It’s hard to know where to start on the topic of our title because it’s apparently becoming a nearly universal condition. For instance, we actually heard some bubblevision bobbleheads today averring that Nike’s Kaepernick Kaper makes for a wonderful opportunity to buy the resulting $4 billion dip.
In other words, nothing is stupid enough to make the stock market go down—-so close your eyes and “buy” even if you hear something that sounds remotely the same!
Now, we don’t take any offense at Colin Kaepernick’s
stand kneel in protest against social and racial inequality or anything else, including cruelty to fruit flies, for that matter.
After all, the national anthem ends with “the land of the free and the home of the brave”. So given that he was apparently brave enough to risk getting blackballed by all 32 NFL teams, Kaepernick was surely entitled to his moments of free speech.
Then again, when irate fans instantly took to burning Nike products on the ad campaign’s announcement, it’s significance for the company’s stock price was an altogether different matter. Since it was already trading at 69X net income and 33X operating free cash flow, the not stupid thing to do would be to wait a few days before issuing the “all clear”.