I’m not picking on these companies boys and girls. And not I’m not picking on the lucky speculators that hit it big, make their money, and get out. I’ve been there, done that.
I’m more focused on the spirit of what America’s gambling mentality has done to the equity markets and the inherent risks that presents should one day or one week everything goes south.
“Oh but that will never happen again, things are different because of Brawndo this time!”
That’s an Idiocracy reference for those of you overseas, a documentary about a potential future for America based on next week.
This company had a market cap today of just over $15 million dollars. It traded over 339 million shares today. At the open the price was a whopping $0.4870. It doesn’t make money. It trades in “alt” access management of funds and alt funds whatever the hell that is.
But here’s the chart, form your own opinion based on this (courtesy of YahooFinance):
Just a quick scan of the headline reveals they were just about 2 months late with their Q2 report due on August 18th, they do not make money, and the company apparently is a strong believer in AI financial management of your money.
Yikes.
When the concept first hit the bubble-sucking American public ate it up as one could see from the high price hundreds of dollars ago:
So an all time high of $845.60 to just 0.4870 yesterday.
Sign me up for more of that, yum, yum.
America needs a financial crash enema but they don’t want to deal with the consequences. So buckle up when Mr. Market decides to do it without government approval.
