CNBC Trader Shades Bitcoin With Sarcastic ‘Beanie Baby’ Slam

Naturally, the point Mr. Brown is making here is that just because bitcoin’s supply is algorithmically limited at 21 million BTC doesn’t mean that it’s …
bitcoin, beanie babybitcoin, beanie baby

CNBC’s Joshua Brown sarcastically compared bitcoin to the Beanie Babies bubble and completely missed the point about cryptocurrency. | Source: Shutterstock; Edited by CCN

By CCN Markets: On this day in 1999, TY inc. abruptly ended the sale of Beanie Babies. It marked the end of a wild toy craze that sent the value of some of these toys soaring and made collectors willing to pay thousands of dollars for a single bear. CNBC author and analyst Joshua Brown took the anniversary of the end of this historic bubble as an opportunity to take a swing at another scarce commodity, bitcoin.

There will only ever be 21 million Beanie Babies, which is why have to own some. Everything that’s scarce is automatically valuable. https://t.co/51zzfcSwLc

— Downtown Josh Brown (@ReformedBroker) September 1, 2019

Bitcoin vs. Beanie Babies

Naturally, the point Mr. Brown is making here is that just because bitcoin’s supply is algorithmically limited at 21 million BTC doesn’t mean that it’s inherently valuable. Ty Warner is not making any more Beanie Babies, and the comparison is drawn to infer that bitcoin will prove to be a temporary craze like the famous toys whose supply is also limited.

Without putting too fine a point on it, this is a frivolous statement whether you believe in cryptocurrency or not.

Toy Bubbles Are Perfectly Normal

Firstly, toy trends are always temporary. They come and go multiple times within each new generation. In a sense, every successful toy is a bubble, as technology and culture change. Just because no one is selling Beanie Babies doesn’t mean no one is buying toy bears which provide functionally the same service. If TY inc. wanted to start up the presses and make more beanie babies, they could.

No-one is making any more bitcoin.

Perhaps the most powerful difference between a toy craze and bitcoin’s rise is that BTC is a ground-breaking technological advancement with multiple real-world usage cases. The creation of a digitized asset inside a deflationary model remains one of the great disruptive technologies of the last decade.

One Rare Beanie Baby Is Worth 50 Times One Bitcoin

Taking a second to defend (my wife’s beloved) Beanie Babies as well, it’s not like they are worthless. Many bears still command whopping price tags and are worth more than 50 times the bitcoin price. Large Wallace and his squad apparently commands a $600,000 price tag, while some Princess the Bears (created as a memorial to Princess Diana) can be worth $500,000.

Bitcoin Price, Beanie BabyBitcoin Price, Beanie Baby
Bitcoin currently trades at a 50x discount to some of the most valuable Beanie Babies. | Source: Yahoo Finance

Bear with Me Joshua Brown

Mr. Brown probably doesn’t know that because if he did, he would realize that his sarcastic tweet inadvertently states a truth. Rare Beanie Babies ARE valuable because they are scarce, and people want them. Most of the bears were never worth much more than their $5 price tag anyway.

Every bitcoin is worth $9,600 because they are scarce and people want them. Imagine what the price would be if they get scarcer and people don’t just want them, they need them.

I’d warrant more than Large Wallace and his squad.

This article is protected by copyright laws and is owned by CCN Markets.

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11 billionaires who dropped out of college before making their fortunes

Uber cofounder and former CEO Travis Kalanick studied computer engineering at UCLA before dropping out to work on now-defunct search engine …

Warner went on to sell encyclopedias, work as a valet, and sell stuffed animals for now-defunct toy company Dakin before founding Ty Inc. and creating the iconic Beanie Baby, according to HuffPost. Forbes reports that Warner also owns several hotels, including the Four Seasons in New York.

But Warner’s career wasn’t without controversy. He pled guilty to charges of tax evasion in 2017 for hiding income in a Swiss bank, according to HuffPost.

The 74-year-old now has a net worth of $2.6 billion, Forbes estimates.

Source: Chicago Tribune

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Gymnastic competitions may soon swap human judges for robots

A month after DoorDash’s CEO vowed to address its tipping issues, the food delivery platform has finally announced an updated policy. Drivers will …

Here’s your business and technology headlines courtesy of Cheddar:

The International Gymnastics Federation could soon use robot judges. It plans to vote on using the new technology in major competitions and potentially the 2020 Olympics. The move could give judging control over to robots instead of humans. The technology is able to measure height, body angles, and the number of degrees that a gymnast splits their legs. For now, it is a judging support system. But if successful, robots could take over and change the nature of judged sports.

