“Insane: Hertz is trying to sell $1 billion of soon-to-be-worthless new stock to the idiots who keep pushing up the price of its soon-to-be-worthless old stock to help pay for some of its bankruptcy.” — Matt O’Brien, @ObsoleteDogma
Seeing financial media report the market up sharply this morning, on hope for big Pharma progress in the fight against Covid-19, had me thinking of the great song above by Bruce Springsteen and the E Street Band.
Reports such as that trigger my contrarian senses.
The character of the behavior of market price movement actually has us quite skeptical. Don’t be surprised to see stocks move south.
UC San Diego’s Geisel Library, h/t sandiegomagazine.com
“You will come to a place where the streets are not marked. Some windows are lighted. But mostly they’re darked. A place you could sprain both your elbow and chin! Do you dare stay out? Do you dare go in? How much can you lose? How much can you win?
And IF you go in, should you turn left or right… or right-and-three-quarters? Or, maybe, not quite? Or go around back and sneak in from behind? Simple it’s not, I’m afraid you will find, for a mind-maker-upper to make up his mind.” — Dr. Seuss, Oh The Places You’ll Go!