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By Julien B. Booth
July 14, 2021
I hope this note finds you well. Occasionally something comes along that perfectly captures the relative tone of financial markets.
The following picture is not a joke (this event is real), but it perfectly captures the outright silliness in the present environment.
Net, net Meme stocks are cultural phenomenon that perfectly capture a world absent of much common sense, or care for one’s $ resources.
Most Meme stocks are businesses with a foot in the grave, but a Reddit following (message boards) that can ally to create dramatic price movements.
Like Old Yeller, the Meme stocks also have a less than happy ending.
This behavior is the antithesis of what we believe is prudent investing.
Chief Investment Officer – Fixed Income & Real Assets
BRC Wealth Management