August 8, 2023
Rational Exuberance
Way back in the 1990’s during the dot com buddle then Federal Reserve Board chairman, Alan Greenspan uttered the now famous phrase “Irrational Exuberance” which many took as an indication that the stock market was overvalued. Today Lilly shares are soaring as sales of Mounjaro are skyrocketing taking Lilly shares along for a ride. Shares of their archrival Novo Nordisk are also soaring as the results of the SELECT trial showed positive cardiovascular benefits for semaglutide.
Novo who reports results on Thursday may get another surge as we expect results to come in better than anticipated.
The question . . .
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