Taps Coogan – May 28th, 2021

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With the assets at the bleeding edge of the today’s mania now languishing in deep correction territory, Wolf Richter of Wolf Street recently took the opportunity to slam the “Just shut up and buy” mentality that has pushed capital into some of the most obvious pump-and-dumb scams in memory.

Enjoy the rant below:

So far, the broader market has tolerated the culling of the goofiest sectors quite well. Despite watching hundreds of billions of dollars evaporate in various publicly traded jokes, self-declared scams, and more serious cryptocurrencies, the S&P 500 is pushing towards new all time highs. Moral hazard is a powerful thing. Then again, so is rampant capital misallocation.

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