Ben Carlson:
โ People have been trying to predict a new bubble every year since the Great Financial Crisis. A lot of people are sure this is finally it. Some humility is warranted in times like these. โ https://t.co/DLSl3BCZBo
Edward Chancellor:
โ As passive funds take an โever-increasing share of investment assets, Goodhartโs Law is at work again: the index no longer simply reflects the market but shapes it. โ https://t.co/4h8UUBS6n6
Barry Ritholtz:
โ Am I happy about the excesses surrounding the SpaceX IPO? Absolutely not. The index gaming from Nasdaq and S&P is deeply problematic and disappointing. But it does not read to me as a market killer. โ https://t.co/WIUmIW9IZn
For Jeff Ptak, itโs not advisable to invest in a fund or ETF for the exposure it affords to a particular security, even one as highly sought-after as SpaceX. https://t.co/PocWnxqXTc
John Authers on VOO's exceeding $1tn in AUM:
โ Magellan was named after a navigator whose ship circumnavigated the globe, but he didnโt survive to see out the journey. VOOโs voyage could be similarly exciting. โ https://t.co/M0BU2fqEOR
FT Alphaville's Toby Nangle vs Apollo's Marc Rowan
โ At Alphaville we pride ourselves on sitting at the intersection of financial nerdery and imagination. โ https://t.co/J6wi1pBCZJ
Investment banks typically charge 4% to 7% on IPOs, which raise less than $1 billion on average. SpaceX is negotiating to pay less than 0.75% for the $75 billion it aims to drum up in an initial public offering. https://t.co/4k3lAxFkgA
Matt Levine:
โ After years in which the cutting edge of the economy was nearly zero-marginal-cost software, now the cutting edge of the economy is extremely capital-intensive, uh, software. โ https://t.co/5zBAqf46Jg
In Luxembourg, the regulator recently allowed UCITS funds to allocate up to 10% of assets indirectly to crypto via financial securities that do not embed derivatives. https://t.co/mVjGhZt0PK
Nir Kaissar on SpaceX, Anthropic and OpenAI's IPOs:
โ There are plenty of reasons to pass on what will certainly be the USโs three most hyped IPOs ever. โ https://t.co/cpQAdJBBCo
What? Morningstar analysts think SpaceX has been significantly overvalued? Send 'em to Mars, or nuke 'em.
Joke aside, good to read an honest, non conflicted assessment. https://t.co/UQxOtJySdW
Joe Wiggins:
โ The endemic performance chasing in the active fund industry is driven by two powerful behaviours: outcome bias and extrapolation. โ https://t.co/qAZlqSM702