With the S&P’s worst first half in more than 50 years (my entire life) thankfully in the books, an awful lot of people are very down on stocks across the board.
To a certain extent, that’s to be expected. Anytime there are regular sightings of billion-dollar public listings that don’t have any revenue yet, it’s concerning because it’s a sign of widespread detachment from the very fundamentals that keep markets tethered to reality. Suffice to say, there was a lot of froth present to start the year and much ado was made about companies that didn’t have established business models.
