Degenerate Business School
185 episodes - English - Latest episode: 10 months ago - ★★★★★ - 16 ratingsTired of the same dry, monotonous business news and the squawkery of finance television? Here at Degenerate Business School, we aim to give you an irreverent take on the latest news, trends and forces in markets. Plus we acknowledge openly that, in some ways, stock and crypto trading are merely exercises in degenerate, white-collar gambling. But please note, this is not investment advice.
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Episodes
The Bitcoin Maxis were accidentally correct
June 19, 2023 19:00 - 32 minutes - 22.3 MBDoubtless THE story of financial markets in 2023 has been the astonishing comeback of MegaTech. When rates went to zero during the pandemic, the explosion in Tech valuations made sense both in terms of mechanics and narrative. If discounted cash flows were governed by the 10-year rate, then companies like Apple became something like 100 year bounds. Look far enough into the future and it was hard to imagine how the likes of Apple, Amazon, Facebook and the like could fail. But then the Fed ...
Nvidia, the Chump Principle & 2033 Predictions
June 04, 2023 23:00 - 36 minutes - 25.1 MBThe Ancient Greeks used to say that Phobos, the God of Fear and Panic, ruled the battlefield. We might say the same of FOMO in the realm of financial markets. Even in the face of higher rates, an overblown debate about the debt ceiling and at least the theater of quantitative tightening, speculative fervor has returned once more to the American stock market. 2021 promised a revolution in Blockchain technology, whatever that means. And now 2023 foretells the end of human intelligence for al...
The Chipotle Theory of Asset Prices
April 24, 2023 16:00 - 31 minutes - 21.6 MBOver the past year, the S&P is down just 4%. In the world of equity markets, that is essentially...nowhere...a nothing burger. This on the heels of the Fed's most aggressive hiking campaign in living memory, one that began last March. Doubtless there have been puzzling rallies and plunges in between, a banking crisis, the makings of a bond market catastrophe and the looming debt ceiling debacle. But in the bigger picture, how do we account for the relative strength of the equity market in th...
The Fed Balance Sheet & The Future of Asset Prices
March 28, 2023 05:00 - 31 minutes - 21.6 MBWe spend a considerable amount of time on our silly little podcast agonizing over levels in the S&P 500. As we hover below 4,000, is the stock market overvalued or undervalued? Did the market bottom at 3,600 in October? Will this recession bring about the same relative decline as the Tech Bubble of 2001? But it bears reminding that levels are an illusion. Pop open a chart of the equity market over the last 20 years and you can't help but think the run-up is nonsensical. How could we not be...
Quantitative Easing by Another Name
March 20, 2023 04:00 - 34 minutes - 23.7 MBThe halcyon days of quantitative easing made us all forget one simple truth. That in the annals of financial history, bank runs are numerous and inveterate. Like the coming of spring or another movie from the Marvel Cinematic Universe. Except that the Great Financial Crisis did in practice, if not in law, change the game for all time. There are now 4 unimpeachable megabanks enameled with Too-Big-Too-Fail status and unlimited deposit insurance. And there are all the other banks, to which de...
Money Market Springtime
February 27, 2023 18:00 - 24 minutes - 16.6 MBWe spend our days trying to guess which way financial markets will go, like medieval alchemists or broadcast news meteorologists. Is the bottom already in for the S&P and all degenerate risk assets? Where will rates go, and for how long? Is now the time to buy bonds? Does it even make sense to pick stocks? But why struggle, when staring us in the face for the first time in our investing lives, is a risk free rate of 4.4%. Plumb any mutual fund money market account from Fidelity or Blackrock...
Is the Bitcoin correlation breaking?
February 21, 2023 06:00 - 23 minutes - 16.3 MBWith the S&P dithering in no man's land, we speculate on the implications of ChatGPT and its inevitable imitators. Needless to say it will trivialize the entire profession of data science. But will it become the greatest business-to-business software service in the history of capitalism? Next we discuss the re-emergence of short-dated options, and the potential consequences for market volatility. Lastly we wonder whether or not the zombie corpse of Bitcoin and Crypto assets writ large are ...
