They Do Ring A Bell At The Top: Alibaba Proves Wall Street Is Off Its Rocker
by Tyler Durden
ZeroHedge.com
09/22/2014
So with regards to BABA’s $230 billion market cap at week’s end, you can say this: None dare call it price discovery! What it shows is that Wall Street is well and truly off it rocker. The Chinese swindlers behind BABA didn’t even have to tap their home market. These preposterously over-valued shares were sold overwhelmingly to Wall Street – to the gamblers, speculators and robo-traders that have occupied what was once a reasonably honest capital market. So why did Wall Street capitalize an opaque mass merchant operating in a precarious economy at 27X sales? The answer is that Wall Street is a momentum driven casino that is now over-valuing everything that moves and all that stands still. That’s the ultimate evil of monetary central planning. Having destroyed honest price discovery in the financial markets, the Fed now “accommodates” the speculators one meeting at a time – in deathly fear of a hissy fit.
The Rest…HERE
