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Khinash

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2021-05-31

Only rich people will have more kids . But maybe that's what the government wants.

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2021-05-26

Hopefully goes up

2021-05-26

Interesting

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2021-04-14

Set for a nice recovery

2021-04-14

Haha brilliant.

Chinese Hedge Fund Jumps 258% After Dumping Ray Dalio’s Strategy

2021-04-14

JPM is a very well run bank and it will continue to outperform the sector.

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2021-04-14

Coinbase is overrated

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2021-04-14

Interesting.

The 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them

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But maybe that's what the government wants.&nbsp;","listText":"Only rich people will have more kids . But maybe that's what the government wants.&nbsp;","text":"Only rich people will have more kids . 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While her Shanghai Banxia Investment Management Center only manages about 500 million yuan ($76 million), she says firms like hers are best placed to assess how China is driving the global economy.</p>\n<p>“We truly feel that Chinese funds have an obvious advantage judging corporate profits and commodity prices,” Li, 37, said in a phone interview from Shanghai. “For us, these are good times to make money.”</p>\n<p>Chinese macro hedge funds made an average 41% return in 2020, four times the global level, according to data from Shenzhen PaiPaiWang Investment &amp; Management Co. and Eurekahedge. The more than triple gain of Li’s Banxia Stable Fund put her firm at the top of rankings for such funds in China.</p>\n<p>The stellar year promises to save Li from wounds inflicted by an exodus of investors in 2019 when her 9% return -- still beating an 8.9% global average of peers, according to Eurekahedge -- was dwarfed by local mutual funds during a bull market. The setback forced her to rethink her initial strategy of emulating Ray Dalio’s Bridgewater, an approach that she says included diversifying to limit volatility and providing free research to attract institutional clients.</p>\n<p><b>‘Doesn’t Work’</b></p>\n<p>“The Bridgewater route doesn’t work in China,” Li said. Offering two complimentary research reports a month didn’t help bring new money, and big institutions also balked at her fund’s small size.</p>\n<p>When clients were pulling cash from Banxia Stable, Li put in some of her own, and added leverage of between 250% and 300%. The product, managing less than 200 million yuan, replicates asset allocations in her larger Banxia Macro Fund but increases exposure through margin-financed trades in instruments such as stock index and commodities futures.</p>\n<p>Last year’s success didn’t come easily for Li. After managing money at Bocom Schroder Fund Management early in her career, she won multiple industry awards for her 25% annualized returns running China’s first macro hedge fund at Honghu Investment Management Co. Yet losses in 2016 caused differences with her then-husband Liang Wentao, the firm’s founder. After they parted ways, the mother of two set up Banxia at the end of 2017 and started building client relations from scratch.</p>\n<p>“She is a very unique China macro manager with the ability to do focused and very deep macro research in specific areas, such as steel,” said William Ma, who was until recently chief investment officer of wealth manager Noah Holdings, which invested in Banxia in January 2018.</p>\n<p>The level of leverage in the revamped Banxia Stable is closer to what legendary investor George Soros outlined in his autobiography, Li said. If the shift sounds bold and simple, making the right moves during last year’s turbulence to achieve a 63% gain in the underlying strategy required sharp judgment.</p>\n<p>In January 2020, Li was among the earliest to turn short on stocks and commodities, taking note of not only emerging reports on the new coronavirus but also signs of a weakening economy. “Super-cheap” put options allowed her to add leverage that helped bring a 61% jump in the leveraged Banxia Stable in the first quarter as markets tumbled, she said.</p>\n<p><b>Among Best</b></p>\n<p>Li’s use of options to construct contrarian macro trades means “her return profile is negatively correlated” to global and local peers, said Ma, who has followed her performance since she worked at Honghu. “She is really one of the best macro hedge fund managers I have ever met,” he said.