The ‘everything bubble’ is back. But this time it’s different
Equities, crypto, housing and gold have all set fresh all-time highs in the past month. One strategist says this isn’t about FOMO, but the fear of being left behind.
Don’t even bother arguing – the best Krispy Kreme is the original, glazed version. But for a moment this week, the hottest thing in the world was Krispy Kreme’s shares. On Tuesday night, shares in the doughnut company surged a staggering 70 per cent on Wall Street as volume of stock traded surged from the usual daily average of 5 million shares to 150 million.
Had a new doughnut variety been released? Was there a Willy Wonka-style promotion going on? Had Nvidia made a takeover offer? Nope, this was the return of one of the worst Wall Street traditions: meme stock mania.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
