Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com,
“Valuations are still well below the peak of 1999” say the bulls. They are certainly correct from an absolute basis but we caution that the current level of market euphoria is in a league of its own when compared to prior peaks on an “apples to apples” basis.
If yesterday's tape bomb came courtesy of the most prominent UK subprime lender, Provident Financial, which plunged over 70% after it gave a "clearly awful" business update coupled with the resignation of its CEO, today's market shock belongs to ad giant, WPP, whose shares crashed the most since 2000 after the world’s largest advertising company cut full-year revenue forecast amid lower spending by customers, while reporting dreadful Q2 earnings.
Yesterday, when stocks surged at the market open following Politico's report that Trump is unexpectedly "making strides" on tax reform, we warned that "it can all be wiped away as soon as tonight, when Trump will deliver a speech to his "base", in which he may promptly burn any of the goodwill he created with capital markets following his far more conventional Afghanistan speech last night."Well, that's precisely what happened, because on Tuesday night, in another fiery campaign rally, Trump fiercely defended his response to violence in Charlottesville, made passing remarks from a
Nearly three years after Estonia introduced its “e-residency” program, becoming the first country on Earth to allow foreigners to become “digital citizens,” the tiny Baltic republic is considering another proposal that would further cement its reputation as a digital pioneer: Becoming the first country to launch its own Initial Coin Offering.