Has the NASDAQ finally caught up with reality?

Bloomberg/John Authers and Lisa Abramowicz/1-21-2022

“I think it probably is. It reminds me of Jeremy Grantham, who is in the news this week because he’s redoubled on his crash call. He came up with a fantastic analogy back in 2007when the credit market had cracked and the bond market was churning, but there was still minimal disturbance to the stock market. He said the stock market was like a brontosaurus in that if you bit a brontosaurus’s tail, the nervous system is so primitive that it would take a long time for the information to reach the brontosaurus’s brain and for it to start to hurt. In the same way, the stock market is like a brontosaurus.” – John Authers

USAGOLD note: This interview of Bloomberg columnist John Authers folds nicely into the Richards piece featured below on supply chain issues.