Toymaker Hasbro has agreed to buy the owner of Peppa Pig and PJ Masks. The deal would value the company, Entertainment One, at $4 billion. Hasbro expects to get a boost from E-One’s children’s TV programming, as well as its distribution. Hasbro says it will leverage the entertainment capabilities to bring its portfolio of brands to all screens globally. It owns titles like My Little Pony, Transformers and the Power Rangers franchise.

A month after DoorDash’s CEO vowed to address its tipping issues, the food delivery platform has finally announced an updated policy. Drivers will now receive 100 percent of tips. This comes as the company has been under fire for pocketing customer tips.

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Stuffed sharks and toy soldiers: the strangest things British eccentrics have tried to insure

Wine, whisky and stamp collections, fine artwork, Beatles memorabilia and antique golf clubs are other curios successfully insured by Direct Line.

Full-sized replicas of Chinese Terracotta Army soldiers, stuffed sharks and a toy soldier collection worth more than £10,000 are some of the trickiest treasures insurers have been asked to cover.

Other odd items that their owners want covered include dead tigers, artwork from anonymous artist Banksy and a collection of teddy bears from the German designer Richard Steiff, who invented the cuddly toys.

Wine, whisky and stamp collections, fine artwork, Beatles memorabilia and antique golf clubs are other curios successfully insured by Direct Line.

The firm estimates that we own almost £222bn of collectibles worth more than £500 each. Two-thirds of the population own such items, around a quarter…

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Mattel (MAT) Stock Price Declined While Parnassus Investments Lowered Its Holding; Greenwood …

… Announces the Availability of Microsoft Genomics on L7 Enterprise Science Platform; 10/04/2018 – C3 IOT & MICROSOFT REPORT PARTNERSHIP …

Mattel, Inc. (NASDAQ:MAT) Logo

Greenwood Capital Associates Llc increased its stake in Microsoft Corp (MSFT) by 9.23% based on its latest 2019Q1 regulatory filing with the SEC. Greenwood Capital Associates Llc bought 9,389 shares as the company’s stock rose 17.99% with the market. The institutional investor held 111,134 shares of the prepackaged software company at the end of 2019Q1, valued at $13.11 million, up from 101,745 at the end of the previous reported quarter. Greenwood Capital Associates Llc who had been investing in Microsoft Corp for a number of months, seems to be bullish on the $ market cap company. The stock decreased 0.38% or $0.53 during the last trading session, reaching $140.19. About 18.36 million shares traded. Microsoft Corporation (NASDAQ:MSFT) has risen 28.55% since July 26, 2018 and is uptrending. It has outperformed by 24.12% the S&P500. Some Historical MSFT News: 16/05/2018 – L7 Informatics Announces the Availability of Microsoft Genomics on L7 Enterprise Science Platform; 10/04/2018 – C3 IOT & MICROSOFT REPORT PARTNERSHIP TO ON AI IN ENTERPRISE; 06/03/2018 – Microsoft announces first renewable energy deal in India; 07/05/2018 – Biogen Celebrates 40 Years as a Pioneer in Neuroscience; 02/05/2018 – Even multibillionaires like Microsoft co-founder Bill Gates have their regrets:; 07/05/2018 – The Verge: Exclusive: The future of Microsoft with Satya Nadella; 02/05/2018 – Savvius Appoints Former Microsoft Executive Colin Boone to Lead Sales in the Americas; 27/03/2018 – ShotSpotter Adds Two Key Executives to Drive Business Expansion; 26/03/2018 – Adobe and Microsoft Extend Global Partnership Into China; 19/04/2018 – lntelex Technologies Selects Microsoft Azure to Help Change Business For Good

