It’s a Mad, Mad, Mad, Mad Investment World
* In which the irrational is being rationalized (or ignored) by the bullish cabal
Amid deteriorating market breadth,
rising interest rates,
and inflation, improvisational foreign policy, the proliferation of 0DTE options and two-to five-time inverse ETFs, Cathie Wood’s proud admission of large investment losses (which is not viewed as an “asset” to her strategy),
and a +$5 overnight rise in Nvidia’s ($NVDA) share price (because Jensen Huang is accompanying President Trump to China)
— equity futures are rebounding mightily this morning (after yesterday’s short-lived swoon).
Like Stanley Kramer’s 1963 movie It’s a Mad, Mad, Mad, Mad World, a legendary, star-studded comedic epic about a group of strangers racing across California to find a hidden treasure. It is famous for its massive slapstick scenes, numerous cameos, and an ensemble cast including Spencer Tracy, Milton Berle, and Ethel Merman.
But our markets have their own cast of contributing perennial bulls (and comediennes) that worship at the altar of price — that we watch daily in the business media. We no longer mention these actors (and nameless machines/algos) that are looking for investment treasures as we prefer to criticize by category and praise by individual.
It’s truly A Mad, Mad, Mad, Mad World.
Read on about the markets which, to paraphrase Warren Buffett, are now feeling less like a church and more like a casino…
Position: None
