Stockman’s Corner

Once Upon A Banana Republic, Part 1

This is not going to end well. The fools in the Eccles Building have effectively cancelled the law of supply and demand in the government bond pits, thereby eliminating the one thing that keeps elected politicians at least minimally sober fiscally: Namely, the legitimate fear that excessive US Treasury borrowing will cause “crowding out” and …

Once Upon A Banana Republic, Part 1 Read More »

Reefer Madness And More

We sometimes wonder what they are smoking down on Wall Street, but the question might better apply to the homegamers who are apparently hitting their bongs down in mom’s basement.


As we noted in yesterday, Elon Musk has never had two dimes to rub together from Tesla’s operations, having posted $5.8 billion of negative free cash flow over the past nine years, and upwards of $10 billion of red ink when you exclude the green hostage payments to Tesla from the other car makers and …

Mania! Read More »

Uncoupled On Jobs Friday

Bloomberg had some interesting news this morning. Apparently, we’ve reached the point where we have the equivalent of insurers asking arsonists to start more fires.

Don’t Cry For The Robinhooders, Part 3

Now that Orange Man Gone is a reality, it is worth recalling why Trumpism was such a misbegotten ideological deformation —one which woefully upended the balance of American governance.

Don’t Cry For The Robinhooders, Part 2

To summarize: At last Wednesday’s frenzied peak, homegamers were paying 160X free cash flow for GME, which free cash flow—the very stuff of a company’s value—had declined by 83% since its 2016 peak.