You no longer know if the quotes you see are real.
Party turns into bloodbath. Happening right now beneath the surface of the S&P 500.
Don Emilio Botín, undisputed Capo of Spanish banking, died. He’d transformed a regional bank into Grupo Santander, one of the world’s biggest baddest megabanks. Now the true owners are getting nervous.
Ivar Kreuger was a financial genius. But his innovations sank his empire of monopolies, as they would Enron, Bear Stearns, Lehman….
They indicate “an inflection point,” as they did in 2008 and 2011. Even relentlessly exuberant VCs are warning.
In the past, they were early, but they were right.
The Chinese behind Alibaba didn’t even have to tap their home market.
Expect further debt crises, bank collapses, bailouts, and bail-ins.
This is not to say that it won’t go on longer or won’t get wilder. There are already people with lampshades on their heads. And girls are dancing on the tables.
The word “gloomier” inconveniently shows up to describe CEOs’ outlook.