The 'Degenerate Flippening' - Parlays Over Investing

Good morning everyone.

It is a bigly day for the ‘degenerate economy’.

Yesterday, the market cap of Draftkings (red) surpassed the market cap of Coinbase (blue). It had already surpassed Robinhood (purple):

I don’t make the rules or watch the news or trust most of the data or numbers management create/share or the fundamental research distributed by Wall Street so I am forced to look at prices to tell me the truth. Luckily, there is more truth in the price than in any of the other data.

I would never have predicted this ‘flippening’ but the SEC sued Coinbase yesterday and here we are. The SEC Chair Gary Gensler had this to say:

Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC.

I am no lawyer and I am glad I do not have to fight the endless bank of the United States government. For years Draftkings did that themselves.

I do wonder what this market cap/price chart will look like in three years.

For now it is better to be selling parlays than stocks and bonds and crypto.

Next up is a gambling and parlay show on CNBCq.

This tweet from Grant Williams says it well for how I feel about this selective ‘protection’…

Anyways…have a great day and if you have a sure thing parlay, hit me up.