September 14, 2020
I hope that this finds you healthy and as positive as one can be during this continued odd time.
This past weekend, the Detroit Lions held a commanding 17-point lead in the fourth quarter, only to find themselves down by 3 points with 6 seconds to go. They proceeded to drop a winning touchdown pass just as time expired. Another inexplicable loss, S.O.L. or Same Old Lions. While mourning yet another loss, it occurred to me that perhaps I should be rejoicing. Maybe this is an indicator that life is beginning to return to normal?
Stock Market and Big Tech
The stock market continues to defy odds with technology companies carrying lofty multiples and valuations. Although we are grateful for a short-term V-shaped recovery (but not GDP), more volatility could be right around the corner, ultimately ending at some point with something that is more complex than a simple V. To provide the most notable example of extreme-valuation, consider the following from our electronic vehicle friends at TESLA, familiar to most in the Detroit area.