Dead Unicorns

Max and Stacy discuss Jawad Mian’s thread on Silicon Valley’s endgame, where free money from the central bank has made piles of cash freely available for any enterprise, no matter how much money it is burning. In this world of too much cash, the scarce asset became ‘growth’ which has forced money into the riskiest long-duration asset – venture backed companies. In the second half, Max interviews Michael Pento of PentoPort.com about permanent QE, negative rates, and “flowless” rallies.