Artificial intelligence stocks weren’t the only assets to suffer during the recent market turbulence. So did Fartcoin.
Yes, Fartcoin. Hedge fund manager David Einhorn recently complained we “have reached the Fartcoin stage of the market cycle”.
The joke cryptocurrency, which reached a billion-dollar valuation within months of its creation, “serves no other obvious purpose” than speculation, said Einhorn.
Not so, says portfolio manager and former Harvard lecturer Dr Owen Lamont, who suggests Fartcoin’s purpose is to “enrage and demoralise those of us who spent decades studying financial markets, believing we were engaged in serious and useful work”.
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Lamont says the current meme coin mania – both Donald and Melania Trump recently launched meme coins – makes 2021’s meme stock mania look sober. Back then, Roaring Kitty talked about earnings, and crypto fans rhapsodised about use cases.
They may have been delusional, says Lamont, but at least they were delusional about the right things.
“Karl Marx said that history repeats, first as tragedy, second as farce”, says Lamont. “He was too optimistic. The truth is that history repeats, first as tragedy, second as farts.”
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