The Market Is Rewarding Foolish Investors

SAN MARTIN, ARGENTINA – Wow… What a week!

There must have been a full moon… a lunatic new high in the Nasdaq… and an all-time monthly record in federal deficits. If monthly deficits were to continue at June’s rate, the deficit for the year would be a sizzling $7.6 trillion.

It is the best of times and the worst of times.

Stock market investors went howling mad… The last quarter was the best for the Dow Jones in 33 years. But for the economy, it was the worst quarter in history!

Dizzying Highs

Last week also brought Donald Trump to claim that Joe Biden had “plagiarized” his economic program after Biden unveiled his “Buy American” plan.

The Donald said it with characteristic pride… flattered that someone would want to imitate him. Apparently, now, both parties are going to make America great again.

A more thoughtful man might have wondered why the big-spending dumbbells on the other side of the aisle would think his program was just fine for them, too.

When the tone-deaf fellow in the church choir is hitting the same notes you are… maybe it’s time to change your tune.

But wait… there’s more…

Mary Trump (Donald’s niece) says the president paid someone to take his SATs… and Kanye West announced that he’s running for president too. (Sure to boost brand awareness for his clothing line, Yeezy. We had never heard of it.)

And Tesla flew to such a dizzy high last week that we practically broke our neck looking at it. Here’s money-manager extraordinaire Chris Mayer:

Tesla is now worth more than Toyota, GM, Ford and Fiat combined… and yet, still can’t deliver 500,000 vehicles annually, can’t make a profit, sales haven’t grown much since 2018, they have a CEO who openly taunts the SEC saying they suck his you-know-what, and they have at best doctored up financials (at worst, fraudulent).

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