The fatal flaw of meal-delivery unicorns.
Tender Offer Didn’t Happen. Bonds Plunge to Record Low. This comes after WeWork reported a $1.25 billion loss in Q3. Second thoughts about throwing so many good billions after bad?
But it’s Even Worse Than it Looks. And this time, there is no jobs crisis. This time, it’s the result of greed by subprime lenders.
We’ll also look at its garbage pile at the bottom. These folks don’t even pretend to be stock pickers. They buy and let it stick till it falls off on its own.
Even the upper middle class loses share of household wealth to the 1%. The bottom half gets screwed.
After peak negative-yield-absurdity in August, bond prices fell – the “bond bloodbath” – and the mountain of bonds with negative yields has plunged by $5 Trillion, or by 30%, despite rate cuts.
Paying the University-Corporate-Financial Complex and the big bifurcation.
The fastest increase in assets for any two-month period since the post-Lehman freak show in late 2008 and early 2009.
Whose Bets are Getting Bailed Out by the Fed’s Repos & T-Bill Purchases?
It happened. Hallelujah. Or maybe better: Watch Out! Yield Curve Spaghetti.