Parnassus Investments decreased its stake in Mattel Inc. (MAT) by 2.58% based on its latest 2019Q1 regulatory filing with the SEC. Parnassus Investments sold 555,104 shares as the company’s stock declined 33.51% while stock markets rallied. The institutional investor held 20.93 million shares of the consumer non-durables company at the end of 2019Q1, valued at $272.09 million, down from 21.49 million at the end of the previous reported quarter. Parnassus Investments who had been investing in Mattel Inc. for a number of months, seems to be less bullish one the $4.32B market cap company. The stock increased 0.16% or $0.02 during the last trading session, reaching $12.51. About 5.10M shares traded. Mattel, Inc. (NASDAQ:MAT) has declined 20.01% since July 26, 2018 and is downtrending. It has underperformed by 24.44% the S&P500. Some Historical MAT News: 19/04/2018 – Mattel named Ynon Kreiz as its new CEO; 26/04/2018 – Mattel’s Best Barbie Growth on Record Dulls Toys `R’ Us Impact; 20/04/2018 – Mexican artist Frida Kahlo’s family says judge blocks improper use of brand; 14/03/2018 – Mattel Nominates New Bd Members; 22/05/2018 – Mattel Shareholders Vote Against Executive Compensation Plans, With 156.5M Votes Against and 132.1M For; 19/04/2018 – MAT: Mattel CEO in talks to leave a bit over a year after joinin; 19/04/2018 – Mattel chief Georgiadis exits for top job at Ancestry.com; 03/04/2018 – MATTEL: YNON KREIZ NAMED EXECUTIVE CHAIRMAN; 22/05/2018 – MATTEL SAYS 199.8 MLN VOTES AGAINST PROPOSAL REGARDING INDEPENDENT BOARD CHAIRMAN VS 83.1 MLN “FOR” VOTES AT ANNUAL MEETING – SEC FILING; 19/04/2018 – Mattel Names New CEO as It Seeks Answer to Sales Slump — 3rd Update

Parnassus Investments, which manages about $10.39B and $25.36 billion US Long portfolio, upped its stake in Mccormick & Co. (NYSE:MKC) by 11,039 shares to 515,253 shares, valued at $77.61M in 2019Q1, according to the filing. It also increased its holding in Xylem Inc. (NYSE:XYL) by 26,743 shares in the quarter, for a total of 6.27 million shares, and has risen its stake in Capital One Financial Corp. (NYSE:COF).

Investors sentiment increased to 0.99 in Q1 2019. Its up 0.15, from 0.84 in 2018Q4. It increased, as 30 investors sold MAT shares while 105 reduced holdings. 46 funds opened positions while 87 raised stakes. 427.58 million shares or 0.15% less from 428.24 million shares in 2018Q4 were reported. Hanson And Doremus Inv Management has invested 0.17% of its portfolio in Mattel, Inc. (NASDAQ:MAT). Prudential Financial Incorporated reported 304,389 shares. Oakworth holds 977 shares. Benjamin F Edwards invested 0% of its portfolio in Mattel, Inc. (NASDAQ:MAT). Zurcher Kantonalbank (Zurich Cantonalbank) reported 74,336 shares stake. 241,807 were accumulated by Voloridge Invest Mgmt Limited Liability. Cap Glob Invsts accumulated 0.13% or 32.13 million shares. 86,424 were accumulated by State Of Tennessee Treasury Department. Robeco Institutional Asset Bv stated it has 13,163 shares. Teachers Retirement System Of The State Of Kentucky holds 32,766 shares or 0.01% of its portfolio. Parnassus Ca owns 20.93M shares. Ameriprise Financial stated it has 0% of its portfolio in Mattel, Inc. (NASDAQ:MAT). Moreover, Bnp Paribas Asset Mngmt Holdg Sa has 0.04% invested in Mattel, Inc. (NASDAQ:MAT). Hoertkorn Richard Charles holds 0% of its portfolio in Mattel, Inc. (NASDAQ:MAT) for 36 shares. Cambridge Advsrs Inc stated it has 10,850 shares.

Since February 11, 2019, it had 4 insider purchases, and 1 insider sale for $1.64 million activity. 20,000 shares were bought by EUTENEUER JOSEPH J, worth $279,000. $107,968 worth of Mattel, Inc. (NASDAQ:MAT) was bought by Lynch Roger on Tuesday, February 19. $171,356 worth of Mattel, Inc. (NASDAQ:MAT) shares were sold by Eilola Michael J.. 71,425 shares were bought by Kreiz Ynon, worth $1.00M on Thursday, February 21.

