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☆ Bill Ackman says it'll be a 'huge loss' if JPMorgan boss Jamie Dimon doesn't run for US president
▼ + stars: | 2023-07-06 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Billionaire investor Bill Ackman once again urged Jamie Dimon to campaign for US President. It would be a 'huge loss' if the JPMorgan boss didn't run for office, he tweeted. "It is a huge loss for us all if Jamie won't run," Ackman tweeted, alongside a video of the 67-year-old speaking at a conference hosted by The Economic Club of Washington D.C. in 2016. This isn't the first time that Ackman, who is the CEO of the hedge fund Pershing Square, backed Dimon as a potential president. Others including famed investor Warren Buffett, former US president Bill Clinton, and real estate developer Ross Perot Jr. have also praised Dimon's leadership qualities and political skills over the past decade.

Persons: Bill Ackman, Jamie Dimon, didn't, Warren Buffet, Bill Clinton, —, Jamie won't, Ackman, Dimon, Carlyle, David Rubenstein, Warren Buffett, Ross Perot Organizations: US, JPMorgan, Service, Privacy, The Economic, of Washington D.C, Ross Perot Jr, Bloomberg Locations: America

☆ FTX customers who lost all their money when the exchange collapsed should blame the SEC, Mark Cuban says
▼ + stars: | 2023-07-05 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

FTX customers who lost all their money when the exchange collapsed should blame the Securities and Exchange Commission, according to Mark Cuban. "Of course they chose to litigate to regulate," Cuban said. FTX filed for bankruptcy in November after a bombshell report sparked a run on its deposits, with its collapse wiping out billions of dollars worth of customers' money. "When FTX crashed, no one in FTX Japan lost money," Cuban wrote. "If the USA/SEC had followed their example by setting clear regulations that required the separation of customer and business funds and clear wallet requirements, no one here would have lost money on FTX," he added.

Persons: Mark Cuban, Cuban, —, FTX, Sam Bankman Organizations: Securities and Exchange Commission, SEC, Service, Dallas Mavericks Locations: Japan, FTX Japan, USA

☆ I quit my corporate job and moved to Lisbon, Portugal. I'm happier now I've abandoned the American Dream.
▼ + stars: | 2023-07-01 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +7 min

She relocated from the US to Lisbon after giving up the American Dream of a corporate job and house. I'm a financial coach and run my seven-figure business full-time from Portugal, where I moved in May. I paid them one month's rent, too. The average rent in Portugal is around $1,000 and Lisbon is one of the most expensive areas – you could find lower. If you go to a nice restaurant in Lisbon, you're going to be paying 30 to 40 euros a plate.

Persons: Delyanne Barros, —, I'd, I'm, I've, that's Organizations: Service, Investments Locations: Portugal, Lisbon, America, New York City, San Francisco, Portuguese

☆ Play defense and load up on quality stocks because a recession is coming, Wells Fargo strategist says
▼ + stars: | 2023-06-29 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Investors should target high-quality stocks with a recession coming, according to a Wells Fargo strategist. "Move into larger cap, higher quality US equities – we like the energy, materials and healthcare sectors," Sameer Samana told Yahoo Finance. "Move into larger-cap, higher-quality US equities," Samana, senior global market strategist at the Wells Fargo Investment Institute, told Yahoo Finance. "We like the energy, materials and healthcare sectors." But Samana cautioned against loading up on mega-cap tech stocks only without diversifying into other sectors, likening the AI buzz to the dot-com boom in the late 1990s.

Persons: Sameer Samana, —, fretting, Samana, Price Organizations: Yahoo Finance, Service, Wells, Investment Institute, Federal Reserve Locations: Wells, Samana

☆ Apple is a great company – but not much is driving the tech giant toward a $3 trillion valuation, analyst says
▼ + stars: | 2023-06-29 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Apple's stock price has surged in 2023, putting the company on the verge of a $3 trillion valuation. "While Apple is a great company, there's not a ton of fundamentals driving this right now," Cleo Capital managing director Sarah Kunst told CNBC's "Last Call" Wednesday. she added, referring to the Vision Pro mixed reality headset Apple launched at the start of June. The tech giant's shares have surged 46% year-to-date, raising its total market capitalization to $2.98 trillion. But some on Wall Street are more bullish on the tech giant, with both Wedbush and Fairlead Strategies recently forecasting its valuation will hit $4 trillion around the end of next year.