Will the Emerging Markets ever Emerge? Part 14
January 23, 2023 05:00 - 27 minutes - 18.9 MBWhile the world's putative Illuminati gather in Davos, the S&P fails once more to escape its bear market structure. This in spite of some frisson over Netflix earnings and yet more bloodletting across Big Tech. Meanwhile Finance Twitter has begun to coalesce around a familiar narrative: over the next several years Emerging Market Equities will outperform the U.S. Thus we revisit one of our favorite topics. Will the emerging markets ever emerge? But this time, we turn to ChapGPT for help. ...
January's Micro-Rally Explained
January 16, 2023 22:00 - 28 minutes - 19.4 MBThis week with inflation cooling off and the Federal Reserve balance sheet unchanged, the S&P 500 stretched to near 4,000. But Jerome Powell has made it clear that no rally can long endure, not while unemployment hovers near 3.5%. For now the structure of this bear market remains intact. What's more we closed last week with Implied Volatility (VIX) revisiting a 52 week low. All this to say that with another week of earnings looming and a debt limit fiasco on the horizon, all signs point to...
The Tesla bubble bursts & ChatGPT takes our jobs
January 08, 2023 22:00 - 39 minutes - 27.4 MBWe're back after a hiatus worthy of European aristocracy! Tesla, the last great hope of technology optimists everywhere, has at last succumbed to the Great Duration Bubble. From incomprehensible over-valuation to soul crushing underperformance, the likes of Crypto, the ARK innovation fund, Meta and now Tesla have all been deflated in their turn. And why? The Federal Reserve. Once the sponsor of the greatest financial binge in modern history, now the author of the most bloodthirsty tightenin...
FTX and the Crypto Winter
November 21, 2022 05:00 - 30 minutes - 21.1 MBThe lurid collapse of FTX and with it Crytpo sentiment the world over bring to mind an old adage in high Finance. When the tide goes out, we find out who was really swimming naked. And it turns out, in the far off Bahamas, Sam Bankman-Fried was not only swimming naked. He was riding a jet ski that you paid for. What do we really mean? That in the end, the recent mania surrounding Crypto was only sustained by central bank policy. Put that much liquidity in the system, and the frontier of th...
We Can't Stop, Won't Stop says the Fed
November 07, 2022 22:00 - 31 minutes - 21.4 MBLast week, Jerome Powell took the mic. And with the mystic language of macroeconomic policy said the equivalent of: we can't stop, won't stop, murdering your equity portfolio until inflation improves. Makes sense. The last best hope of a near term pivot died there on the podium. Practically speaking, the Fed will be hawkish throughout 2023. And so the S&P 500 lurches onward in No Man's Land at ~3,770. Who will win the day into year-end? Bulls or Bears?
Earnings Season and the Last Great Age of Oil
October 24, 2022 04:00 - 26 minutes - 18.6 MBEarnings season began this week with mixed results. And if there are two companies that tell the story of these times, they are Snapchat (SNAP) and Schlumberger (SLB). Snapchat you surely know. Once the darling of young people sending ephemera to each other during lockdown, it is now little more than a glorified penny stock sent reeling from its soaring pandemic-era valuation. A dreadful year for tech, social media most of all, and another dreadful earnings call to mark its passing. Schlumbe...
Inflation Week! Plus Elon is a Bond Villain
October 16, 2022 21:00 - 30 minutes - 21.1 MBThis week inflation came in hot versus consensus. And while we have past the peak of so-called headline inflation, with energy costs abating somewhat, CORE inflation is still accelerating. Rent costs in particular are running wild. What does it all mean? As was, the Fed still has a data-driven license to hike rates with abandon. And in the equity markets, the price action around Thursday's print suggests traders have no conviction about the direction of travel in the S&P 500 over the medium ...
