‘Classic signs of euphoric sentiment’: Famed economist David Rosenberg warns that Snowflake-led IPO mania is inflating a market bubble that could soon pop

trader blowing bubble

Summary List Placement

Although most would rank 2020 exceedingly high on a list of years to soon forget, the past few months haven’t been all that bad from an investing standpoint.

Despite an unprecedented virus, stockpiling bankruptcies, and double-digit unemployment, markets have demonstrated a fierce level of stoicism. On Friday, the S&P 500 sat about flat for the year.

But now, things are getting stranger. And David Rosenberg, the famed economist and founder of Rosenberg Research, thinks he’s pinpointed a reemerging trend that could aid an unwind — one investors haven’t had to grapple with for decades. He is concerned about the spurt of initial public offerings that was most recently juiced by the record-breaking debut of cloud-software provider Snowflake. 

“Going into this recent corrective phase, we have been identifying signs of excess and elevated sentiment whether it be in retail participation, the Citi panic/euphoria model, fund flows into ETFs, small speculator positioning in the Nasdaq or the elevated bull-bear spread in the Investors Intelligence survey,” Rosenberg said in a recent client note.

“Well, now there is another that can be added to the list — IPO activity which, by the way, is starting to look like the frenzy that took place in the dotcom bubble.”

Rosenberg provided the following chart dating back to 1990 to provide historical context to the recent spike in IPO activity.  

He continued: “As the first day of trading in Snowflake’s recent listing indicated (doubling its IPO price in one day!), the appetite for newly listed shares is insatiable at the moment.”

To Rosenberg, that’s cause for concern. He’s seen similar market behavior push equity prices to nosebleed levels during the dotcom era, a period when profits and sales were erroneously eschewed in place of eyeballs and clicks as valuation metrics. To him, investor appetite is looking distinctly similar.

To demonstrate this idea visually, Rosenberg compares the Renaissance IPO ETF, a conglomerate that tracks new listings, to the S&P 500. Needless to say, investor enthusiasm for new issuance has hit a fever pitch as of late.

To further his thesis, Rosenberg takes a broader look at equity appetite throughout the marketplace, and adds secondary offerings into the mix. Each way he carves it up, the conclusion seems to remain the same: an overzealous environment.

“Moving beyond just the IPO market, it is clear how much investor appetite there is for equities,” he said. “Recent events from Hertz and Tesla are some examples of …read more

Source:: Business Insider

      

How to Watch Alabama Football Without Cable

After a rare year off, Nick Saban and Alabama will look to return to College Football Playoff and overcome the hurdles of a highly unusual season in 2020.

Their 2020 TV schedule isn’t completely finalized, but all of Alabama’s games will be broadcast on either ABC, CBS, ESPN, ESPN2 or SEC Network.

If you don’t have cable, here’s how to watch every Alabama football game live online:

Heavy may earn an affiliate commission if you sign up via a link on this page

Watch Alabama Football on FuboTV

Alabama Football Channels Included: ABC (live in select markets), CBS (live in select markets), ESPN and ESPN2 in FuboTV Family; SEC Network in Sports Plus add-on

Price After Free Trial: $64.99 per month for FuboTV Family; $10.99 per month for Sports Plus add-on

You can watch a live stream of ABC (live in select markets), CBS (live in select markets), SEC Network, ESPN, ESPN2 and 130-plus other TV channels on FuboTV. You can include both the main channel package and the Sports Plus add-on in your free seven-day trial right here:

FuboTV Free Trial

Once signed up for FuboTV, you can watch every Alabama game live on the FuboTV app on your Roku, Roku TV, Amazon Fire TV or Firestick, Apple TV, Chromecast, Xbox One, Samsung Smart TV, Android TV, iPhone, Android phone, iPad or Android tablet). Or you can watch on your computer via Fubo.tv.

For the games on ABC, SEC Network or the ESPN channels, you can also watch live via ESPN.com or the ESPN app. ABC games can be watched for free without a cable log-in this way, but you’ll need to sign in to a TV provider to watch the others. You can use your FuboTV credentials to do that.

If you can’t watch live, FuboTV also comes with 500 hours of cloud DVR space, as well as a 72-hour look-back feature, which allows you to watch games on-demand within three days of their conclusion, even if you don’t record them.

Why Should You Use FuboTV?

