If the space race has done anything, it’s made traveling to the stars cheaper than it’s ever been. But it has little to do with Jeff Bezos or Virgin Galactic’s Richard Branson. Instead, space lovers should thank Tesla and SpaceX CEO Elon Musk.
Oftentimes, investors want to know what the most important story of the day is, the thing responsible for driving stocks, perhaps the potential to become an investing theme that drives returns for months or years. Jeff Bezos going into space is not that thing.
iframe.twitter-tweet { width: 100% !important; } The flight while, successful, was a little anti-climactic for live-stream watchers. There were a lot of “woohoos” and “awesomes” uttered by the crew which were audible to the audience. Even a few “amazings.” Still, even 82-year old newly minted astronaut Wally Funk said at one point “It was only about five minutes.”
Rich people spending money has always been a thing and sometimes it benefits everyone else. In the garden category, people can still visit the gardens at Versailles. They are impressive, even inspiring. Not all manias are so giving though. The Financial Crisis was driven by financial technology—collateralized debt obligations and credit default swaps. No one is thanking their lucky stars for those products. There is no guarantee manias result in useful technology. Just look at the most recent financial innovation—zero-commission trades. It’s given us meme-stocks.
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