The Looming Sovereign Debt Crisis
October 03, 2022 06:00 - 26 minutes - 18.3 MBEvery once in a while, we get to the point in financial markets where all that matters is...wait for it...you guessed it...BOND MARKET LIQUIDITY. In the simplest terms, there are not enough willing buyers to scoop up US treasuries. Or any government bond for that matter. Least of all, as was this week, British government debt. So dire did circumstances become in London that the Bank of England was forced to ease again and become the buyer of last resort. At the death, many pension funds were...
The Resource Apocalypse?
September 11, 2022 23:00 - 34 minutes - 23.6 MBThis week the European energy crisis took center stage on Finance Twitter. Is this right and truly checkmate for Europe? With Vladimir Putin throttling natural gas, and no longer under the pretense of scheduled maintenance, what does the winter hold for, say, German Industry? The Germans might have enough in storage to weather the cold, but what will prices look like for European citizens and businesses? All of this has led to massively negative sentiment. Erik Townsend of Macro Voices end...
No Pivot for You!
August 29, 2022 05:00 - 26 minutes - 18.2 MBWith the eyes of Finance Twitter fixed on Jackson Hole, Jerome Powell coolly reminded the investing public that a pivot is not in the offing. And if there is no self evident pivot, then the fever dream that was this summer's bear market rally might right and truly be over. Of course no one really knows as yet whether we're actually in a bear market or a bull market. Such is the divide in opinion around the Fed's actual willingness or ability to remain hawkish. Inflation might be the dragon ...
Tail Risk in Taiwan
August 08, 2022 17:00 - 31 minutes - 21.4 MBLast week, the Finance Twitter newsfeed produced an embarrassment of riches. Just to enumerate the highlights: Nancy Pelosi visited Taiwan and sent the CCP into a frenzy The jobs report blasted consensus, making way for more Fed hawkishness Amazon bought Roomba, completing it's conquest of your home Michael Saylor stepped down as CEO of Microstrat to work on Bitcoin full time BlackRock announced it will now offer bitcoin trading for institutional clients Which of course bears not at a...
Bear Market Rally or Powell Pivot 2?
July 31, 2022 23:00 - 29 minutes - 20 MBWhat do we make of this rally? Is it a 2005 Donovan McNabb pump fake? That is, a bear market rally? Or the beginning of a pivot to accommodative policy once more? On Wednesday Jerome Powell said, and didn't say, just enough to prolong a run up in risk assets into the weekly close. Why? In short, he didn't say anything that was incrementally hawkish. Crack the window open for those itching to go long, and in the short-run, they will pile in and duly vaporize short sellers. As ever, we reso...
Inflation is the worst
July 18, 2022 04:00 - 21 minutes - 14.8 MBThis week the Consumer Price Index, the inflation measure that now governs the market, came in higher than consensus at 9.1%. And yet the 10 year treasury yield didn't move. And the equity market chopped sideways. What do we make of this? According to the high priests of the bond market, we've priced in an even more hawkish Federal Reserve in the near term. And thereby a higher chance of a recession later on. In this milieu, the long bond ETF TLT might be forming a bottom. But still the g...
Inflation is the worst
July 18, 2022 04:00 - 21 minutes - 14.8 MBThis week the Consumer Price Index, the inflation measure that now governs the market, came in higher than consensus at 9.1%. And yet the 10 year treasury yield didn't move. And the equity market chopped sideways. What do we make of this? According to the high priests of the bond market, we've priced in an even more hawkish Federal Reserve in the near term. And thereby a higher chance of a recession later on. In this milieu, the long bond ETF TLT might be forming a bottom. But still the g...
In the stock market....good news is bad news
July 11, 2022 04:00 - 32 minutes - 22.1 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- In the era of quantitative easing that has predominated since 2008, bad news is good news. And good news is bad news. Take for example GDP. The Atlanta Fed Nowcast has telegraphed we're already in a recession. Bad news for America, but good news for stocks badly in need of more Federal Reserve accommodation. On the other hand, Friday's jobs rep...
