This Time Better Be Different

Tyler Durden's picture

Today's screengrab du jour comes by way of Bloomberg TV, reminding us that this time better be different, or else (even though as we pointed out the market's forward PE multiple is now identical to where it was at the last bubble peak). And keep in mind, this is after the not so great momo crash of 2014.

And now, cue the hypno-toad: "healthy correction... healthy correction... healthy correction"

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NotApplicable's picture

But first, let me take another selfie.

Deathrips's picture

Fractionalized counterfeit value....Liquidity bitchezzz..


Buy Silver.



The Phu's picture

Move along!!!  Nothing to see here!!!  These markets and valuations are perfectly reasonable!


Watch out below!!!!

max2205's picture

Fuck that shit....weed just crashed 75%

Vampyroteuthis infernalis's picture

My puts are set. Let's rock bitchez!!!

eatthebanksters's picture

How about Zillow and Trulia...with the housing market slowing down and the loan biz drying up it should have an impact on their revenues..and growth.

Osmium's picture

No way.  There has NEVER, EVER been a better time to buy a house.

kreso's picture

Dear Gentlemen,

LinkedIn: last quarter profit $3 million, research expenses $100 million on $400 million revenue.

If Zerohedge owners own LKND shares, manipulating the readers this way is an offense. And, since we're seeing a lot of commercials on this website, and some money flow must be happening, if I would be Zerohedge, I would be apprehensive.

zaphod's picture

Not sure what you are saying here. Are you saying that since LinkedIn $100M in expenses as "research expenses" that they could cut them out and still operate their current business, bring earning to $103M? 

If so, then it should be pointed out that LinkedIn doesn't really do any "research". I'm pretty sure whatever expenses they are booking in that bucket are required for day to day operations. LinkedIn runs breakeven, and they've already had massive penetration in HR departments...

Beam Me Up Scotty's picture

When the HR depts go tits up because the company went tits up, there won't be much need for Linkin now will there.

wintermute's picture

Come on! LinkedIn is doing some research, otherwise how would they be able to package up everyone's full profile for delivery to the NSA in a most efficient and searchable form.


kreso's picture

Dear Sir,

Yes, we agree LinkedIn is not doing any real research. The income is strong, and any cut needed to keep company liquid is easily accomodated.

Pushing LNKD price down with an article like this is a doubtful business.

What's the real cost of day-to-day LinkedIn operations? Not even remotely close to $100M.

Agstacker's picture

So when LKND goes to zero are you going to be like, "What the hell was I thinking?"

King_Julian's picture

I greened you for bravery, or foolishness, or both. Good luck! I still walk with a limp after Jeff B. rammed it up hard back in 99. Think I lost 50k that year shorting AMZN in one form or another. I was right too. It was a $12 stock. To me.

Divided States of America's picture

You are forgetting about the biotech valuations which are priced for perfection....these things dont even have revenue and wont be making money for at least another few years.

nope-1004's picture

We haven't hit 1000x, so no need to panic yet.  Keep "investing"........


Postal's picture

ITEOTWAWKI was on the radio this morning as I was driving in to work. Fitting.

goBackToSleep's picture

As the Administration would say, let's pivot to "needed correction". Fucking wordsmiths. /sarc off

If Cramer uses this one tonight, i may go office space on my tv!

The Wisp's picture

That's a Lot Of Lipstick...

seek's picture

...and surprisingly little pig.

zorba THE GREEK's picture

Maybe the stocks are priced for the coming hyper-inflation

delivered's picture

This assumes that their earnings are legitimate. There's no doubt with such slim margins at Amazon, with questionable "intangible assets" being recorded by Netflix, and with sustainable growth problems at LinkedIn, that via the simple magic wond and adjustment to an estimate by the accountants, earnings will turn into losses very quickly. Remember, real cash flow is king as the balance sheet and income statement can easily be manipulated to produced desired earnings results. Or in the words from Tony Montana played by Al Pacino in the movie Scarface, "I always tell the truth, even when I lie". Translation, the cash flow statement will always tell the truth even when the income statement and balance sheet are lying.

PT's picture

"Earnings" are probably based on how many people move their computer mouse over the wrong part of the screen and an ad pops up ... "they looked at our ad, that's as good as sold!" ...

Seize Mars's picture

What a shit show. Meanwhile that ad with Kate Upton makes me feel kind of funny inside.

Rainman's picture

Did you know it takes only 14 years to completely erase the memory of the average human ?

RockyRacoon's picture

Adjusted for inflation that would be about 14 minutes -- just the amount of time between commercials.

PT's picture

So what is all that stuff that I remember from 15 years ago?

PT's picture

Or is it an exponential decay and 5 time constants = 14 years?
Do you forget 63% after 2.8 years?

css1971's picture

Sounds about right to me. 63% forget everything after 3 years. Matches the markets perfectly.

larry david's picture

"Gold has no earnings. It just sits there in a mindless pile. It does not grow or add value. You could own a pile of gold or Netflix 5 times over, with enough cash to plow into 7 Exxon Mobile's. Gold is the biggest bubble because it is essentially a bet against the Fed and the USA which always fails."-Warren Buffet

Deathrips's picture

Whats the PE ratio of some silver in your hand? Whats the PE ratio of digital value uncollateralized? Please let me know when you can verify your ownership of said shares with the DTCC. Whats that note of exchange (currency) backed by again? Imagination?


Fuck Warrens insider gatekeepin ass.


Any more brain busters?




EDIT: All good...sometimes in a fake world...assumptions are incorrect. Fuck Warren anyway!!

larry david's picture

I guess I should have added a /sarc tag? Fuck Buffet! Long and strong physical metals, bitchez

Spastica Rex's picture

People just need to read.


Deathrips's picture

Retracted statement mis-aimed at you Larry... long too.


Warren makes me crazy...for most else i accept responsibility.


I hate that fuck.


I would give almost anything to debate warren firmly locked in the pillory in front the people that are about to get their savings "harvested".



Agent P's picture

As much as I enjoy reading, I still prefer your second suggestion. 

Spastica Rex's picture

Thank you for recognizing my correctly constructed, one word imperative sentence.

daveO's picture

Gold is a bet on the FED. They've done exactly the same thing for 100 years. $20/oz in 1913. Buffet wouldn't be as rich if the FED didn't know how to inflate. He's running scared by making that statement.  

Agstacker's picture

"it is essentially a bet against the Fed and the USA which always fails"


Tell that to the North Vietnamese.


resurger's picture

Who gives a fuck about the PE's or the forward PE's ... Buy The Trend (BTT)

dcj98gst's picture

Where is the "price to clicks ratio"?  

naughtius maximus's picture

This is definately bullish.

RabbitOne's picture

Never fear Yellen's here!

Yen Cross's picture

     Those multiples are insane! These markets need a massive dose of ' colon blow'...

Caracalla's picture

Don't worry, it's a new paradigm where actual earnings and revenue aren't really that important.  Increasing market share is all that matters with tech.

NotApplicable's picture

As well as a friendly benefactor connected to the free money flowing out of the CBs.