Digital‑native Firms Rival Banks with Far Fewer Staff
𝗧𝗼𝗺 𝗟𝗲𝗲 𝗽𝗿𝗲𝗱𝗶𝗰𝘁𝘀 𝟱 𝗼𝗳 𝘁𝗵𝗲 𝟭𝟬 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗯𝗮𝗻𝗸𝘀 𝗶𝗻 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗱𝗶𝗴𝗶𝘁𝗮𝗹𝗹𝘆 𝗻𝗮𝘁𝗶𝘃𝗲 𝘄𝗶𝘁𝗵𝗶𝗻 𝗮 𝗱𝗲𝗰𝗮𝗱𝗲: "JPMorgan makes $60 billion a year, the most profitable bank in the world, with 300,000 employees. Jane Street... just reported $10 billion in profit in the first quarter with 3,000 employees." "With one one-thousandth the number of employees, they're almost as profitable as JPMorgan. And they're making more money than the second, third, fourth largest banks in the world." "Tether, which is a crypto-native, completely digital-native bank selling a stablecoin, is going to make $15 billion this year, which would rank it as the eighth most profitable bank in the world with 300 employees." "What's happening with blockchain is what happened with digital media where there were the traditional studios and then there was Netflix, or with telecom where there was long distance and local and then there was cellular." Full episode with @fundstrat: 🍎 𝗔𝗽𝗽𝗹𝗲: https://t.co/e7Jwb0X7QH 📺 𝗬𝗼𝘂𝗧𝘂𝗯𝗲: https://t.co/ooxgS4ajur
S&P 8,200 Triggers Record CAPE, Sub‑1% Yield
Ballpark 8,200 on the S&P gets us to an all-time high CAPE ratio and sub 1% dividend yield... Think it happens in 2026? https://t.co/MHciDgAS42
SpaceX's IPO Value Would Rank Second Ever, Outpacing Dot‑Com Era
"In inflation-adjusted terms, @SpaceX alone would rank as the second-largest IPO in history, just behind @saudi_aramco . All three together would exceed the entire dot-com IPO wave of 1995–2000. They will be at least half the value, inflation-adjusted, of...
Korea's Stocks Surge 200% Over Past Year
If you're wondering why Korea is up 200% in the past year... via @DeutscheBank https://t.co/RzRnRQCUF2 https://t.co/dAFDIzNDQq
Endowments Boost Private Market Allocation by 22.4%
Over the past 20 years, large endowments have upped their VC/PE/PC allocation by 22.4 percentage points Mainly at the expense of public equity and fixed income... via @neubergerberman https://t.co/hR6yaFPBn7
From War‑torn Ruins to Outpacing the UK
Imagine telling someone in 1953 — as Korea lay in ruins after the war — that one day its stock market would be bigger than the UK's.
Overweighting Current Conditions Leads to Market Mispricing
Investing Quote of the Day: “One of the most powerful sources of mispricing is the tendency to over-weight or over-emphasize current conditions.” - Bill Miller (@B3_MillerValue) https://t.co/y5DMs8bj24
Fixed‑Income Remains Durable Amid Geopolitical Shifts
Marc Seidner, @PIMCO's CIO of Non-Traditional Strategies, has spent four decades navigating markets. Earlier this year, he said, “I think this is one of the most interesting, possibly one of the most durable environments for fixed-income investing.” My conversation with Marc walks through...
2020‑Peak US Bonds Lose 30‑50% Real Value
If you bought 10 year US bonds near the peak in 2020, on an after inflation basis, you're still down 30% six years later. If you bought 30 year US bonds instead, you're down over 50%.
Private‑Equity ETFs Still Carry Excessive Fees
Seems like every day, a new ETF/CEF/interval fund focused on private equity or VC is being launched. Why doesn't someone do it for a <1% fee? Why do they all have to be 2%, 3%, 4%, or 5% in annual fees? Honestly,...
Dividends Aren’t Passive: Investors Overpay for Illusion
My conversation with Samuel Hartzmark (@SamHartzmark), who may be the most knowledgeable person on irrational investor behavior related to dividends. We cover: • 𝗙𝗿𝗲𝗲 𝗗𝗶𝘃𝗶𝗱𝗲𝗻𝗱𝘀 𝗙𝗮𝗹𝗹𝗮𝗰𝘆 - Dividends are 𝘯𝘰𝘵 passive income • 𝗝𝘂𝗶𝗰𝗶𝗻𝗴 - Mutual funds purchase stocks before dividend payments to...
Debunked Dividend Growers Study Still Circulates After Ten Years
Hey @hartfordfunds, you should really consider not running these articles on "Dividend Growers"...we debunked this faulty study almost a decade ago. It gets repeated, and repeated, and repeated everywhere... https://t.co/AdFNkynxGt
US Dividend Yield Near Historic Sub‑1% Threshold
A few more up days and the US stock market is going to take out the all-time low dividend yield of 1.1%. Do we see a sub 1 % dividend yield?!
Unreasonable Hospitality: Turn Mistakes Into Competitive Edge
Being 'unreasonable' with how you treat people is the ultimate competitive advantage. My conversation with Will Guidara (@wguidara), who took Eleven Madison Park to the #1 restaurant in the world and helped bring the hit show 𝘛𝘩𝘦 𝘉𝘦𝘢𝘳 to life. 𝗪𝗲 𝗱𝗶𝘀𝗰𝘂𝘀𝘀𝗲𝗱: • 𝗧𝘂𝗿𝗻𝗶𝗻𝗴...
Foreign Value Stocks Surge, Advisors Finally Warm Up
After being up around 30% last year, foreign/emerging value is up another 15-20% this year. You're seeing the narrative shift with advisors a bit, ever so slightly. It seems to be moving from "don't even bring up foreign stocks, they've underperformed...