Why Crypto and Cannabis Are the Perfect Post-Crisis Bubbles
(Bloomberg) -- On What'd You Miss this Week, Scarlet Fu, Joe Weisenthal, Caroline Hyde, and Romaine Bostick spoke with the Cronos Group Chairman and CEO Michael Gorenstein about his company's plan to stand out in an increasingly crowded field for marijuana. Gorenstein, whose company spans five continents, is focusing on branding their products, including a new line of marijuana called "Spinach." "It's about recreation and having a good time with friends. We thought 'Spinach' was a great and humorous way to do that," Gorenstein said.
The U.N. General Assembly kicked off this week in New York. The headline of last year's meeting of world leaders was North Korea. This year, President Trump tried out a good cop, bad cop routine with Iran. The President started off Tuesday morning with a tweet complimenting Hassan Rouhani was "an absolutely lovely man" and left the door open to meeting with the Iranian president in the future. His speech the UN General Assembly struck a different note. President Trump criticized Iranian leaders for "spreading mayhem" and called on the rest of the world to isolate the country. Barbara Slavin, Director of the Future of Iran Initiative at the Atlantic Council, came on to discuss the rivalry between the U.S. and Iran and whether Rouhani was actually interested in meeting with President Trump.
After the 2008 crash, investors embraced the gospel of boring. Index. Rebalance. Diversify. Rebalance again. But two recent trades -- bitcoin and pot stocks -- have both represented rebellion from that conventional wisdom. Joe Weisenthal wrote about the phenomenon for the latest issue of Businessweek and interviewed Peter Atwater, President of Financial Insyghts, to discuss what this meant about the social mood for the market. "Bubbles only happen at peaks in confidence. They are a manifestation of our ability to think abstractly," he said. But while enthusiasm toward cannabis stocks seems high right now, it doesn't even register in comparison to what we saw with Bitcoin, Atwater said.
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