</p>\n<p>Along with almost 9,000 local players, Li is competing with more than 30 global firms that are making inroads into China’s 4.5 trillion yuan hedge fund market. Dalio has said he saw the need to invest “a significant portion” of his portfolio in Chinese assets, and Bridgewater raised 900 million yuan in its second China private fund in September, doubling assets.</p>\n<p>Bridgewater’s All Weather China strategy has posted annualized returns of 22% through July since its 2018 inception. That’s less than Banxia Stable’s 85% in the same period, Li said, while noting the strategies aren’t directly comparable.</p>\n<p>In a reminder of risks macro hedge funds face when they bet in the wrong direction, Bridgewater’s flagship Pure Alpha II fell 12.6% last year.</p>\n<p>More than other strategies, the performance of macro funds “depends a lot on the manager’s own judgment,” said Li Minghong, head of fund-of-funds investments at Panyao Capital in Shanghai.</p>\n<p><b>Rocky Quarter</b></p>\n<p>Banxia Stable fell 13% in the first three months of this year, in part because of an increase in steel prices. Its short positions in ferrous metals were hurt by China’s unexpected move to lower crude steel output and cut capacity, according to its quarterly investor letter. The fund broke even on bonds, and made a small profit on stocks even as the Shanghai Shenzhen CSI 300 Index declined 3%.</p>\n<p>Banxia wasn’t alone. More than 40% of Chinese hedge funds made a loss in the first quarter, although macro funds managed an average 1% gain, according to PaiPaiWang.</p>\n<p>Li and her peers face a challenge attracting investors in a nation where macro funds account for just 2% of the 65,129 local private securities funds tracked by PaiPaiWang. She said she’s now meeting more potential customers following last year’s performance, but fund raising remains tough, in part because of Banxia’s short track record. She hasn’t felt any impact from the collapse of U.S. family office Archegos Capital Management, saying her leverage is much lower and portfolio more diversified.</p>\n<p>The difficulties aren’t shaking her confidence in outperforming the likes of Bridgewater.</p>\n<p>“They should just hire people like me,” she said. “But I won’t work for them.”</p>\n<p>(Updates with first-quarter performance of Chinese hedge funds in the fourth-to-last paragraph)</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese Hedge Fund Jumps 258% After Dumping Ray Dalio’s Strategy</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese Hedge Fund Jumps 258% After Dumping Ray Dalio’s Strategy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-14 18:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/chinese-hedge-fund-jumps-258-210000186.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Shanghai hedge fund manager Li Bei says she learned quickly that the low-volatility approach to investing behind the rise of Bridgewater Associates was doomed in China for a startup ...</p>\n\n<a href=\"https://finance.yahoo.com/news/chinese-hedge-fund-jumps-258-210000186.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://finance.yahoo.com/news/chinese-hedge-fund-jumps-258-210000186.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172031671","content_text":"(Bloomberg) -- Shanghai hedge fund manager Li Bei says she learned quickly that the low-volatility approach to investing behind the rise of Bridgewater Associates was doomed in China for a startup like hers.\nSteady returns did little to draw investors used to short-term rewards, so she put in her own money, cranked up leverage and produced an industry-leading 258% gain last year.\nLi is a pioneer in macro hedge fund management in China, where homegrown firms are taking on foreign giants that are struggling to adapt in an industry where even low-fee mutual funds generate sizable returns. While her Shanghai Banxia Investment Management Center only manages about 500 million yuan ($76 million), she says firms like hers are best placed to assess how China is driving the global economy.\n“We truly feel that Chinese funds have an obvious advantage judging corporate profits and commodity prices,” Li, 37, said in a phone interview from Shanghai. “For us, these are good times to make money.”\nChinese macro hedge funds made an average 41% return in 2020, four times the global level, according to data from Shenzhen PaiPaiWang Investment & Management Co. and Eurekahedge. The more than triple gain of Li’s Banxia Stable Fund put her firm at the top of rankings for such funds in China.