Stablecoins, sell-side lies and the next financial implosion.
I was looking for something to watch on Friday night when I stumbled upon the movie Inside Job on Amazon Prime. It’s a documentary from 2010 that vividly recounts the global financial crisis of 2008.
In the first half hour of the movie, they set the scene for what led up to the crisis: all of the deregulation, speculation, derivatives, lavish Wall Street spending and euphoric attitudes that ran the show right up until the very day the world ran face-first into reality and the global economy bricked.
Watching the movie, I couldn’t help but feel like I could draw direct similarities to the market we are in today.
Sell Side Analyst Reports: Still Biased, Still Bullshit
For example, every day I wake up to a new email from a friend ridiculing a sell-side analyst note. I think to myself two things: first, it’s criminal that investment banks are allowed to put out absolutely bullshit projections while simultaneously trying to win the investment banking business of the companies they cover; and second, I can’t believe anybody on the Street takes these reports seriously.
Sell side analyst reports have become fucking embarrassing. I mean, really bad. Making excuses for non-cash generating companies that can’t even hit whatever bullshit Non-GAAP KPI metric they’re distracting the market with. Initiating coverage on SPACs based on fairy-tale TAM slides, defending “disruptive” technologies that a 4th grader knows won’t work. Calling obvious financial frauds “overblown market concerns” . It’s theater dressed up as research, and the audience is clapping like trained fucking circus seals.
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