Tuesday, March 9, 2021

The self-proclaimed "next Warren Buffett" is perfect for the age of Trump and Musk

A quick aside, at some point over the past few years, Linette Lopez became one of our best financial journalists and (being a woman of color who stood up to Elon Musk) one of the most courageous as well.


These are the kinds of charlatans who show up when Wall Street gets weird 

King of wishful SPAC-ing

There are a few ways to tell if the person you are listening to is a bubble charlatan. For one thing, they can't handle criticism of themselves or their product. Debate — one of the most important elements of price discovery — is not tolerated. To them, short sellers are market villains. They also dislike traditional valuation metrics, regulators who put guardrails around trading or promoting, and — to ingratiate themselves with retail investors — other rich people.

You can also find them shilling free advice on social media and constantly calling into CNBC to rant.

Chamath Palihapitiya, founder of the now defunct venture-capital firm Social Capital, is skilled at all of those things. His success stems mainly from being at Facebook early. Since then he has perfected the art of raising money from people who should know better, and teasing a run for governor of California.


Did I mention that Palihapitiya hates short sellers?


About the time Lopez hit send on her piece, Palihapitiya's most hyped SPAC reached what we might call the post-pump stage.

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