\nThe stellar year promises to save Li from wounds inflicted by an exodus of investors in 2019 when her 9% return -- still beating an 8.9% global average of peers, according to Eurekahedge -- was dwarfed by local mutual funds during a bull market. The setback forced her to rethink her initial strategy of emulating Ray Dalio’s Bridgewater, an approach that she says included diversifying to limit volatility and providing free research to attract institutional clients.\n‘Doesn’t Work’\n“The Bridgewater route doesn’t work in China,” Li said. Offering two complimentary research reports a month didn’t help bring new money, and big institutions also balked at her fund’s small size.\nWhen clients were pulling cash from Banxia Stable, Li put in some of her own, and added leverage of between 250% and 300%. The product, managing less than 200 million yuan, replicates asset allocations in her larger Banxia Macro Fund but increases exposure through margin-financed trades in instruments such as stock index and commodities futures.\nLast year’s success didn’t come easily for Li. After managing money at Bocom Schroder Fund Management early in her career, she won multiple industry awards for her 25% annualized returns running China’s first macro hedge fund at Honghu Investment Management Co. Yet losses in 2016 caused differences with her then-husband Liang Wentao, the firm’s founder. After they parted ways, the mother of two set up Banxia at the end of 2017 and started building client relations from scratch.\n“She is a very unique China macro manager with the ability to do focused and very deep macro research in specific areas, such as steel,” said William Ma, who was until recently chief investment officer of wealth manager Noah Holdings, which invested in Banxia in January 2018.\nThe level of leverage in the revamped Banxia Stable is closer to what legendary investor George Soros outlined in his autobiography, Li said. If the shift sounds bold and simple, making the right moves during last year’s turbulence to achieve a 63% gain in the underlying strategy required sharp judgment.\nIn January 2020, Li was among the earliest to turn short on stocks and commodities, taking note of not only emerging reports on the new coronavirus but also signs of a weakening economy. “Super-cheap” put options allowed her to add leverage that helped bring a 61% jump in the leveraged Banxia Stable in the first quarter as markets tumbled, she said.\nAmong Best\nLi’s use of options to construct contrarian macro trades means “her return profile is negatively correlated” to global and local peers, said Ma, who has followed her performance since she worked at Honghu. “She is really one of the best macro hedge fund managers I have ever met,” he said.\nAlong with almost 9,000 local players, Li is competing with more than 30 global firms that are making inroads into China’s 4.5 trillion yuan hedge fund market. Dalio has said he saw the need to invest “a significant portion” of his portfolio in Chinese assets, and Bridgewater raised 900 million yuan in its second China private fund in September, doubling assets.\nBridgewater’s All Weather China strategy has posted annualized returns of 22% through July since its 2018 inception. That’s less than Banxia Stable’s 85% in the same period, Li said, while noting the strategies aren’t directly comparable.\nIn a reminder of risks macro hedge funds face when they bet in the wrong direction, Bridgewater’s flagship Pure Alpha II fell 12.6% last year.\nMore than other strategies, the performance of macro funds “depends a lot on the manager’s own judgment,” said Li Minghong, head of fund-of-funds investments at Panyao Capital in Shanghai.\nRocky Quarter\nBanxia Stable fell 13% in the first three months of this year, in part because of an increase in steel prices. Its short positions in ferrous metals were hurt by China’s unexpected move to lower crude steel output and cut capacity, according to its quarterly investor letter. The fund broke even on bonds, and made a small profit on stocks even as the Shanghai Shenzhen CSI 300 Index declined 3%.\nBanxia wasn’t alone. More than 40% of Chinese hedge funds made a loss in the first quarter, although macro funds managed an average 1% gain, according to PaiPaiWang.