Global equities continue to defy explanation as stocks set new highs in the face of a pandemic that’s decimated entire sectors. Taking a bearish outlook seems like the sensible thing to do. Putting the pandemic and coming American elections aside, the irrationality on display is perhaps what’s most concerning.
Thirteen million investors now use Robinhood to trade stocks, many of whom don’t even know how bankruptcy works. Stories abound of absolutely moronic behavior, usually involving some hero-or-zero trade that at best equates to gambling. SPACs are being created left and right, many of which start soaring on nothing more than a press release of promises. Then there’s the “next Tesla” electric vehicle stocks, most with little more than a pile of cash and a dream. Increasingly, pundits are comparing today’s “bubble” to the Pets.com era.
But it’s also easy to peddle a bullish “this time its different” thesis when you start to look at how much technology is disrupting nearly every industry. In our recent piece on hyperautomation, we talked about how robotic process automation (RPA) is replaci
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