Persons: Cleo Capital's Sarah Kunst, —, there's, Cleo, Sarah Kunst, CNBC's, Steve Weiss Organizations: Service, Apple, Cleo Capital, Vision, Hills, Big Tech, Federal, Nasdaq

☆ Is the AI stock boom a dot-com-style bubble? David Rosenberg, Jeremy Siegel, and 5 other experts weigh in.
▼ + stars: | 2023-06-18 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +5 min

Experts including David Rosenberg and analysts from Wall Street banks including Bank of America have compared the AI stock boom to the dot-com bubble that burst in 2000. Here's a selection of the most recent expert views on this year's AI stock boom. But not everyone thinks the AI stock boom has run too far. Michael Hartnett, Bank of AmericaMichael Hartnett, BofA Global Research's CIO, said AI is in a "baby bubble" for now and noted that "AI = internet." Jeremy Siegel, Wharton finance professorThe retired Wharton finance professor doesn't see the AI hype as a bubble, either.

Persons: David Rosenberg, Wharton's Jeremy Siegel, Dan Ives, —, Wharton, Jeremy Siegel, Dan Raju, Michael Hartnett, Bank of America Michael Hartnett, BofA, James Penny, TAM Asset Management James Penny, I'd, Art Cashin, Cashin, Rosenberg, doesn't Organizations: Bank of America, Wedbush Securities, Service, Wall, UBS, TAM Asset Management, Nvidia, Microsoft, BofA Global, firm's, Bloomberg, Art, CNBC Locations: Wall

☆ Ex-Treasury chief Larry Summers finds the Fed's latest move 'confusing' and 'disturbing' - says the decision likely reflects the central bank's internal politics
▼ + stars: | 2023-06-16 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

The Fed's move this week appears inconsistent, and may have been influenced by its internal politics, Larry Summers said. The Ex-Treasury chief told Bloomberg that he found the central bank's late policy announcement confusing. The Fed left rates unchanged this week, but signaled it may raise them twice more before year-end. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The US central bank decided to keep rates steady on Wednesday, taking a breather after 10 consecutive hikes over the past 15 months.

Persons: Larry Summers, —, Summers Organizations: Treasury, Bloomberg, Fed, Service

☆ Microsoft's market value hits an all-time high of $2.6 trillion as the AI-fueled stock surge continues
▼ + stars: | 2023-06-16 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Microsoft's market capitalization climbed to an unprecedented $2.59 trillion Thursday as its stock extended gains. The tech giant's shares have rallied more than 45% so far this year, buoyed by the investor frenzy over AI-related stocks. Microsoft has been viewed as one of the lead adopters of AI technology among software companies. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Microsoft's stock has extended its year-to-date rally to over 45%.

Persons: — Organizations: Microsoft, Service, JPMorgan, Reuters, Tech, Federal Reserve, Nvidia, Nasdaq Locations: Friday's

☆ Apple may be diversifying supply chains away from China — but it's still relying on the country's suppliers to build the Vision Pro headset
▼ + stars: | 2023-06-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Apple's diversifying supply chains away from China, but it's still using Chinese firms to make the Vision Pro. Apple's Vision Pro has been exciting investors since its reveal, sending the company's shares soaring. Tech giant Apple has been trying to diversify its supply chains away from China — but it appears there's no getting away from the manufacturing powerhouse. According to Wellsenn, the list shows eight Chinese companies involved in the making of Apple's Vision Pro headset. And despite the internet's derision about the gadget's hefty price tag and its goofy aesthetics, the Vision Pro itself has been exciting investors.