\nLi and her peers face a challenge attracting investors in a nation where macro funds account for just 2% of the 65,129 local private securities funds tracked by PaiPaiWang. She said she’s now meeting more potential customers following last year’s performance, but fund raising remains tough, in part because of Banxia’s short track record. She hasn’t felt any impact from the collapse of U.S. family office Archegos Capital Management, saying her leverage is much lower and portfolio more diversified.\nThe difficulties aren’t shaking her confidence in outperforming the likes of Bridgewater.\n“They should just hire people like me,” she said. “But I won’t work for them.”\n(Updates with first-quarter performance of Chinese hedge funds in the fourth-to-last paragraph)","news_type":1},"isVote":1,"tweetType":1,"viewCount":220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344822225,"gmtCreate":1618399349867,"gmtModify":1704710190306,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"JPM is a very well run bank and it will continue to outperform the sector.","listText":"JPM is a very well run bank and it will continue to outperform the sector.","text":"JPM is a very well run bank and it will continue to outperform the sector.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/344822225","repostId":"1195099187","repostType":4,"isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344828316,"gmtCreate":1618399032835,"gmtModify":1704710187017,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Coinbase&nbsp; is overrated","listText":"Coinbase&nbsp; is overrated","text":"Coinbase is overrated","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/344828316","repostId":"2127454000","repostType":4,"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576231438371359","authorId":"3576231438371359","name":"yl2021","avatar":"https://static.tigerbbs.com/9130003d93212acf586123bc8fe8a1e0","crmLevel":3,"crmLevelSwitch":0},"content":"u will see even over share price later??","text":"u will see even over share price later??","html":"u will see even over share price later??"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344820660,"gmtCreate":1618398654050,"gmtModify":1704710181090,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Interesting.&nbsp;","listText":"Interesting.&nbsp;","text":"Interesting.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344820660","repostId":"1106080522","repostType":4,"repost":{"id":"1106080522","pubTimestamp":1618363477,"share":"https://www.laohu8.com/m/news/1106080522?lang=&edition=full","pubTime":"2021-04-14 09:24","market":"us","language":"en","title":"The 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them","url":"https://stock-news.laohu8.com/highlight/detail?id=1106080522","media":"Barrons","summary":"Investing in the best-loved stocks can be a good idea. But investors should also know what stocks an","content":"<p>Investing in the best-loved stocks can be a good idea. But investors should also know what stocks analysts are shunning.</p>\n<p>While simply avoiding those companies is one sound strategy, it can also make sense to dig through the reject bin. Sometimes the only direction to go from the bottom is up. The most hated stocks can only get less hated over time, a fact that on its own can be enough for above-average stock gains.</p>\n<p>Wall Streetratingsare always a helpful guide for investors—the pros as well as amateur stock pickers. Analysts covering companies at brokerage firms are, after all, paid to follow industry trends, compare companies, and value stocks.</p>\n<p>Over the past year, analysts’ favorite 10% ofS&amp;P 500stocks are up almost 70% on average. The bottom 10%, on the other hand, is up closer to 50%. Favorites have outperformed by about 20 percentage points. The overall S&amp;P index, meanwhile, is up about 48%.</p>\n<p>It might seem odd that the average gain for a hated stock in the S&amp;P 500 is 2 percentage points better than what the index achieved over the past year. The reason is that the S&amp;P 500 is weighted according to market capitalization, so moves in bigger companies’ stocks have more impact on the overall benchmark. Not adjusting for market capitalization, the average gain for an S&amp;P 500 stock is about 63%.</p>\n<p>That fits with the common-sense view that avoiding the dregs is a good idea. But this past year was difficult. During the first several months of the pandemic, it paid to invest in large, high-quality stocks. It will surprise no one to learn that Microsoft (ticker: MSFT), Google parentAlphabet(GOOGL), Amazon.com (AMZN) and Apple (AAPL) are all well liked by the Street.</p>\n<p>Now, thetide is turningand the economy is growing again. That could be a signal to look at stocks that have had a harder time.