The financial world has gone mad…

When Snap reported “earnings” (I call them losses, big losses) this week – media headlines were strangely over-the-moon with praise, from TechCrunch (“Snap shares skyrocket on first earnings beat with revived user growth”) to The Wall Street Journal (“Snap Climbs Back Above IPO Price After ‘Shocker’ Earnings”).

The theory was that Snap had reported “better-than-expected earnings.” Thanks to these headlines, over February 7 and 8, Snap shares rocketed up 48% though they have fallen off somewhat since then.… Read more