Persons: Wellsenn, Cowell, Taiwan's Foxconn, Zinya, Nidhi Pandurangi Organizations: Tech, Apple, Vision, Apple's, Cowell e Holdings, Samsung, LG, Sony Locations: China, India

☆ Don't chase the rally in stocks because a recession is coming and current earnings estimates are too high, a Wells Fargo strategist says
▼ + stars: | 2023-06-14 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Wells Fargo isn't in favor of chasing the rally in US stocks, and is looking to fade the year-to-date gains, the bank's senior global market strategist said. We're not expecting the Fed to cut rates, we think earnings estimates are too high," he told CNBC. We're not expecting the Fed to cut rates, we think earnings estimates are too high. So for us, we want to fade this rally and look to pick up some stocks at lower levels," Wren told the outlet. We think inflation will be below 3% by the end of the year."

Persons: Wells, Scott Wren, We're, —, Wren, We've, it's Organizations: CNBC, Service, Wells Fargo's, Federal Reserve

☆ Crypto is 'radioactive waste' for institutional investors until things get resolved, Shark Tank's Kevin O'Leary says
▼ + stars: | 2023-06-08 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

Crypto is 'radioactive waste' for institutional investors, Shark Tank's Kevin O'Leary said. Following the SEC's crackdown on Binance and Coinbase, O'Leary said the industry won't see any growth until things get resolved. Following the back-to-back regulatory crackdowns on Binance and then Coinbase by the SEC this week, O'Leary thinks the crypto industry won't see any capital gains until things get resolved. SEC Chair Gary Gensler is 'razor-clear' on what he wants, which is to make bitcoin a security and regulate where it's traded like on a broker dealer exchange, O'Leary said. You could open the spigots, you could really make this industry take off and own it domestically.

Persons: Crypto, Shark, Kevin O'Leary, Coinbase, O'Leary, —, I've, they've, Binance, Changpeng Zhao, Gary Gensler, Brian Armstrong, I'd, we've Organizations: Service, SEC, Fox Business, Binance, CZ

☆ The US will face a mild recession, but the risk of a 'hard landing' is currently low, Bank of America's chief economist says
▼ + stars: | 2023-06-07 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

The US economy is currently resilient but will face a mild recession, Bank of America's Michael Gapen said. "Unless bank stress gets worse and a credit crunch is revealed, it's harder to see where that hard landing risk is coming from," he said. A correction of labor-market imbalances is needed to bring inflation back down to the Federal Reserve's 2% target, and that typically looks like a mild recession, Gapen told Yahoo Finance on Tuesday. "The bank stress situation is in stasis – it's not getting a lot better, but it's not getting materially worse. Underneath that, the employment and other spending data show an economy that's generally resilient," he said.

Persons: of America's Michael Gapen, —, Michael Gapen, Gapen, it's Organizations: of America's, Service, Bank of, Yahoo Finance

☆ JPMorgan CEO Jamie Dimon says consumers are in 'great shape' but the economy will face headwinds down the road
▼ + stars: | 2023-06-07 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

US consumers are in great shape but the economy will face headwinds down the road, Jamie Dimon said. The JPMorgan CEO noted that prices of homes and assets had gone up and that debt is in a "good position". Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. "The thing about the economy is that today's still doing fine, consumers are in great shape, home prices have gone up for 10 years, asset prices have gone up, debt's in good position," Dimon told reporters on Capitol Hill in Washington, DC on Tuesday. People rely on the consistency standards that we have, the rule of law, or investor protections – we shouldn't be challenging that."

Persons: Jamie Dimon, —, today's, Dimon, we'll, it's, I'd Organizations: JPMorgan, Service, Capitol, Deutsche Bank Locations: Washington , DC, Ukraine, United States

☆ US corporate earnings will slump 16% this year and that's going to derail the stock market rally, Morgan Stanley says
▼ + stars: | 2023-06-05 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

A decline in corporate earnings will stop the stock-market rally in its tracks, Morgan Stanley said. Earnings per share for the S&P 500 will fall by 16%, the team of strategists said, per Bloomberg. US earnings now face downside risk, Sheet's team said, noting that the firm expects S&P 500 earnings per share to be $185, which is less than Wall Street's average prediction of $206. Morgan Stanley anticipates the key index to fall to 3,900 by the end of the year, per Bloomberg. The S&P 500 has gained nearly 12% so far this year to 4,282 as of Friday's close on the back of an artificial intelligence-fueled rally.