</p>\n<p><i>Barron’s</i>&nbsp;came up with a list of the least-liked stocks on the Street by weighting the Buy, Hold, and Sell calls on each company to arrive at a single number summarizing overall sentiment. We took the percentage of ratings for a stock that are Buys, subtracted the share that are Sells, and then added the percentage at Hold, counting each as one-fourth of a Buy to reflect the fact that most analysts expect Hold-rated stocks to keep pace with their peers.</p>\n<p>In the S&amp;P 500, about 56% of ratings are Buys. 36% are Holds and 7% are Sells. The numbers don’t total 100 due to rounding.</p>\n<p>Taking all that into consideration, the 24 lowest-rated S&amp;P stocks—the ones analysts tell their clients to avoid—are as follows: American Airlines Group (AAL), Lumen Technologies (LUMN), Consolidated Edison (ED),Franklin Resources(BEN).Brown-Forman(BF. B), Mettler-Toledo International (MTD), Expeditors International of Washington (EXPD),Waters(WAT), Hormel Foods (HRL),McCormick(MKC), ViacomCBS (VIAC), Unum Group (UNM), Comerica (CMA) Under Armour (UAA), J.M. Smucker (SJM), Western Union (WU), Robert Half International (RHI),Discovery(DISCA), Varian Medical Systems (VAR), Invesco (IVZ), Walgreens Boots Alliance (WBA), Cincinnati Financial (CINF), Genuine Parts (GPC) and WEC Energy Group (WEC).</p>\n<p>The Dirty Two DozenThe 24 lowest-rated stocks in the S&amp;P 500, calculated using a weighted score for Buy, Sell, and Hold ratings.</p>\n<table>\n <thead>\n  <tr>\n   <th>Company / Ticker</th>\n   <th>Analyst Rating Score*</th>\n   <th>2021E P/E</th>\n   <th>Percentage Off All-Time High</th>\n   <th>% YTD</th>\n  </tr>\n </thead>\n <tbody>\n  <tr>\n   <td>American Airlines / AAL</td>\n   <td>-0.7</td>\n   <td>N/A</td>\n   <td>-60.2</td>\n   <td>88</td>\n  </tr>\n  <tr>\n   <td>Lumen Technologies / LUMN</td>\n   <td>-0.5</td>\n   <td>8.2</td>\n   <td>-74.3</td>\n   <td>32</td>\n  </tr>\n  <tr>\n   <td>Consolidated Edison / ED</td>\n   <td>-0.5</td>\n   <td>17.7</td>\n   <td>-21.0</td>\n   <td>-11</td>\n  </tr>\n  <tr>\n   <td>Franklin Resources / BEN</td>\n   <td>-0.4</td>\n   <td>10.3</td>\n   <td>-48.4</td>\n   <td>91</td>\n  </tr>\n  <tr>\n   <td>Brown-Forman / BF.B</td>\n   <td>-0.3</td>\n   <td>41.0</td>\n   <td>-14.9</td>\n   <td>14</td>\n  </tr>\n  <tr>\n   <td>Mettler-Toledo / MTD</td>\n   <td>-0.3</td>\n   <td>41.1</td>\n   <td>-3.9</td>\n   <td>68</td>\n  </tr>\n  <tr>\n   <td>Expeditors Int’l of Washington / EXPD</td>\n   <td>-0.3</td>\n   <td>25.7</td>\n   <td>-1.5</td>\n   <td>54</td>\n  </tr>\n  <tr>\n   <td>Waters / WAT</td>\n   <td>-0.2</td>\n   <td>31.9</td>\n   <td>0.0</td>\n   <td>57</td>\n  </tr>\n  <tr>\n   <td>Hormel Foods / HRL</td>\n   <td>-0.1</td>\n   <td>26.5</td>\n   <td>-12.5</td>\n   <td>-1</td>\n  </tr>\n  <tr>\n   <td>McCormick / MKC</td>\n   <td>-0.1</td>\n   <td>29.7</td>\n   <td>-16.5</td>\n   <td>16</td>\n  </tr>\n  <tr>\n   <td>ViacomCBS / VIAC</td>\n   <td>0.0</td>\n   <td>10.3</td>\n   <td>-58.9</td>\n   <td>160</td>\n  </tr>\n  <tr>\n   <td>Unum / UNM</td>\n   <td>0.0</td>\n   <td>5.8</td>\n   <td>-55.8</td>\n   <td>89</td>\n  </tr>\n  <tr>\n   <td>Comerica / CMA</td>\n   <td>0.0</td>\n   <td>13.4</td>\n   <td>-30.4</td>\n   <td>118</td>\n  </tr>\n  <tr>\n   <td>Under Armour / UAA</td>\n   <td>0.0</td>\n   <td>142.1</td>\n   <td>-58.5</td>\n   <td>105</td>\n  </tr>\n  <tr>\n   <td>J.M. Smucker / SJM</td>\n   <td>0.1</td>\n   <td>14.4</td>\n   <td>-18.5</td>\n   <td>17</td>\n  </tr>\n  <tr>\n   <td>Western Union / WU</td>\n   <td>0.1</td>\n   <td>12.3</td>\n   <td>-12.0</td>\n   <td>30</td>\n  </tr>\n  <tr>\n   <td>Robert Half / RHI</td>\n   <td>0.1</td>\n   <td>24.2</td>\n   <td>-2.6</td>\n   <td>92</td>\n  </tr>\n  <tr>\n   <td>Discover / DISCA</td>\n   <td>0.1</td>\n   <td>14.6</td>\n   <td>-46.3</td>\n   <td>88</td>\n  </tr>\n  <tr>\n   <td>Varian Medical Systems / VAR</td>\n   <td>0.1</td>\n   <td>33.8</td>\n   <td>-0.1</td>\n   <td>57</td>\n  </tr>\n  <tr>\n   <td>Invesco / IVZ</td>\n   <td>0.1</td>\n   <td>10.2</td>\n   <td>-57.0</td>\n   <td>181</td>\n  </tr>\n  <tr>\n   <td>Walgreens Boots Alliance / WBA</td>\n   <td>0.2</td>\n   <td>11.2</td>\n   <td>-44.3</td>\n   <td>29</td>\n  </tr>\n  <tr>\n   <td>Cincinnati Financial / CINF</td>\n   <td>0.2</td>\n   <td>25.8</td>\n   <td>-11.1</td>\n   <td>30</td>\n  </tr>\n  <tr>\n   <td>Genuine Parts / GPC</td>\n   <td>0.2</td>\n   <td>20.4</td>\n   <td>-1.6</td>\n   <td>68</td>\n  </tr>\n  <tr>\n   <td>WEC Energy / WEC</td>\n   <td>0.2</td>\n   <td>23.0</td>\n   <td>-15.7</td>\n   <td>-3</td>\n  </tr>\n  <tr>\n   <td>Dirty Dozen's average</td>\n   <td>-0.1</td>\n   <td>25.8</td>\n   <td>-27.7</td>\n   <td>61.2</td>\n  </tr>\n  <tr>\n   <td>S&amp;P 500 average</td>\n   <td>1.1</td>\n   <td>23</td>\n   <td>0.1</td>\n   <td>10</td>\n  </tr>\n </tbody>\n</table>\n<p>*Lower scores have more sell ratings.