The Sword of Damocles
July 05, 2022 18:00 - 31 minutes - 21.9 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- While multiples have been smashed in the wake of this tightening cycle, the equity market may yet be vulnerable. Two things will govern the next quarter and beyond. 1. The next inflation print. This above all else will govern Federal Reserve policy. When June CPI is published, will the fabled base effects kick in? Or will CPI prove sticky and pers...
Is The Fed Put Kaput?
June 20, 2022 04:00 - 31 minutes - 21.9 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- Since the Great Financial Crisis of 2008, it has never made sense to be bearish. Why? The so-called Fed put. The belief that, should financial markets ever wobble, the Federal Reserve would step in to allay concerns, prevent contagion and generally ensure the upward march of asset prices and collateral. That all worked in a regime of low-inflation....
Cash is the least trash
June 13, 2022 04:00 - 37 minutes - 26 MBThe consumer price index, the flagship indicator of inflation, came in at 8.6% on Friday. Not only did this flout consensus of 8.3%, but it put down an emerging argument that inflation would soon begin a sequential decline. And thereby open the door for a return to the much worn, accommodative policy of the Federal Reserve. Not so fast. What was to blame? An outrageous run-up in energy prices driven by the Russia-Ukraine crisis, and beyond that, the persistent incapacitation of China's bus...
The Bear Market Cometh
May 23, 2022 03:00 - 28 minutes - 19.8 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- Technically, but for a moment on Friday, the S&P 500 entered a bear market. This according to the priestly record that marks the bull and bear runs of all market history. We now stand down ~19% from the peak in early January. Obviously, the superficial question heavy on our minds remains: is this the bottom? But more consequential is a broader my...
And...it's gone: The Collapse of Luna
May 16, 2022 04:00 - 34 minutes - 23.9 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- The pandemic era in the stock market felt like something new. A time when all the treasure of the West could be called into service, ensuring the endless march of untold riches, economic juice and asset prices. In short, anyone with a Robinhood account and the will to win could make money. But those were the halcyon days, the times of plenty. And...
What 2018 tells us about the future
April 25, 2022 04:00 - 31 minutes - 22 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- With Netflix falling into the sea and the indices vaporizing, we beg the question. Is a repeat of 2018 finally at hand? We think it is. In late 2018, the Federal Reserve tightened financial conditions such that the S&P 500 sold off roughly 20% from peak to trough. But it was a turbulent road to the bottom. We explore what the next several weeks por...
Can the Nasdaq win the next decade?
April 10, 2022 18:00 - 28 minutes - 19.9 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- The ye olde bond market is having its worst year...EVER. At least in total return terms, and since proper statistics are available. Why should we care? Well it's probably a signal that financial conditions are set to tighten. Which until now has not worried the equity market whatsoever, even as a seeming bear rally begins to roll over. According ...
The Bond Market is Losing It
March 28, 2022 04:00 - 25 minutes - 17.4 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- Few if any in all the world understand the bond market. Certainly not we here on this podcast. Like a vast ocean on the earth, the bond market contains multitudes and governs equities in ways we fail to understand everyday. And yet we barely ever speak of it except to note the 10 year yield as an input for stock valuations. But when rates surge as...
A Relief Rally?
March 21, 2022 03:00 - 29 minutes - 20.5 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- The Federal Reserve at last raises rates, hewing to a broader consensus about the need to combat inflation. But just as significant to sentiment were the words spoken by Jerome Powell, not the substance of the actual policy. And as he said or didn't say the right things, the much beleaguered tech sector marched higher blowing up short positions i...
World War II, the Stock Market & Gold
March 14, 2022 04:00 - 24 minutes - 16.8 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- What does a person do...when American dollars are devaluing at ~8% per year, when stock indices are melting lower, when Crypto is rattling sideways and when commodities (the one sector no one understands) are going parabolic. The answer, by way of mental paralysis, is nothing right now. So we take an opportunity to zoom out and explore two topics t...
