Why Retail Loves SpaceX: A Puzzle with a Long History and Predictable Ending

As I'm writing this, the largest IPO in history is underway. SpaceX, which targeted a $135 IPO price, closed above $160 in its first trading day, making Elon Musk the world's first trillionaire and SpaceX the sixth largest public company in the world. Talk about a rocket ship!

While the numbers are astonishing, the story is the same. Retail loves expensive stocks that tell a story.

Why Retail Loves SpaceX: A Puzzle with a Long History and Predictable Ending was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.