Investors have no brains...

What a great missive!😜

Our World, and Welcome to It!

by Doug Kass

Uber (UBER) and Lyft (LYFT) have no cars.
General Motors (GM) has no chips.
Airbnb (ABNB) has no real estate.
Evergrande has no money.
Robinhood (HOOD) has no shareholder equity.
Bitcoin has no intrinsic value.
Tesla (TSLA) has no auto-based profits.
Zoom (ZM) and Peloton (PTON) have no physical plant.
Precious metals have no friends.
ARK Invest (ARKK) may soon have less liquidity.
Congress and the Fed have no discipline.
"Talking heads" have no humility.
The Emperor has no clothes.
This is the new economy.
This is the new stock market.
Oh, and... investors have no brains.