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Wall Street Crashing Into Reality

Wall Street Crashing Into Reality
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When “Story Stocks” Crash Like this, the Market is Kaput | Wolf Street

Many of our heroic "story stocks" are getting totally destroyed. Yet not much has changed: Their business model, if any, is the same; they're still losing money hand over fist; and they're still trotting out the same custom-designed metrics that seduced analysts and the media once upon a time. But it's not working anymore.

​This was known a year ago. Back then, it didn't matter because what mattered was the story, which was that they'd revolutionize the banking industry, and that they didn't need to make money in good times. Now investors are nervously glancing at reality.

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