Michael Santoli
39.7K posts
Michael Santoli
@michaelsantoli
CNBC Senior Markets Commentator.
Markets. Business. Baseball.
Cranky New York parochialism.
- The S&P 500 is up 19.21% since Election Day 2016. On this date in 2013, the S&P 500 had gained 19.24% from Election Day 2012.
- The tape isn't so tough to read. Just imagine there are only four investors in the market: -Gamma-Squeeze VWAP Gap-Fill Volume-Pocket LLC -Compounder Wide-Moat Never-Sell Capital Partners -Macro-Beta Second-Derivative Revision-Momentum & Co. -Low-Info YOLO/FOMO Punters LP
- Venture capitalists discovering payment for order flow in equity trading: "An app that's free to use but earns revenue by selling users' data - who ever heard of such a travesty?"
- When someone says this market is just like 1999, it helps to mention that in 1999 there were 546 IPOs and their average first-day price gain was 68%. Stuff needs to get a lot crazier in a hurry to merit the comparison.Paul Tudor Jones says this 'crazy' stock market run reminds him a lot of 'early '99' cnb.cx/37a14sx
- A quick reminder that one reason there are 12 regional Federal Reserve Banks is that in 1913 it was considered important that every financial institution in the country be within one day's train journey from a Fed district bank in order to transport checks and cash efficiently.
- Hearing that Citron shorted the Chiefs at 9-0...
- Ferocious rotation at work today, selling the YTD winners hard and buying laggards for a beta grab in case the market can keep running. The ten worst S&P 500 performers today are all up for the year. Lots of profit-taking in defense, pharma/healthcare, insurance...
- The #MysteryBroker says unequivocally that most of tech is in a bubble and near a peak. He notes that a technology or Internet bubble happens every 15-20 years (1968, 1983, 2000, 2020)...
- Mass-muting people who quote Apple's gross cash holdings without netting out its $100 billion debt...
- "My investment mandate doesn't let me buy Bitcoin but I can own the common and converts of a public company that has made itself into a Bitcoin proxy..." "My mandate says I can't buy subprime, but if you slice up a pool of bonds to create a triple-A-rated tranche..." I kid...
- The cat was already named Tulip at the time of adoption, so can't say for sure if she was named for the 17th-century speculative bubble..๐ฑsighting on Squawk Box @michaelsantoli
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