Ann: Qantas Group HY23 Appendix 4D and Interim Financial Report, page-22

I can't think of a more apt ASX example of how truly stupid the post-covid "everything bubble" has been. Crypto shitcoins, Tesla with promises of driverless cars and robots, the insolvent shitcos like Bed Bath & Beyond and AMC rallying, and here in Australia we have Qantas with a broken balance sheet and zero expenditure on capex, only to then gift the resulting and very unsustainable cashflow that it has to buy back its shares at massive overvaluations. It's like as if the WORSE the investment the more attractive it is to investors in a market where, for many years now, bad news is good news on a macro front (where the hope is to keep interest rates low).

I've gone through a few bubbles and every one of them was kind of understandable in hindsight. But lockdowns and a lack of sports betting with a bunch of over stimulus from governments has motivated total morons to look at stock markets. The result has been total unbridaled stupidity.