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Jan 19 2022

Speculating In “The Nebs”

  • Jan 19, 2022

One measure of a bubbly bull market is the degree of speculative fervor embedded in the prices of companies with nebulous, indeterminate, or even nonexistent intrinsic values. Since the bear market low in March 2020, speculative manias have evolved in a menagerie of asset classes including Innovators & Disruptors, SPACs, meme stocks, crypto currencies, and NFTs. Based on the breadth of valuation extremes across numerous and diverse assets, this bull market may rank second to none.

Dec 07 2021

“Memes” Need Money Growth...

  • Dec 7, 2021

The extra months of QE “auto-pilot” failed to support some of the themes we’d have thought were the most likely to benefit from it—including IPOs, SPACs, Bitcoin, and the sky-high growers favored by the ARK Innovation ETF. Instead, the smart play with each of these assets was to ignore the ever-expanding Fed balance sheet and sell in February.

Oct 06 2020

SPACs: Fashion Or Fad?

  • Oct 6, 2020

Special Purpose Acquisition Companies (SPACs) have become increasingly popular of late. We ask a seemingly simple question: “How do companies fare following a SPAC merger?”

Dec 04 2010

Deal Flow On The Comeback Trail

  • Dec 4, 2010

Offerings are beginning to pick up. While not even near the levels of excess, the trend bears watching. The initial surge in offerings is typically indicative of a rising market.


May 05 2004

A Better Take On Equity Offerings…..Some Bullish Surprises From The Supply Side

  • May 5, 2004

Lately, there has been renewed interest on the topic of new equity offerings, and not without good reason. After a three-year dry spell in underwriting activity, the offerings calendar has seemingly sprung to life in 2004.

Sep 03 2003

August Mutual Fund Flows...Right In The Comfort Zone

  • Sep 3, 2003

Past bear market recoveries typically saw Main Street investors sit on the sidelines as market conditions improved…..but not this time.

Jan 04 2002

Focus On Equity Supply

  • Jan 4, 2002

This year’s equity offerings volume, as measured by common shares in IPO and secondary financings, finished the year well below the levels of 2000.

Feb 03 1999

Internet Insanity Index

  • Feb 3, 1999

The insanity continued in January, with the Internet stocks up 56.9% during the month.

May 05 1996

The 1996 Transition

  • May 5, 1996

April market showered investors with several interesting changes. Technology stocks recovered their sizzle as PC shipments came in better than expected and Internet buyout fever ran prices up. Secondary stocks scored a TKO.

Jan 05 1994

Major Trend Index Remains Neutral

  • Jan 5, 1994

The U.S. stock market environment seems to be pretty much a continuation of the 1993 frolics, big new supply and continued institutional buying as professionals invest new cash flow from individual investors who don't know that Wall Street can be a two way street.