The stock market goes up every day. At least that’s what it feels like.
But it would be a mistake to assume that every stock is enjoying the same smooth ride as the overall market. The chart below should clear up any misconception that everything is going up.
It’s easy to see the winners and forget about the losers, especially if you’re not actively participating in the market. Here are some bullet points to disillude you of that idea.
- Zoom, the company that many of us use daily, is in a 50% drawdown. Cut in half.
- Zillow fell 57% from its high
- Coinbase is 38% below the high print on its opening day
- Robinhood fell 48% from its high on August 4th to its low on August 8th.
- In early June, Clover Health hit a high of $28.85. It has since fallen 69%.
- Lest you think it’s only the young expensive names that are falling, thing again. Clorox fell 34% from its high last July. Campbell Soup fell 30%. Kimberly Clark fell 20%
- Airlines and casinos and cruises have all gotten whacked.
The market is separating winners from losers. Same as it ever was.
I spoke about this on the newest episode of The Compound and Friends with our guests Amelia Garland and Delano Saporu.