Persons: Morgan Stanley, —, Andrew Sheets, Morgan Stanley's, Goldman Sachs Organizations: Bloomberg, Service, & $

☆ Wharton professor Jeremy Siegel doesn't see the mania around AI stocks as a bubble - and says it's impossible to predict where they'll peak
▼ + stars: | 2023-05-30 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

The mania around AI stocks isn't a bubble, Wharton professor Jeremy Siegel told CNBC. While these tech stocks may be overvalued long term, no one can predict where they'll peak, he said. He contrasted current AI boom with the dot-com bubble of the 1990s where there were "tremendous valuations from companies that had no earnings." Siegel added that he thinks the S&P 500 could come out a winner from the banking turmoil that unfolded over the past few months because these mega-cap stocks have credit availability. "The problem is, if the credit conditions slow the whole economy, then there's going to be a slowdown in spending that can affect everybody — even though they have credit availability and liquidity in those stocks," Siegel added.

Persons: Wharton, Jeremy Siegel, —, Jeremy Siegel doesn't, Siegel Organizations: CNBC, Nvidia, Service, Microsoft, Apple, Silicon Valley Bank Locations: Silicon

☆ The Fed could 'crush' the US economy by pursing its inflation target too quickly, Mohamed El-Erian warns
▼ + stars: | 2023-05-22 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Mohamed El-Erian warned the Fed could crush the US economy by trying to quickly cut inflation to 2%. While inflation has cooled, it still stood at almost 5% in April. The Federal Reserve could crush the US economy if it fights to bring inflation down quickly to its target of 2%, according to top economist Mohamed El-Erian. He tweeted on Saturday that "getting to 2% quickly would risk unnecessarily crushing the economy" but added the "credibility-damaged Fed" would struggle to adopt an alternative target. He said the Fed "steadfastly pursuing" the target was "inappropriate for a world of deficient aggregate supply."

☆ Mark Zuckerberg's fortune has surged this year – and nobody on the rich list comes close to his $44 billion gain
▼ + stars: | 2023-05-22 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

It's due to Meta's soaring stock, among the top performing in the S&P 500 this year. Mark Zuckerberg has seen his fortune surge this year – and nobody on Bloomberg's rich list comes close to his $44 billion gain so far in 2023. With his net worth currently at $89.9 billion, Zuckerberg is the 12th wealthiest person on the planet, per the rich list. The tech giant's stock has almost doubled since January, making it among the top performers on the S&P 500. That comes after a dismal 2022 for Meta, when it was one of the worst-performing stocks in the S&P 500.

☆ Mega-cap tech stocks are 'overbought' and their rally may be getting closer to stalling out, Fundstrat's Mark Newton says
▼ + stars: | 2023-05-19 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Mega-cap tech stocks are overbought and their rally may be closer to stalling, Fundstrat's Mark Newton said. Investors are optimistic about the group 'for a lot of the right reasons' like AI, he added. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Still, investors have been optimistic about high-growth tech group stocks 'for a lot of the right reasons' like the advancements in artificial intelligence, and they're thought of as safer stocks that can weather risks better, according to him. Nvidia, Microsoft, Alphabet, all these names have really shown tremendous strength and it really helped this market along when other sectors haven't worked so well," he said.

☆ 'Rich Dad Poor Dad' author Robert Kiyosaki warns the economy is headed for 'crash landing' - says investors should buy bitcoin, gold
▼ + stars: | 2023-05-19 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

The "Rich Dad Poor Dad" author touted bitcoin, silver and gold as good investments. Or CRASH LANDING? I say crash landing. Buy gold, silver, Bitcoin. The famed "Rich Dad Poor Dad" author is a frequent economic doomsayer, having previously predicted the worst market crash in world history in 2021.