The Specter of Global War
March 07, 2022 04:00 - 23 minutes - 16.2 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- The fog of war hangs over everything, including the parochial interests of financial markets. What will the crisis in Ukraine lead to in the end? Or even myopically...this year. Terrifyingly, no one can say. But here's what seems likely in the prosaic language of markets: A surge in the price of commodities precipitated by the conflict (see wheat,...
Making Sense of a European War
February 28, 2022 04:00 - 21 minutes - 15.1 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- We live in strange times. With Russian armed forces bursting into Ukraine, uncertainty reigns. We see no better testimony than the bizarre behavior of markets and the market regime that governs it. The rational mind might think the specter of war would create panic in western financial markets. Not so this past week. At least not yet. Why? Because...
The Secret History of Corrections
February 12, 2022 04:00 - 31 minutes - 21.8 MBWhen it comes to financial markets, do narratives really matter? Or do patterns, the rhyme of bull runs and corrections, mark the true path of stocks and bonds? With Ukraine on the brink of war, inflation at 7.5% and consumer sentiment falling into the sea, all signs point to downside in the stock market. But do these themes actually predict anything? Narrative or not, the S&P index is repeating a pattern that it showcased in 2018 when the Fed tightened, inciting a sharp sell-off. This ...
Is Facebook Undervalued?
February 07, 2022 04:00 - 27 minutes - 18.8 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- Well...just when you thought Facebook was potentially undervalued...it turned out to be wildly overvalued. Or IS IT? Search the constellation of the Megacaps, and it still has the lowest multiple of all the technology giants out there. Especially now after a devastating earnings call that saw user growth petering out and forward guidance slashed. ...
But seriously though...the rally is over
January 31, 2022 04:00 - 22 minutes - 15.5 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- As we expected, the markets bounced this week after Apple obliterated earnings on Friday. This followed a renewed bout of volatility as Jerry stepped to the mic to speak on the Fed's intentions. What did he say? Well...in the context of an exceedingly tight labor market, there is but one objective: battling inflation. But assured as everyone is tha...
The Great Pandemic Rally is Over
January 23, 2022 23:00 - 27 minutes - 18.9 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- The last best hope of the market...that the party wasn't really going to end...that the Fed wasn't really going to slam the brakes. Well that dream ended this week. From what we can tell, the great pandemic rally, the single greatest display of central bank largesse in living memory, is finally over. So what do the charts suggest? The S&P is in a...
The 2022 Outlook and Beyond - Revisited
January 17, 2022 20:00 - 36 minutes - 25.4 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- The table is slowly being set for 2022. So what has the market priced in so far? Over/under ~3.5 rate hikes in 2022 A question mark on Quantitative Easing vs Tightening Thus the drubbing in growth/small tech endures and the breakout in Energy/cyclicals abides. Meanwhile JP Morgan earnings fatigue as Financials retreat from overbought territory....
Taper Tantrum Revisited
January 09, 2022 21:00 - 24 minutes - 17.1 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- The Fed minutes dropped...and with it: sentiment, the Nasdaq and any stock that doesn't make money. Yes the party is finally, truly, and they really mean it this time...at an end. Rate hikes and tapering will come faster than expected. On the news treasury yields shot past a significant level of resistance (~1.70% on the 10 year). This triggered ...
The Great 2021 Year in Review Plus 2022 Outlook
December 20, 2021 04:00 - 29 minutes - 20 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- 2021 Winners: Cyclicals and Crypto 2021, the year of the great reflation, approaches its end. Who won the day in equities? Cyclicals mainly, meaning Financials and Energy. Not that the Nasdaq did poorly. And in the long view, it still dominates performance. And of course BioTech had the year of death. Can it get much worse? But the real winner, ...
