In this week's episode of Reformed Millennials, Broc and Joel talk about Crypto flash crashes, growth stock bear markets, 15-year-old founders, and the death of old media.

Tune in for an explanation on why crypto is so volatile and whether RM thinks now is the best time to invest in Cathie Wood’s flagship ARKK fund.

Listen on Apple, Spotify, or Google Podcasts.

If you aren’t in the Reformed Millennials Facebook Group join us for daily updates, discussions, and deep dives into the investable trends Millennials should be paying attention to.

👉 For specific investment questions or advice contact Joel @ Gold Investment Management.

📈📊Market Update💵📉

66% of the Nasdaq is in a Bear Market. 35% is down over 50%!

It’s a market of stocks and when you look beyond the indices - we are in a clear bear market.

Over the last 6 months, 4 stocks (MSFT, AAPL, NVDA, GOOGL) have generated almost 70% of the S&P 500's return.

So now we must ask ourselves… Was that the washout?

Did we just get the flush necessary for a year-end face ripper in stocks?

The sentiment is now turning into a tailwind, rather than the headwind it was this past summer.

Price is what pays. But it's hard for stocks to have a sustained uptrend when everyone is already bullish. At a certain point who's left to buy?

That was this summer’s sentiment. see chart from All-Star Charts:

Today it's the opposite.

There's a bear market for all but 4 stocks in Cathie Wood's ARKK fund. Is this a buying opportunity or were these just overpriced stocks in a period of euphoria?

Probably Euphoria… with the exception of a few diamonds in the rough:

• Unity

• Shopify

• Twilio

• Palintir

Favorite Stock going into year-end: The Empire Strikes Back

• AMAZON! - The AWS Pivot and a whole host of new strategies

💸Reformed Millennials - Post of The Week

This clip is going super viral of David Letterman and Bill Gates back in 1995 discussing the internet…

TWIST_Tok @Twist_tok

J-Cal’s reaction to Letterman’s reaction to Bill Gates’s explanation of the internet. 🌎

4:09 PM ∙ Dec 3, 2021

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I think the idea of cryptocurrencies… or what’s being renamed as web3.0 feels like a joke. Or stupid.

Whether it be the jpegs of monkies going for 7 million. Or coins of dogs making children billionaires. People see this and think it’s a joke or stupid because it doesn’t look like the past.

But it actually does: from Chris Dixon.

What Gates understood back then was that the internet would rapidly improve and eventually unlock the internet-native experiences that we enjoy today.

The web was permissionless and programmable, which meant developers could experiment and create new classes of internet-native applications that no one in 1995 had yet imagined.

This would lead to a mutually reinforcing feedback loop between infrastructure (browsers, web servers, bandwidth, etc) and applications (search, video, social networks, etc).

As a result, the web evolved from read-only (web1) to read + write (web2) to the current emerging era of read + write + own (web3).

Some threads to read from Chris Dixon:

Chris Dixon @cdixon

The core dynamic of computing movements is a mutually reinforcing feedback loop between applications and infrastructure.

4:09 PM ∙ Nov 21, 2021

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392Likes23Retweets

Chris Dixon @cdixon

Why Web 3 matters 🧵

6:57 PM ∙ Sep 26, 2021

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Old World Media Is On It’s Death Bed:

Displacement is a psychological defense mechanism in which a person redirects a negative emotion from its original source to a less threatening recipient. A classic example of the defense is displaced aggression. If a person is angry but cannot direct their anger toward the source without consequences, they might "take out" their anger on a person or thing that poses less of a risk.

🌊Companies To Peruse🌊

• How a 15-year-old kid built a no-code start-up called Frenter

  • $250k pre-seed raised last week!

  • Built on popular no-code tool called Bubble

 🔮Best Links of The Week🔮

• Alibaba Fuels Hong Kong Internet Rally - China Last Night

• The Cold Start Problem: How to Start and Scale Network Effects - Chris Chen

• Stratechery - Ben Thompson

• More fun making money, and more money having fun - The Pareto Funtier

• $1 billion private investment that Trump Media & Technology Group is planning to raise from investors when it merges with Digital World Acquisition Corp., a special purpose acquisition company that is taking TMTG public.