Unicorn Season
Bloomberg Businessweek|April 1, 2019 - Double Issue

Do the impending IPOs of Uber, Pinterest, Airbnb, and others mean the bull market is ending?

Michael P. Regan
Unicorn Season

Psst! Someone knows something about the markets that you don’t.

That’s the vibe on Wall Street these days, at least among those prone to occasional bouts of what could generously be called caution—or not-so-generously called paranoia.

Federal Reserve policymakers see something the rest of us don’t, the thinking goes, and that’s why they have all but canceled interest-rate hikes once planned for 2019. Bond traders obviously know something stock investors are missing, so they’ve inverted the yield curve by pushing yields on 10-year Treasuries below rates on three-month bills in a classic harbinger of a recession.

And will you get a load of this herd of unicorns prancing their way toward initial public offerings? Clearly their bankers have whispered in their ears, alerting them that the grass is high in public markets and now is the time to graze because a drought is coming.

The “Fed knows something” concern is easy enough to dismiss for anyone who has even a cursory familiarity with the central bank’s track record as a fortune-teller. The yield curve inversion is harder to ignore, given its habit of arriving on the scene before recessions, though a “this time is different” case can be made because of the lingering effects of the central banks’ massive intervention in bond markets following the global financial crisis.

هذه القصة مأخوذة من طبعة April 1, 2019 - Double Issue من Bloomberg Businessweek.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة April 1, 2019 - Double Issue من Bloomberg Businessweek.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من BLOOMBERG BUSINESSWEEK مشاهدة الكل
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 mins  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 mins  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 mins  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 mins  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ mins  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ mins  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 mins  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 mins  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 mins  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 mins  |
March 20 - 27, 2023