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Speculation Spillover

Feb 2, 2021 · 6 min read

By Kevin Kelly, CFA

“That ignorance of macro is no virtue, and so I really appreciate having these conversations, because I go back to my team, and I say guys, I know we think we’re geniuses right now, and every conversation that we’re having in every Monday and Thursday partner meetings is all about this company just got a higher price term sheet, and this company is being approached by a SPAC and they’re getting more money. It’s all good news. The history of our firm is not about all good news…we have no bad news across the portfolio, which to me, portends bad news.” — Josh Wolfe, Co-founder & Managing Partner, Lux Capital.

As a macro strategist turned crypto enthusiast, I’m always on the lookout for parallels between traditional markets and the exciting new world of digital assets. One theme that’s crept back into the limelight is the latest bout of excessive speculation in the equity market, and I’m not just talking about last week’s retail

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