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This time is different because there's free tequila…


We poke a lot of fun at the MANY absurdities we see in this current bubble.

As we've discussed countless times over the past few years, there are consequences from the fact that central bankers have conjured trillions of dollars out of thin air and pushed down interest rates to zero.

Stock, bonds and real estate are at or near record highs. Bankrupt countries are issuing trillions of dollars of debt with negative yields (not to mention, serial defaulter Argentina was able to issue 100-year bonds…).

Netflix is one of the most expensive and popular companies in the world even though it burns through billions and billions of dollars with no end in sight.

And, of course there's Tesla, which we won't get into here.

But perhaps nothing better captures the absurdity of the times more than WeWork.

I've talked a bit about WeWork in Notes, but not nearly as much as some of the other offending companies.

The company is the poster boy for the hot co-working trend. And it's worth around $40 billion today. Of course, it's also losing billions of dollars.

Of course, WeWork's value is far more than any other company of its size because WeWork is a "cool, tech" company. But, at its core, it's just another real estate play…

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