised of subprime mortgages<i>and</i>AAA-rated) and mutual funds holding dot-com stocks with no earnings — and no realistic prospect thereof — are prominent examples from the recent past.</p><p>Today’s world offers some even better examples of moral hazard, including:</p><p><b>SPACs</b></p><p>These are companies that go public without assets or earnings or any of the other impedimenta typical of IPOs. You give them your money and they’ll figure out how to put it to work. Why? Because they’re geniuses who claim to have made fortunes in the past few years, and you apparently have way too much cash and no productive uses for it. There are evenSPAC ETFsthat offer exposure to the whole “sector.”</p><p><img src=\"https://static.tigerbbs.com/254ec67bbdf4e3ad98aab47a10003289\" tg-width=\"625\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><b>Rock star money managers</b></p><p>In typical bubbles, a handful of money managers roll the dice on the bubble asset and win big. Bigger than big. They make ridiculous amounts of money and are hailed as geniuses and courted by reporters and politicians hoping to bask in their reflected glory. Then of course the bubble pops and the geniuses crash and burn along with their favorite speculations.</p><p>The everything bubble’s supernova is the ARK Innovation ETF, run by hitherto obscure (and now household name)Cathie Wood. Her “innovation”? She loaded up on Tesla stock right before it embarked on an epic (and inexplicable) 1000% run that made it more valuable than the ten biggest carmakers on the planet combined.</p><p><img src=\"https://static.tigerbbs.com/e4ce2eab005d8a3e1d80c8331dde6a6b\" tg-width=\"625\" tg-height=\"409\" referrerpolicy=\"no-referrer\"></p><p>Wood is still long and strong Tesla in addition to many other prominent bubble assets, and will apparently use the torrent of money now pouring into her fund to roll the dice on an even bigger scale.</p><p><img src=\"https://static.tigerbbs.com/e5be61b944e4c2d2948db8e320bafa07\" tg-width=\"625\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><b>High-tech daytraders</b>This list wouldn’t be complete without the Reddit/Robinhood traders who are having a ball chasing a wide variety of stocks straight up while tormenting hedge funds on the other side of those trades. SeeWhen Predator Becomes Prey.</p><p><b>Mutually-exclusive solutions</b></p><p>So here we are, with all the typical bubble pathologies on full display, but for multiple bubbles rather than just one. And a government determined to levitate all those bubbles simultaneously, even at the expense of rising inflation. See Jim Rickard’s latest,Hyperinflation Can Happen Much Faster Than You Think.</p><p>What happens when one of these bubbles bursts? The others burst too, in short order. You can’t have an epic, systemically dangerous bust in one big sector and placid good times in all the others. Markets – now more interconnected than ever – simply don’t work that way.</p><p>Meanwhile, the actions necessary to fix some of these bubbles are mutually exclusive. A stock market or housing bust requires much lower interest rates and bigger government deficits, while a currency crisis brought on by rising inflation requires higher interest rates and government spending cuts. Let everything blow up at once and there will be literally no fixing it. And the “everything bubble” will become the “everything bust.”</p>","source":"lsy1612938392079","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is This The Biggest Financial Bubble Ever?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs This The Biggest Financial Bubble Ever?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-10 14:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.dollarcollapse.com/biggest-financial-bubble-hell-yes/?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link><strong>DollarCollapse</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you’re over 40 you’ve lived through at least three epic financial bubbles: junk bonds in the 1980s, tech stocks in the 1990s, and housing in the 2000s. Each was spectacular in its own way, and each...</p>\n\n<a href=\"https://www.dollarcollapse.com/biggest-financial-bubble-hell-yes/?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.dollarcollapse.com/biggest-financial-bubble-hell-yes/?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117067138","content_text":"If you’re over 40 you’ve lived through at least three epic financial bubbles: junk bonds in the 1980s, tech stocks in the 1990s, and housing in the 2000s. Each was spectacular in its own way, and each threatened to take down the whole financial system when it burst.But they pale next to what’s happening today. Where those past bubbles were sector-specific, which is to say the mania and resulting carnage occurred mostly within one asset class, today’s bubble is spread across, well, pretty much everything – hence the term “everything bubble.”When this one pops there won’t be a lot of hiding places.Way too much moneyMost bubbles start when an influx of outside cash sends the price of something up dramatically. This captures the imagination of the broader investing