Season Of The Dolts

The estimable Gary Kaltbaum braced his readers this AM with a pretty succinct summary of where things stand in the so-called stock market. Noting that “frothy and speculative characteristics are showing up in droves”, he reminded that the Snowflake IPO might well have been the clanging bell they ring at the top—-at least for the benefit of the corporal’s guard who are still paying attention and not yet drunk with speculative fevers and greed.

After all, the aptly named Snowflake reached a peak valuation of $90 billion on the basis of $400 million of revenue and $300 million of losses. To that Gary expostulated, “give us a break” and we can only second the motion.