That’s All There Is "And when I was twelve years old My daddy took me to the circus The greatest show on Earth There were clowns and elephants, dancing bears And a beautiful lady in pink Tights flew high above our heads And as I sat there watching I had the feeling that something was missing I don’t know what, but When it was over I said to myself Is that all there is to the circus?" – Peggy Lee, Is That All There Is?  Yesterday we all saw a constant parade of interviews on Fin TV with interested (and biased) SpaceX ($SPCX) parties (founders, long-time private market investors, board members, management and those that got stock in the IPO – even a few Wall Street firms that were launching leveraged ETFs on SpaceX). To a person they waxed enthusiastically (but vaguely with glittering generalities) about the almost insane TAM (total addressable markets) that the company faces. To Mars and beyond…. was the prevailing mantra. There was not one interview with a skeptical analyst/observer.  Key man risk, execution risk, etc. were glossed over. But there is another thing that was not emphasized… that is a key reason why the shares are currently trading more than 50% higher than the IPO price of $135/share. I am sorry to break this news to the business media and to investors/traders but one of the most important reasons that SpaceX is trading anywhere near its current level is that the float is extremely small — in absolute terms and relative to the index inclusions, volume of options trading, hype and other choreography. "Is that all there is Is that all there is? If that’s all there is my friends Then let’s keep dancing Let’s break out the booze and have a ball If that’s all there is" Position: Short SPCX (VS) BY Doug Kass · Jun 16, 2026, 3:06 PM EDT Dougie Kass: The stock market's reaction to the Iran deal is puzzling. It can be boiled down into this. What we have seen is a total obliteration of a country in war only to negotiate like we (the winner)  lost the war? It may be early but it looks like the one who claims he is the