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JP Morgan
This morning we woke up to the news that JP Morgan has purchased the vast majority of the assets and deposits of First Republic with the help of the FDIC bank-funded insurance fund.  This deal removes the last lingering overhang from the panic-induced bank runs that we saw in early March, which led to the...
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On Friday several of the big banks reported earnings that were exceptionally strong, highlighting their strength in times of turmoil.  I believe that much of hysteria we saw in March was manufactured panic to a large extent.  Several horribly managed banks were taken out by bank runs and the problems were extrapolated incorrectly to the...
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Volatility is picking up once again, which we should expect given the extreme conditions the world is seeing.  Yesterday, the Federal Reserve chair said that interest rates were likely to stay near zero through at least the next year or so.  I don’t see that as surprising whatsoever, given the focus will be on reducing...
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The news about Coronavirus continues to get substantially better.  The CDC updated its infection fatality rate (IFR) estimate to 0.26%.  This means that, if one is infected, they have a 0.26% chance of dying.  Initial estimates hovered around 1.5-3%, which shows how drastically wrong they were.  Now clearly one has a higher chance of death...
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While banks have been our worst performers year-to-date, it is not because they aren’t performing well from a fundamental basis or improving their financial strength materially. In a stock market that is very expensive and where market participants are taking incredible risks through paying 35-40% higher than historical averages for certain sectors and companies, financials...
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These last few weeks have been marred by extremely significant volatility as we prepare for the Brexit vote on June 23rd. While most of the impact of any Brexit wouldn’t likely be felt for several years at the minimum, the uncertainty that more countries would leave the Eurozone could mean more volatility for the market...
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Please enjoy TTCM’s latest research report on Bank of America: Valuation And Earnings Growth Potential Make BofA A Buy
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Follow the link below to read TTCM’s latest research report on JPMorgan: Maybe The Sky Isn’t Falling For The Big Banks. Please enjoy reading! JPMorgan: Maybe The Sky Isn’t Falling For The Big Banks  
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In a panicked market, good news is ignored and all of the focus tends to be on the bad.  On Tuesday, J.P. Morgan held its investor day meeting.  In the meeting, the company announced that it was going to add another $500MM to energy-related loan-loss reserves.  This followed a $67MM provision in Q4, which at...
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Read the latest research report by our Chief Investment Officer Tim Travis on JPMorgan Chase & Co (JPM) JPMorgan Chase: Take Advantage of Short-Term Ferms
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