AMC: Double Feature Distortion
Tim Knight | May 28, 2021 01:07AM ET
If you want just one chart to capture what a madcap carnival the Fed has made of this stock “market”, I present to you the entire history of AMC Entertainment (NYSE:AMC). As you will observe from the green horizontal I’ve helpfully laid down, today marks the most expensive price in the company’s history. This has nothing to do with revenues. Nothing to with profit. Nothing to do with prospects. No one could sell enough overpriced popcorn with oil butter on it to justify this price. It’s just a result of a swarm of stimmy-powered retailers squeezing the hedgies. Nothing more.
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