Throughout 2021, U.S. stock market valuations have hovered near all‑time highs. In June, the unadjusted price-to-earnings (P/E) ratio of the S&P 500 index eclipsed the tech boom record of 2000. Many other asset classes have attained, or nearly attained, record valuations as well. Stratospheric valuations may be partially attributable to the unique circumstances surrounding Covid-19...
Cryptocurrency 'market caps' and notional value
A naive equation works well when estimating the value of small quantities of popular crypto tokens, but it's also being used to estimate values of illiquid tokens and the market capitalization of all of crypto. Journalists are publishing misinformation and uncritically repeating these figures, helping to prop up the belief that crypto is a far larger industry than in reality.
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The official statistics say that the financial crisis is behind us. It's not.
Stock Market and Budget Projections: Do the Numbers Add Up?
Uncover the stock market projections for 2025. Explore the forecast for the S&P 500. Do the numbers add up?
Attention Is All You Need #2: This Time Is Different
What can we learn from the 2007 Global Financial Crisis and the 1990’s dot-com bubble?
What Investing in Software Looks Like in 2026
In case you quietly filed Point Nine under “boring SaaS investor” … well, first of all, I’m not going to blame you. We’ve been investing in…
The Quiet Rewiring of American Finance
Stablecoins, Treasury markets, and the most significant shift in financial infrastructure that almost nobody is discussing.
Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice
<div> <div> <div> We challenge two tenets of lifecycle investing: (i) diversify across stocks and bonds and (ii) <span>reduce equity allocations with
ServiceNow Stock Tumbles 50% in a Year: Good Earnings Don't Stop 'Death of SaaS' | Salesforce Ben
ServiceNow's stock has experienced an 11% decline on the day of their Q4 announcements and a 50% decline over the past year.
The stock market fetish
The most recent turmoil in the stock market caused by Donald Trump’s ill-considered policy to impose tariffs on the entire world, has brought up one legitimate question: what is the correct attitude towards stock market declines and crashes?
Jefferies’ Chris Wood Warns of ‘Massive Capital Destruction’ From US AI Boom
The most likely long-term outcome of the AI boom will be massive capital destruction in the US, with market share going to cheaper open-source Chinese models, according to Jefferies Financial Group Inc.
annotations: A propos de la super-implication des super-riches dans la politique américaine
Blog de sciences économiques et sociales de Martin Anota. Traductions, revues de presse.
If Bain Capital Crypto et al invest $100M at roughly a ~$700M–$1B valuation, they likely own somewhere in the range of 10–15% of the company post-money. For a 10x return on their cheque, a $7B–$10B exit is expected. That’s exciting and scary.
Johannes Ernst
$100 million for Bluesky? A year ago? What the …