</p>\n<p>Sources: Bloomberg; Barron's calculations</p>\n<p>It’s an eclectic list. Some stocks, such as American Airlines, are there because of huge, pandemic-induced losses. Others simply look expensive. Mettler, for instance, trades at 41 times the per-share earnings expected for 2021.</p>\n<p>Others firms face potentially damaging long-term changes in their industries. Franklin Resources, for instance, is an asset manager dealing with the shift from actively managed funds to index funds with lower fees. And some companies just don’t seem to have much room for growth. McCormick sells spices, and the chances that demand will rocket higher unexpectedly appear slim.</p>\n<p>Not every one of the hated names will pass muster for investors. But the hated stocks have one thing going for them: They are cheaper. Although not every one of the two dozen is making money, the shares trade for an average of about 20 times estimated 2021 earnings, while the market is at closer to 24 times.</p>\n<p>Another plus is that unlike the S&amp;P 500, the rejects aren’t trading near their record highs, a factor that points at the potential for a rebound. The two dozen are down by an average of roughly 25% from their all-time highs.</p>\n<p>The bottom line, then, is that bargains may be hiding in the trash heap. But as is the case with any stock screen, investors will have to dig deeper to find out which.</p>\n<p>Go to it, contrarians.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe 24 Most-Hated Stocks in the S&P 500, and Why You Should Love Them\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-14 09:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/the-24-most-hated-stocks-in-the-s-p-500-and-why-you-should-love-them-51618332859?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investing in the best-loved stocks can be a good idea. But investors should also know what stocks analysts are shunning.\nWhile simply avoiding those companies is one sound strategy, it can also make ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-24-most-hated-stocks-in-the-s-p-500-and-why-you-should-love-them-51618332859?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MKC":"味好美","SJM":"斯马克","WAT":"沃特世","HRL":"荷美尔","MTD":"梅特勒-托利多","WU":"西联汇款","ED":"爱迪生联合电气",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","UAA":"安德玛公司A类股",".SPX":"S&P 500 Index","BEN":"富兰克林资源","EXPD":"康捷国际物流","BF.B":"布朗霍文","AAL":"美国航空","UNM":"尤纳姆集团","DISCA":"探索传播","CMA":"联信银行","WEC":"威州能源","LUMN":"Lumen Technologies","RHI":"罗致恒富"},"source_url":"https://www.barrons.com/articles/the-24-most-hated-stocks-in-the-s-p-500-and-why-you-should-love-them-51618332859?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106080522","content_text":"Investing in the best-loved stocks can be a good idea. But investors should also know what stocks analysts are shunning.\nWhile simply avoiding those companies is one sound strategy, it can also make sense to dig through the reject bin. Sometimes the only direction to go from the bottom is up. The most hated stocks can only get less hated over time, a fact that on its own can be enough for above-average stock gains.\nWall Streetratingsare always a helpful guide for investors—the pros as well as amateur stock pickers. Analysts covering companies at brokerage firms are, after all, paid to follow industry trends, compare companies, and value stocks.\nOver the past year, analysts’ favorite 10% ofS&P 500stocks are up almost 70% on average. The bottom 10%, on the other hand, is up closer to 50%. Favorites have outperformed by about 20 percentage points. The overall S&P index, meanwhile, is up about 48%.\nIt might seem odd that the average gain for a hated stock in the S&P 500 is 2 percentage points better than what the index achieved over the past year. The reason is that the S&P 500 is weighted according to market capitalization, so moves in bigger companies’ stocks have more impact on the overall benchmark. Not adjusting for market capitalization, the average gain for an S&P 500 stock is about 63%.\nThat fits with the common-sense view that avoiding the dregs is a good idea. But this past year was difficult. During the first several months of the pandemic, it paid to invest in large, high-quality stocks. It will surprise no one to learn that Microsoft (ticker: MSFT), Google parentAlphabet(GOOGL), Amazon.com (AMZN) and Apple (AAPL) are all well liked by the Street.