☆ Mohamed El-Erian says the discord between Fed signals and investors' interest-rate expectations could ignite market turbulence
▼ + stars: | 2023-05-18 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

The persistent discord between the Fed's policy signals and investors' interest-rate expectations is unusual and unsettling, Mohamed El-Erian said. It could lead to a surge in market volatility or end up eroding the central bank's credibility, the top economist said on Twitter. Money-market prices reflect expectations for lower borrowing costs by year-end, but the Fed hasn't signaled any rate cuts. The Fed has been persistent in its war against inflation, and raised interest rates for the 10th time in a row this month. "It is also unsettling as its resolution will involve either a bout of market volatility or further erosion of Fed credibility," he added.

☆ Americans are feeling financially less secure now thanks to high interest rates and the risk of a recession
▼ + stars: | 2023-05-17 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Americans are feeling less financially secure now compared to the end of last year, according to a recent poll. Half of Americans are taking steps to cut back on monthly bills and are dining out less often to save more money, per the survey. Half of Americans are taking steps to cut back on their monthly bills and are dining out less often to save money, per the survey. Higher rates help to curb the pace of price increases by making borrowing more expensive, and encouraging saving over spending. However, they can also sap demand in the economy, and drag down the prices of stocks, houses, and other assets.

☆ The dollar is at 'real risk' as the political deadlock over the US debt ceiling undermines investor confidence, Goldman Sachs' Beth Hammack says
▼ + stars: | 2023-05-10 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

The political deadlock over the US debt ceiling poses a 'real risk' to the dollar, according to Goldman Sachs' Beth Hammack. "There is real risk to the US dollar as we leave this in a more protracted state of negotiations," she told Bloomberg TV. The stalemate over the borrowing limit has heightened concerns that the US could end up defaulting on its debt. "And so I think that's really confusing - I think there is real risk to the US dollar as we leave this in a more protracted state of negotiations." Lawmakers have been sparring over the debt limit, with House Speaker Kevin McCarthy recently proposing a bill that would lift the borrowing limit by $1.5 trillion while cutting spending by $4.5 trillion.

☆ A US debt default will have 'unquantifiable' adverse consequences and unthinkable long-term implications, Wall Street experts warn
▼ + stars: | 2023-05-10 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

A group of 17 top financial experts warned of "unquantifiable" consequences to come if the US defaults on its debt. In a letter addressed to Treasury Secretary Janet Yellen, they made the case for possibly repealing the debt limit altogether. The group warned that the ongoing political deadlock is particularly harmful in the midst of the banking turmoil. The Wall Street executives warned the spat is particularly harmful amid the ongoing turmoil in the banking sector. "With financial markets on edge, continuing to debate raising the debt limit is reckless and irresponsible."

☆ Banking turmoil is far from over. Bill Ackman, Jeffrey Gundlach, and Mohamed El-Erian have renewed their warnings about unresolved risks.
▼ + stars: | 2023-05-06 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +4 min

Bill Ackman, Jeffrey Gundlach, Mohamed El-Erian and others are warning the banking turmoil is far from over. That's prompting top economists and investors to once again warn that the banking turmoil is far from over. Below is a selection of the most recent warnings on US banking risks from high-profile investors, analysts and other experts. Bill Ackman, billionaire investor"The FDIC's failure to update and expand its insurance regime has hammered more nails in the coffin," Ackman said Wednesday on Twitter. He was raising doubts about Federal Reserve chair Jerome Powell's suggestion during a Wednesday press conference that the worst of the banking turmoil is over.

☆ Short sellers haven't profited a lot from Hindenburg Research's salvo against Carl Icahn's investment firm
▼ + stars: | 2023-05-04 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Short sellers haven't profited significantly from Hindenburg Research's recent report against Icahn Enterprises. That's because Wall Street investors remain hesitant to place bets against the billionaire owner Carl Icahn, Bloomberg reported. Short sellers have made just $9 million in mark-to-market profit, per S3 Partners data. Hindenburg also alleged that the company is "using money taken in from new investors to pay out dividends to old investors." The short seller's report on Gautam Adani's company shaved tens of billions off of its market cap and dealt a huge blow to the billionaire's net worth.

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