Price to Innovation

"What were you thinking?" - Scott G. McNealy

“One of the things that happened to the Fed - not just after 2008, but even way before that - is they became much more of a cheerleader for the Treasury, and they kept trying to say, oh well, inflation's low, we don't have to worry about budget deficits - No. Inflation's not low, guys. Inflation's been been double digits for a long time if you include housing and food and health care and energy, stuff people have to buy.

So the agency's credibility is limited, but there's such a large Sanhedrin of economists who are sitting there cheering for them, and hoping to get jobs at the Fed, of course it's hard to get to the truth, and most members of Congress are incapable of even discussing this stuff.”

Chris Whalen

We’re still in a historic bubble.

“Reddit, Inc. is finally moving forward with IPO plans, Reuters relays, with the online forum planning an early March roadshow with an exchange debut to follow a few weeks thereafter.  Reddit, which achieved a $10 billion private market valuation in 2021, and targeted a $15 billion figure in an aborted January 2022 listing, may settle for a $7 billion public price tag, speculates The Information, citing price-to-sales metrics on offer for peers Snap and Pinterest, though Reuters adds that IPO plans could once again be pushed back if conditions warrant.  Reddit, which has yet to turn a profit in its 19-year history, generated roughly $800 million in sales during 2023.”

So about 9x sales.

via Grant’s

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Housing seems to still be in a mania in many areas…

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