Sir Son Goku - Betfair Exchange Trading 🇯🇵 📈

A lot of people are looking at the SpaceX flotation and concluding that Elon Musk just "made" hundreds of billions of dollars overnight. That's not really how it works. SpaceX raised around $75bn in its IPO. Yet the market valued the company at more than $2tn. In other words, only about 3.6% of the valuation changed hands in actual cash. The rest is simply what investors believe the entire company might be worth. Last year SpaceX generated roughly $18.7bn in revenue and lost around $5bn. Yet investors are willing to value it at more than $2tn because they're buying the possibility of what it could become, not what it is today. That future value might prove justified. It might not. But it's a useful reminder that valuation is not cash in the bank, and it isn't money that Elon Musk can spend. It's an estimate of what the market thinks the company could be worth based on an uncertain future. People often confuse valuation with wealth. They're not the same thing.

I've added a YouTube video to give you a bit of background into Adam's career and to reach out to that community. If you are interested in Adam's rise and what he did next, it's all contained in this video - youtu.be/RN9aeFBK2Aw

**NEW** When I started discovering market biases, I couldn't understand why they existed. But eventually, I did. Here are some of the ones I've found - buff.ly/3Xd1z0l

Faced with strong headwinds on skill-based sports betting, thanks to affordability checks. Flutter is driving people to bet on non-skill games, where the margins are much higher.

I enjoy this site. It sends you an interesting snippet each week with an illustration as well. Here is this week's bit of wisdom - sketchplanations.com/self-se…