\nNow, thetide is turningand the economy is growing again. That could be a signal to look at stocks that have had a harder time.\nBarron’s came up with a list of the least-liked stocks on the Street by weighting the Buy, Hold, and Sell calls on each company to arrive at a single number summarizing overall sentiment. We took the percentage of ratings for a stock that are Buys, subtracted the share that are Sells, and then added the percentage at Hold, counting each as one-fourth of a Buy to reflect the fact that most analysts expect Hold-rated stocks to keep pace with their peers.\nIn the S&P 500, about 56% of ratings are Buys. 36% are Holds and 7% are Sells. The numbers don’t total 100 due to rounding.\nTaking all that into consideration, the 24 lowest-rated S&P stocks—the ones analysts tell their clients to avoid—are as follows: American Airlines Group (AAL), Lumen Technologies (LUMN), Consolidated Edison (ED),Franklin Resources(BEN).Brown-Forman(BF. B), Mettler-Toledo International (MTD), Expeditors International of Washington (EXPD),Waters(WAT), Hormel Foods (HRL),McCormick(MKC), ViacomCBS (VIAC), Unum Group (UNM), Comerica (CMA) Under Armour (UAA), J.M. Smucker (SJM), Western Union (WU), Robert Half International (RHI),Discovery(DISCA), Varian Medical Systems (VAR), Invesco (IVZ), Walgreens Boots Alliance (WBA), Cincinnati Financial (CINF), Genuine Parts (GPC) and WEC Energy Group (WEC).\nThe Dirty Two DozenThe 24 lowest-rated stocks in the S&P 500, calculated using a weighted score for Buy, Sell, and Hold ratings.\n\n\n\nCompany / Ticker\nAnalyst Rating Score*\n2021E P/E\nPercentage Off All-Time High\n% YTD\n\n\n\n\nAmerican Airlines / AAL\n-0.7\nN/A\n-60.2\n88\n\n\nLumen Technologies / LUMN\n-0.5\n8.2\n-74.3\n32\n\n\nConsolidated Edison / ED\n-0.5\n17.7\n-21.0\n-11\n\n\nFranklin Resources / BEN\n-0.4\n10.3\n-48.4\n91\n\n\nBrown-Forman / BF.B\n-0.3\n41.0\n-14.9\n14\n\n\nMettler-Toledo / MTD\n-0.3\n41.1\n-3.9\n68\n\n\nExpeditors Int’l of Washington / EXPD\n-0.3\n25.7\n-1.5\n54\n\n\nWaters / WAT\n-0.2\n31.9\n0.0\n57\n\n\nHormel Foods / HRL\n-0.1\n26.5\n-12.5\n-1\n\n\nMcCormick / MKC\n-0.1\n29.7\n-16.5\n16\n\n\nViacomCBS / VIAC\n0.0\n10.3\n-58.9\n160\n\n\nUnum / UNM\n0.0\n5.8\n-55.8\n89\n\n\nComerica / CMA\n0.0\n13.4\n-30.4\n118\n\n\nUnder Armour / UAA\n0.0\n142.1\n-58.5\n105\n\n\nJ.M. Smucker / SJM\n0.1\n14.4\n-18.5\n17\n\n\nWestern Union / WU\n0.1\n12.3\n-12.0\n30\n\n\nRobert Half / RHI\n0.1\n24.2\n-2.6\n92\n\n\nDiscover / DISCA\n0.1\n14.6\n-46.3\n88\n\n\nVarian Medical Systems / VAR\n0.1\n33.8\n-0.1\n57\n\n\nInvesco / IVZ\n0.1\n10.2\n-57.0\n181\n\n\nWalgreens Boots Alliance / WBA\n0.2\n11.2\n-44.3\n29\n\n\nCincinnati Financial / CINF\n0.2\n25.8\n-11.1\n30\n\n\nGenuine Parts / GPC\n0.2\n20.4\n-1.6\n68\n\n\nWEC Energy / WEC\n0.2\n23.0\n-15.7\n-3\n\n\nDirty Dozen's average\n-0.1\n25.8\n-27.7\n61.2\n\n\nS&P 500 average\n1.1\n23\n0.1\n10\n\n\n\n*Lower scores have more sell ratings.\nSources: Bloomberg; Barron's calculations\nIt’s an eclectic list. Some stocks, such as American Airlines, are there because of huge, pandemic-induced losses. Others simply look expensive. Mettler, for instance, trades at 41 times the per-share earnings expected for 2021.\nOthers firms face potentially damaging long-term changes in their industries. Franklin Resources, for instance, is an asset manager dealing with the shift from actively managed funds to index funds with lower fees. And some companies just don’t seem to have much room for growth. McCormick sells spices, and the chances that demand will rocket higher unexpectedly appear slim.\nNot every one of the hated names will pass muster for investors. But the hated stocks have one thing going for them: They are cheaper. Although not every one of the two dozen is making money, the shares trade for an average of about 20 times estimated 2021 earnings, while the market is at closer to 24 times.\nAnother plus is that unlike the S&P 500, the rejects aren’t trading near their record highs, a factor that points at the potential for a rebound. The two dozen are down by an average of roughly 25% from their all-time highs.\nThe bottom line, then, is that bargains may be hiding in the trash heap. But as is the case with any stock screen, investors will have to dig deeper to find out which.