public and the process takes on a life of its own, culminating in an orgy of bad decisions and eventually a wipe-out of the easy fortunes made on the way up.So to understand the everything bubble, let’s start at the beginning with that influx of outside money. This time it’s coming from the Federal Reserve in what can only be described as the mother of all print runs. M2, a medium-broad measure of the US money supply, has more than tripled so far in this century, and lately the arc has gone vertical, rising by nearly a third in just the past year.All this extra money has to go somewhere, so no surprise that it’s flowing in lots of different directions. Among the recipients:Fixed incomeThe bond and money markets, made up of instruments that pay interest, are in the aggregate far bigger than the world’s stock markets. And they’ve been booming, with interest rates falling steadily for four straight decades. Since bond prices are the reciprocal of bond yields, the next chart can be read as an epic bull market in bonds, one which has gained steam in the past year as massive currency creation has forced fixed income investors (who have to invest new cash somehow) to buy bonds regardless of what they yield.To further illustrate how uniquely dysfunctional the world’s bond markets have become, here’s a chart going back to the 1300s showing that today’s rates aren’t just low by modern standards, but are the lowest in human history. Which is another way of saying today’s bond bubble dwarfs anything anywhere ever.The hopeless position in which pension funds and retirees find themselves is summed up in the following headline:Junk buyers desperate for debt are pressing companies to borrow.Stocks, of courseThe most obvious bubbles happen in stocks, because “the market” gets top billing in both the financial media and the psyches of investors. And after a long, slow slog out of the depths of the Great Recession, US stocks have in the past couple of years blown through all previous valuation records. That’s right, this market is now a bigger bubble than those of 1929 and 1999, and it’s still going strong.Pretty much any popular stock valuation indicator backs up this assertion, but the most dramatic is probably the “Buffet Indicator,” so named because legendary investor Warren Buffet uses it to decide how to allocate his billions. It’s also easy to understand: chart the aggregate market capitalization of all US stocks against GDP and there you are. When stocks are low versus GDP, they’re underappreciated and undervalued; when high compared to GDP they’re overvalued. Today they’re higher than ever before, including just before the last two major bear markets.Want some other bubbliscious indicators? Here you go: Right now, more stocks are trading at over 10 times sales than in 1999 at the height of the dot-com bubble. And the number of “zombie” companies, i.e., those that have to borrow to cover their existing debt service and will collapse if cut off from new credit, has never been higher.HousingThis one is a surprise because it was the epicenter of the last bubble, and very seldom does an asset class reinflate so quickly. But hey,all that money has to go somewhere, and houses are the American dream yadda yadda. In the past couple of years, home prices in many places have blown through their 2006 bubble highs, and are now accelerating. Note the hockey stick inflection at the far right of the following chart.As the hedge fund guy in The Big Short says after visiting Florida,“Yep, it’s a bubble.”Cryptocurrencies – this generation’s dot-coms?Cryptos weren’t around for any previous bubbles so their role in what’s coming isn’t yet knowable. What is clear is that they’re behaving like dot-com stocks in the 1990s, with bitcoin (think Amazon.com) soaring parabolically if erratically…… and hundreds of lesser coins with a wide variety of future prospects (think eBay, AOL, Pets.com) also soaring on a torrent of fiat currency rocket fuel. Here’s the second most valuable crypto:The conclusion: Even if cryptos end up dominating some future monetary system, their parabolic arcs in the here and now scream “bubble!”As for moral hazard …A true bubble is more than just soaring prices. It also features people behaving in ways that with hindsight will seem totally incomprehensible. Think previous bubbles’ daytraders and home flippers making fortunes doing things that experts normally find difficult. And recall the huge amounts of money that once poured into things that in normal times would have little appeal to rational investors. Collateralized Debt Obligations (bonds that were somehow comprised of subprime mortgagesandAAA-rated) and mutual funds holding dot-com stocks with no earnings — and no realistic prospect thereof — are prominent examples from the recent past.Today’s world offers some even better examples of moral hazard, including:SPACsThese are companies that go public without assets or earnings or any of the other impedimenta typical of IPOs. You give them your money and they’ll figure out how to put it to work. Why? Because they’re geniuses who claim to have made fortunes in the past few years, and you apparently