By Tim Price – The Price of Everything (GBR) –
At first, it seemed that the grilled cheese food truck company valued at $107 million might
mark the top for the US stock market, but that was clearly premature.
Then it seemed that the IPO of a profitless web business granting no shareholder voting rights valued at $28 billion might mark the top of the market, but that turned out to be premature too.
Perhaps the inability of President Trump to repeal Obamacare might do what grilled cheese and Snapchat failed to do, and finally and conclusively mark the top of a frothy market, given that much of
the valuation has been driven by expectations around political change that now look more
than a little overheated.
And if the Obamacare defeat isn’t sufficient to turn the market around, perhaps the launch of Mike Tyson’s brokerage offering 400 times leverage might be.