Thoughts on a bear market in 2021

So I was listening to an interview with Howard Marks & Joel Greenblatt, called “Is It Different This Time?” and one of Joel’s talking points about the euphoria we’ve reached in the stock markets is that:

  • He took the 100 least profitable companies in 2019 (pre-covid)
  • As of early 2021 all 100 companies have posted a 100% return [1]

I thought that statement was bonkers, so I took a list of NYSE + NASDAQ companies ~ 6500, excluded SPACs/warrants and anything that triggered an error in google sheets (lazy I know), which left…