I know you thought you were free from a rant from me this week. But, I couldn't resist this one.
Lyft, the popular ride sharing app, had a press release on Tuesday that had a major typo in it. The
release said that Lyft expected profit margins to grow by 500 basis points (5%), but it meant to say 50 basis points (0.5%). That extra zero added on to an already speculative press release made Lyft stock go soaring by 60%.
Our economy is willing to spend millions and sometimes billions on pure whims. Almost no one thought to vet Lyft's claims, and we know this happens on a pretty
frequent basis. How many times has a tweet from a celebrity or one off the cuff remark from a hedge fund manager sent a stock soaring or plummeting? We need not see anything produced, society improved, or bottom lines increased to give our money away as an "investment" we just need assurance from an authority or the market itself that a certain prediction is valid and personally lucrative.
Please remember, I am not against investing! It is just that my definition of investing that involves true labor, real risk and the possibility of producing something for the common good through just means is very much opposed to the abstract and lazy form of "investing" that takes place on the secondary market where emotions and power reign as king and queen and production for the common good is an after thought at best.
Also, just an FYI...William Post just died at the age of 96. For those that don't know who he is, think sugary breakfast treat.
That is all, God Bless!