Matt Damon Endorses Crypto
December 11, 2021 00:00 - 28 minutes - 19.9 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- After a fit of liquidation sent Bitcoin below near term support ($53k), sentiment now hangs by a knife's edge around ~$47k. Despite the world's most riveting Matt Damon commercial for Crypto.com, the Crypto markets chop into consolidation (for now). While the HODLers buy the dip, December wears on to tell us which way the price action will break. ...
The Party's Over Sell-off
December 06, 2021 02:00 - 21 minutes - 15 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ---------------------------------------------------- We come back from Thanksgiving to find growth stocks in shambles. Chief among them, the previous darling of our eye, genomics. Do we give up? Or do we accept soul crushing volatility as the price of asymmetric upside? Meanwhile, the Nasdaq retreats to its 100 day moving average in dramatic fashion. But this we have seen many times before. What t...
Alternative Cryptocurrency Extravaganza
November 21, 2021 23:00 - 31 minutes - 21.6 MBA wedge is forming as Bitcoin retreats to ~$57k, a level that is technically insignificant. But which way will it break? Meanwhile, we have developed a full blown addiction to ALT coins. This week GALA and POWR enter Robert's portfolio of interests. But in the end, the whole ecosystem rests on the momentum of Bitcoin and Ethereum. In other bizarre Crypto news, billionaire Ken Griffin outbids a Crypto collective to purchase a first edition of the US Constitution for $43M. The future is h...
The Death of Value Investing
November 15, 2021 01:00 - 27 minutes - 19.2 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- We discuss the alarming number of potentially worthless cryptocurrencies we've purchased. On the one hand, there might be wisdom in buying a basket of tokens with asymmetric upside. On the other hand, they may all plummet to zero one day. In other news Elon drains the parabolic momentum out of Tesla, deflating the near term run-up in the Nasdaq. ...
Does Jerome Powell deserve more credit?
November 07, 2021 18:00 - 33 minutes - 22.7 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- In US equities, all major indices climbed to fresh all-time highs, buoyed by a favorable jobs report and another piece of elegant choreography from the Fed. Jerome Powell has finessed a taper, without inciting a tantrum. All that's left to do is hope the much discussed supply chain snarls unwind over time, because a rate hike we shall not see. As w...
A Bitcoin ETF Comes into the World
October 24, 2021 21:00 - 27 minutes - 19.2 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- In Tech, SNAP falls ~27% after slashing its revenue guidance, citing the impact of Apple's privacy guardrails. With it, Facebook sheds its progress on the week as worries brew over advertising business models tethered to Apple's ecosystem. Otherwise, the Nasdaq ebbs closer to all time highs as sentiment improves. All this as US 10-year treasury r...
The Coming Crypto Bull Cycle?
October 17, 2021 23:00 - 33 minutes - 22.9 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- Inflation is officially not transitory. But with economic growth prospects dimming (see Goldman and the IMF) and fossil fuels in scarce supply, the 10 year treasury yield retreats below 1.6%. With the benefit of hindsight, we observe that limited MegaTech panic selling was driven by the suddenness of bond yield moves. But as for the rates themselve...
The Coming Crypto Bull Cycle?
October 17, 2021 23:00 - 33 minutes - 22.9 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- Inflation is officially not transitory. But with economic growth prospects dimming (see Goldman and the IMF) and fossil fuels in scarce supply, the 10 year treasury yield retreats below 1.6%. With the benefit of hindsight, we observe that limited MegaTech panic selling was driven by the suddenness of bond yield moves. But as for the rates themselve...
Facebook Outrage Week!
October 10, 2021 20:00 - 31 minutes - 21.4 MBFor data visualization, please use the links below or follow us on Twitter @DegenerateBiz ----------------------------------------------------- In equities the debt ceiling panic attack triggered further selling in MegaTech. Facebook, under renewed outrage over its unscrupulous yet massively profitable modus operandi, took the worst of it. But sentiment steadied into repose after the Senate reached a deal to kick the can down the road until December. Is this a good time to accumulate more ...