The most complete package for sports fans. Not only does it have the most channels, but it’s the only streaming service that includes every ESPN channel, every local channel (ABC, CBS, NBC, Fox), every college conference network (ACC Network, Big Ten Network, Pac-12 Network, …read more

Source:: Heavy.com

      

Oklahoma vs K State Football Live Stream: How to Watch Online Free

The No. 3 Oklahoma Sooners football team will host the Kansas State Wildcats on Saturday in each side’s Big 12 opener.

The game starts at Noon ET and will be televised on Fox. But if you don’t have cable, here’s how to watch a live stream of Kansas State vs Oklahoma online for free:

Heavy may earn an affiliate commission if you sign up via a link on this page
Watch in 4K: FuboTV

Note: This game is available in 4K on FuboTV, the only streaming service to offer some games in 4K

You can watch a live stream of Fox (live in most markets) and 100-plus other TV channels on FuboTV, which you can use for free with a seven-day trial right here:

FuboTV Free Trial

Once signed up for FuboTV, you can watch Kansas State vs Oklahoma live on the FuboTV app, which is available on your Roku, Roku TV, Amazon Fire TV, or Firestick, Apple TV, Chromecast, Xbox One, Samsung Smart TV, Android TV, iPhone, Android phone, iPad, or Android tablet. Or you can watch on your computer via the FuboTV website.

You can also watch the game live via FoxSports.com or the Fox Sports app. You need to sign in to a TV provider to watch this way, but you can do that with your FuboTV credentials.

If you can’t watch live, FuboTV also comes with 30 hours of cloud DVR space, as well as a 72-hour look-back feature, which allows you to watch the game on-demand within three days of its conclusion, even if you don’t record it.

Vidgo

You can watch a live stream of Fox (live in select markets) and 65+ other TV channels on Vidgo, which you can use for free with a seven-day trial:

Vidgo Free Trial

Once signed up for Vidgo, you can watch Kansas State vs Oklahoma live on the Vidgo app, which is available on your Roku, Roku TV, Amazon Fire TV, or Firestick, Apple TV, Chromecast, Android TV, iPhone, Android phone, iPad, or Android tablet. Or you can watch on your computer via the Vidgo website.

You can also watch the game live via FoxSports.com or the Fox Sports app. You …read more

Source:: Heavy.com

      

How to Watch LSU Football Without Cable

Even without Joe Burrow and several other key starters, head coach Ed Orgeron and the LSU Tigers will look to reload rather than rebuild during a condensed 2020 college football season.

Their 2020 TV schedule isn’t completely finalized, but all of LSU’s games will be broadcast on either ABC, CBS, ESPN, ESPN2, ESPNU or SEC Network.

If you don’t have cable, here’s how to watch every LSU football game live online:

Heavy may earn an affiliate commission if you sign up via a link on this page

Watch LSU Football on FuboTV

LSU Football Channels Included: ABC (live in select markets), CBS (live in select markets), ESPN and ESPN2 in FuboTV Family; ESPNU and SEC Network in Sports Plus add-on

Price After Free Trial: $64.99 per month for FuboTV Family; $10.99 per month for Sports Plus add-on

You can watch a live stream of ABC (live in select markets), CBS (live in select markets), SEC Network, ESPN, ESPN2, ESPNU and 130-plus other TV channels on FuboTV. You can include both the main channel package and the Sports Plus add-on in your free seven-day trial right here:

FuboTV Free Trial

Once signed up for FuboTV, you can watch every LSU game live on the FuboTV app on your Roku, Roku TV, Amazon Fire TV or Firestick, Apple TV, Chromecast, Xbox One, Samsung Smart TV, Android TV, iPhone, Android phone, iPad or Android tablet). Or you can watch on your computer via Fubo.tv.

For the games on ABC, SEC Network or the ESPN channels, you can also watch live via ESPN.com or the ESPN app. ABC games can be watched for free without a cable log-in this way, but you’ll need to sign in to a TV provider to watch the others. You can use your FuboTV credentials to do that.

If you can’t watch live, FuboTV also comes with 500 hours of cloud DVR space, as well as a 72-hour look-back feature, which allows you to watch games on-demand within three days of their conclusion, even if you don’t record them.

Why Should You Use FuboTV?

The most complete package for sports fans. Not only does it have the most channels, but it’s the only streaming service that includes every ESPN channel, every local channel (ABC, CBS, NBC, Fox), every college …read more

Source:: Heavy.com

      

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