Look at This Shit and Try to Explain That Financial Markets Are Rational

If anyone tries to make the argument to you that free markets rationally deploy capital towards its most productive purpose, ask them to explain the last month in the life of Kodak.

Kodak: a company that makes film and shit. Not a growing field, if you think about it! Hell, they went bankrupt in 2012. Now, they’re a mere shadow of what they once were. Let’s go back a month in time….

JANUARY 8: Kodak is a mere shadow of the grand company it once was. Its stock price stands at 3.10.

JANUARY 9: Kodak announces it is starting a cryptocurrency. LMAO. Nothing else about the company has changed.

JANUARY 10: Kodak’s stock price more than triples to 10.70.

JANUARY 22: Kodak’s stock price peaks at 11.55, nearly quadruple what it was two weeks before.

FEBRUARY 9: Today, Kodak’s stock price stands around 5.35—more than a 50% decline from just a couple weeks back. Nothing about the company has changed.