have way too much cash and no productive uses for it. There are evenSPAC ETFsthat offer exposure to the whole “sector.”Rock star money managersIn typical bubbles, a handful of money managers roll the dice on the bubble asset and win big. Bigger than big. They make ridiculous amounts of money and are hailed as geniuses and courted by reporters and politicians hoping to bask in their reflected glory. Then of course the bubble pops and the geniuses crash and burn along with their favorite speculations.The everything bubble’s supernova is the ARK Innovation ETF, run by hitherto obscure (and now household name)Cathie Wood. Her “innovation”? She loaded up on Tesla stock right before it embarked on an epic (and inexplicable) 1000% run that made it more valuable than the ten biggest carmakers on the planet combined.Wood is still long and strong Tesla in addition to many other prominent bubble assets, and will apparently use the torrent of money now pouring into her fund to roll the dice on an even bigger scale.High-tech daytradersThis list wouldn’t be complete without the Reddit/Robinhood traders who are having a ball chasing a wide variety of stocks straight up while tormenting hedge funds on the other side of those trades. SeeWhen Predator Becomes Prey.Mutually-exclusive solutionsSo here we are, with all the typical bubble pathologies on full display, but for multiple bubbles rather than just one. And a government determined to levitate all those bubbles simultaneously, even at the expense of rising inflation. See Jim Rickard’s latest,Hyperinflation Can Happen Much Faster Than You Think.What happens when one of these bubbles bursts? The others burst too, in short order. You can’t have an epic, systemically dangerous bust in one big sector and placid good times in all the others. Markets – now more interconnected than ever – simply don’t work that way.Meanwhile, the actions necessary to fix some of these bubbles are mutually exclusive. A stock market or housing bust requires much lower interest rates and bigger government deficits, while a currency crisis brought on by rising inflation requires higher interest rates and government spending cuts. Let everything blow up at once and there will be literally no fixing it. And the “everything bubble” will become the “everything bust.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":160131796,"gmtCreate":1623774288715,"gmtModify":1703819144553,"author":{"id":"3553726699257818","authorId":"3553726699257818","name":"Robson","avatar":"https://static.tigerbbs.com/73adc369c1c89e0c421e99ef5e029c05","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3553726699257818","authorIdStr":"3553726699257818"},"themes":[],"htmlText":"One way down","listText":"One way down","text":"One way down","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160131796","repostId":"1191245053","repostType":4,"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381194802,"gmtCreate":1612942179406,"gmtModify":1704876265905,"author":{"id":"3553726699257818","authorId":"3553726699257818","name":"Robson","avatar":"https://static.tigerbbs.com/73adc369c1c89e0c421e99ef5e029c05","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3553726699257818","authorIdStr":"3553726699257818"},"themes":[],"htmlText":"Bubble pop","listText":"Bubble pop","text":"Bubble pop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381194802","repostId":"1117067138","repostType":4,"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160130128,"gmtCreate":1623774199964,"gmtModify":1703819139671,"author":{"id":"3553726699257818","authorId":"3553726699257818","name":"Robson","avatar":"https://static.tigerbbs.com/73adc369c1c89e0c421e99ef5e029c05","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3553726699257818","authorIdStr":"3553726699257818"},"themes":[],"htmlText":"Lai","listText":"Lai","text":"Lai","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160130128","repostId":"1178091722","repostType":4,"repost":{"id":"1178091722","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623757022,"share":"https://ttm.financial/m/news/1178091722?lang=&edition=fundamental","pubTime":"2021-06-15 19:37","market":"us","language":"en","title":"Ocugen Secures Manufacturing Partnership for US Production of COVID-19 Vaccine Candidate, COVAXIN™","url":"https://stock-news.laohu8.com/highlight/detail?id=1178091722","media":"Tiger Newspress","summary":"Ocugen, Inc.(NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and comm","content":"<p></p>\n<p><img src=\"https://static.tigerbbs.com/30195a620eedea62e516df9d39d4d93b\" tg-width=\"663\" tg-height=\"440\">Ocugen, Inc.(NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, today announced that it has selected Jubilant HollisterStier of Spokane, Washington as its manufacturing partner forCOVAXIN™to prepare for potential commercial manufacturing of COVAXIN™ for the US and Canadian markets.