Market Mania: Speculation, 0DTE Options, and the Return of 2021 Euphoria

In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and John Rotonti Jr discussed Market Mania: Speculation, 0DTE Options, and the Return of 2021 Euphoria:

John: Let me ask, y’all, what do y’all think is the biggest story in the market right now? Do you think it’s policy– [crosstalk]

Tobias: I think the biggest story that nobody’s talking about, because I think the biggest story, like I almost don’t care because it’s– that you just get hammered by Trump tariff, like whatever’s going on.

John: Yeah.

Tobias: Ukraine, whatever’s going on. There’s an extraordinary amount of gamble this market. 0DTE options, crypto, all of the techie part of the market, that’s all recovered from– It’s back to where it was in 2021.

John: Yeah.

Jake: The leverage loan side of things too, which is supposed to be a little bit more buttoned up is like– I know I read in the Wall Street Journal that that conference that was lampooned in the big short where– [crosstalk] Well, it was the biggest it had ever been, there was 10,000 people there over the last weekend.

John: So, it’s back. It’s back.

Jake: We’re back, baby.

John: Yeah. Those enterprise value to sales multiples on the SaaS companies are back to 20.

[laughter]

Tobias: Housing is stretched. Everything’s stretched.

John: Yeah. There’s a lot of gamut. It’s ranked speculation. In parts of the market, it’s ranked. It’s purely speculative.

Tobias: I went and checked out the–

Jake: Even outside of the market too. I mean, the sports betting.

Tobias: Yeah.

Jake: What’s the [unintelligible 00:51:56] or how do you say it? Like, it’s just prop betting on anything– [crosstalk].

Tobias: Poly market.

Jake: Yeah, these betting markets out there on just whatever you want to punt on, like where technology is making it so easy to just gamble on every goddamn thing. It’s troubling for– [crosstalk]

John: And to not only to gamble on everything, but to do it easily and quickly– [crosstalk]

Jake: From the toilet.

John: Yeah, from the toilet.

Tobias: And you know, they know that when people wake up at 03:00 or 04:00 in the morning and use those apps.

John: They’re addicted.

Tobias: They’ve got some little elements to those that they hack a bit of dopamine at 03:00 AM or 04:00 AM in the morning.

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