- James Chanos on the SpaceX IPO that he isn’t immediately shorting: “We’re going to be doing a $75 billion IPO for a valuation of close to $2 trillion for a company with revenues of $19 billion and negative free cash flow… This is really a hopes-and-dreams IPO. … Tesla trades at roughly 14 times revenue based on promises of the future. … SpaceX is coming at roughly 90 times revenues, which is a completely different animal.”
- Chanos continued, via Bloomberg: “Bull markets put a premium on promises. Bear markets put a discount on reality. Right now we’re clearly in the former.”
- Gen Z church attendance hits a cliff after high school: “Among Gen Z Protestants, 82% reported regular church attendance as young children—6 points higher than Catholics and 12 points higher than generic Christians. Those gaps held relatively steady through the high school years, even as consistent attendance eroded across all three groups by roughly 13 to 15 percentage points during that stretch. The trajectories diverge sharply after high school. Protestant attendance declined 8 percentage points between the high school and post-high school stages. For generic Christians, the drop was 12 points. For Catholics, it was 19.”