</p>\n<p>“We are fully committed to bringing COVAXIN to the US and Canadian markets because we believe it has the potential to save lives by adding a weapon to the arsenal in the fight against emerging variants,” saidJ.P. Gabriel, Ocugen’s Senior Vice President, Manufacturing and Supply Chain. “Securing US-based manufacturing capability is a critical step as we prepare to submit our regulatory submissions to the FDA and Health Canada. Based on Bharat Biotech’s strong track record of developing and commercializing vaccines globally and Jubilant’s proven track record in manufacturing, we are well-prepared to transition US manufacturing of COVAXIN to our new partner.”</p>\n<p>“We are excited to expand our basket of vaccine products and meet the increasing demand from our customers for COVID-19 vaccines in the US,” said Amit Arora, President Jubilant HollisterStier.</p>\n<p>“We are pleased to partner with Ocugen and support the ongoing fight against COVID-19. With two facilities in North America working to manufacture multiple COVID-19 vaccines and therapies, we remain committed to supporting efforts to eradicate this global pandemic,” stated Pramod Yadav, CEO Jubilant Pharma Limited.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ocugen Secures Manufacturing Partnership for US Production of COVID-19 Vaccine Candidate, COVAXIN™</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOcugen Secures Manufacturing Partnership for US Production of COVID-19 Vaccine Candidate, COVAXIN™\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-15 19:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/30195a620eedea62e516df9d39d4d93b\" tg-width=\"663\" tg-height=\"440\">Ocugen, Inc.(NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, today announced that it has selected Jubilant HollisterStier of Spokane, Washington as its manufacturing partner forCOVAXIN™to prepare for potential commercial manufacturing of COVAXIN™ for the US and Canadian markets.</p>\n<p>“We are fully committed to bringing COVAXIN to the US and Canadian markets because we believe it has the potential to save lives by adding a weapon to the arsenal in the fight against emerging variants,” saidJ.P. Gabriel, Ocugen’s Senior Vice President, Manufacturing and Supply Chain. “Securing US-based manufacturing capability is a critical step as we prepare to submit our regulatory submissions to the FDA and Health Canada. Based on Bharat Biotech’s strong track record of developing and commercializing vaccines globally and Jubilant’s proven track record in manufacturing, we are well-prepared to transition US manufacturing of COVAXIN to our new partner.”</p>\n<p>“We are excited to expand our basket of vaccine products and meet the increasing demand from our customers for COVID-19 vaccines in the US,” said Amit Arora, President Jubilant HollisterStier.</p>\n<p>“We are pleased to partner with Ocugen and support the ongoing fight against COVID-19. With two facilities in North America working to manufacture multiple COVID-19 vaccines and therapies, we remain committed to supporting efforts to eradicate this global pandemic,” stated Pramod Yadav, CEO Jubilant Pharma Limited.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OCGN":"Ocugen"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178091722","content_text":"Ocugen, Inc.(NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, today announced that it has selected Jubilant HollisterStier of Spokane, Washington as its manufacturing partner forCOVAXIN™to prepare for potential commercial manufacturing of COVAXIN™ for the US and Canadian markets.\n“We are fully committed to bringing COVAXIN to the US and Canadian markets because we believe it has the potential to save lives by adding a weapon to the arsenal in the fight against emerging variants,” saidJ.P. Gabriel, Ocugen’s Senior Vice President, Manufacturing and Supply Chain. “Securing US-based manufacturing capability is a critical step as we prepare to submit our regulatory submissions to the FDA and Health Canada. Based on Bharat Biotech’s strong track record of developing and commercializing vaccines globally and Jubilant’s proven track record in manufacturing, we are well-prepared to transition US manufacturing of COVAXIN to our new partner.”\n“We are excited to expand our basket of vaccine products and meet the increasing demand from our customers for COVID-19 vaccines in the US,” said Amit Arora, President Jubilant HollisterStier.\n“We are pleased to partner with Ocugen and support the ongoing fight against COVID-19. With two facilities in North America working to manufacture multiple COVID-19 vaccines and therapies, we remain committed to supporting efforts to eradicate this global pandemic,” stated Pramod Yadav, CEO Jubilant Pharma Limited.","news_type":1},"isVote":1,"tweetType":1,"viewCount":202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381139363,"gmtCreate":1612942459052,"gmtModify":1704876268812,"author":{"id":"3553726699257818","authorId":"3553726699257818","name":"Robson","avatar":"https://static.tigerbbs.com/73adc369c1c89e0c421e99ef5e029c05","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3553726699257818","authorIdStr":"3553726699257818"},"themes":[],"htmlText":"Btc to the moon","listText":"Btc to the moon","text":"Btc to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381139363","repostId":"1154979914","repostType":4,"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}