More notable recent Mattel, Inc. (NASDAQ:MAT) news were published by: Benzinga.com which released: “Analyst Previews Funko, Hasbro And Mattel Earnings: Will We See A Pop? – Benzinga” on July 15, 2019, also Bizjournals.com with their article: “Greta Gerwig to co-write Mattel’s live-action Barbie film – Bizwomen – The Business Journals” published on July 16, 2019, Nasdaq.com published: “Thursday’s Vital Data: Baidu, Netflix and Bank of America – Nasdaq” on July 18, 2019. More interesting news about Mattel, Inc. (NASDAQ:MAT) were released by: Nasdaq.com and their article: “Why Mattel’s Failed Merger Talks Could Be a Good Thing – Nasdaq” published on June 26, 2019 as well as Nasdaq.com‘s news article titled: “Mattel (MAT) Launches Hot Wheels id, Eyes Sales Growth – Nasdaq” with publication date: June 17, 2019.

More notable recent Microsoft Corporation (NASDAQ:MSFT) news were published by: Nasdaq.com which released: “Dow Jones Today: More Fed Fun, but Healthcare Weakness Caps Gains – Nasdaq” on July 11, 2019, also Seekingalpha.com with their article: “Crash Protection For Microsoft – Seeking Alpha” published on July 22, 2019, 247Wallst.com published: “How Analysts View Microsoft Ahead of Earnings (NASDAQ: MSFT) – 24/7 Wall St.” on July 16, 2019. More interesting news about Microsoft Corporation (NASDAQ:MSFT) were released by: Nasdaq.com and their article: “After-Hours Earnings Report for July 18, 2019 : MSFT, ISRG, COF, ETFC, PBCT, SKX, WAL, OZK, GBCI, EXPO, INDB, FFBC – Nasdaq” published on July 18, 2019 as well as Seekingalpha.com‘s news article titled: “Microsoft: Great Growth, Great Positioning, Fully Valued – Seeking Alpha” with publication date: July 22, 2019.

Since February 6, 2019, it had 0 insider purchases, and 1 sale for $28.35 million activity.

Greenwood Capital Associates Llc, which manages about $970.61 million and $389.11 million US Long portfolio, decreased its stake in Invesco Act Mng Etf by 92,575 shares to 114,655 shares, valued at $2.85M in 2019Q1, according to the filing. It also reduced its holding in Walmart Inc (NYSE:WMT) by 9,181 shares in the quarter, leaving it with 60,933 shares, and cut its stake in Celgene Corp (NASDAQ:CELG).

Investors sentiment decreased to 0.91 in Q1 2019. Its down 0.03, from 0.94 in 2018Q4. It dropped, as 64 investors sold MSFT shares while 922 reduced holdings. 159 funds opened positions while 742 raised stakes. 5.41 billion shares or 1.21% less from 5.48 billion shares in 2018Q4 were reported. Indexiq Limited Liability owns 0.13% invested in Microsoft Corporation (NASDAQ:MSFT) for 38,032 shares. Moreover, West Coast Ltd has 0.34% invested in Microsoft Corporation (NASDAQ:MSFT). Lyon Street Capital Limited Liability Company has invested 2.75% in Microsoft Corporation (NASDAQ:MSFT). Monetta Financial Inc owns 55,000 shares. Ims Cap Mgmt invested in 1.58% or 16,424 shares. Wms Prns Ltd Liability Corp has invested 4.05% in Microsoft Corporation (NASDAQ:MSFT). Grantham Mayo Van Otterloo & Limited Company holds 4.85M shares or 4.12% of its portfolio. Cubic Asset Mgmt Ltd holds 3.31% or 94,849 shares in its portfolio. Btc Cap holds 2.32% of its portfolio in Microsoft Corporation (NASDAQ:MSFT) for 123,515 shares. Martin Ltd Liability Com, Illinois-based fund reported 1,971 shares. Fincl Advantage Inc invested in 0.07% or 800 shares. Alps Advsrs reported 80,097 shares. Cohen Klingenstein stated it has 47,907 shares or 0.39% of all its holdings. Wisconsin-based Dana Advisors has invested 2.33% in Microsoft Corporation (NASDAQ:MSFT). First Citizens Bancshares Trust owns 143,065 shares.

Microsoft Corporation (NASDAQ:MSFT) Institutional Positions Chart

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