\nGo to it, contrarians.","news_type":1},"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":344828316,"gmtCreate":1618399032835,"gmtModify":1704710187017,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Coinbase&nbsp; is overrated","listText":"Coinbase&nbsp; is overrated","text":"Coinbase is overrated","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/344828316","repostId":"2127454000","repostType":4,"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576231438371359","authorId":"3576231438371359","name":"yl2021","avatar":"https://static.tigerbbs.com/9130003d93212acf586123bc8fe8a1e0","crmLevel":3,"crmLevelSwitch":0},"content":"u will see even over share price later??","text":"u will see even over share price later??","html":"u will see even over share price later??"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136857919,"gmtCreate":1622008817331,"gmtModify":1704365985456,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/136857919","repostId":"1129186705","repostType":4,"repost":{"id":"1129186705","pubTimestamp":1622001447,"share":"https://www.laohu8.com/m/news/1129186705?lang=&edition=full","pubTime":"2021-05-26 11:57","market":"us","language":"en","title":"In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis","url":"https://stock-news.laohu8.com/highlight/detail?id=1129186705","media":"cnn","summary":"New York The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not ","content":"<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p>\n<p>Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p>\n<p>WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p>\n<p>Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p>\n<p><b>The good news</b></p>\n<p>The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p>\n<p>The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p>\n<p>That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p>\n<p>\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p>\n<p>Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p>\n<p><b>Too big to fail 2.0?</b></p>\n<p>Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p>\n<p>\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p>\n<p>\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p>\n<p>Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p>\n<p>Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p>\n<p>\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p>\n<p><b>Large financial firms may be embracing too much risk again</b></p>\n<p>At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p>\n<p>Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p>\n<p>Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p>\n<p>For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p>\n<p>In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p>\n<p>But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p>\n<p>\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p>\n<p>\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p>\n<p>The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p>\n<p>JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIn 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-26 11:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html><strong>cnn</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and ...</p>\n\n<a href=\"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129186705","content_text":"New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\nWaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.\nKillinger spoke to CNN Business about the similarities and differences between now and 13 years ago.\nThe good news\nThe Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.\nThe good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.\nThat group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.\n\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"\nSubprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.\nToo big to fail 2.0?\nAlthough housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.\n\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"\n\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.\nKillinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"\nLinda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.\n\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.\nLarge financial firms may be embracing too much risk again\nAt least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.\nElizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"\nWall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)\nFor its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.\nIn the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"\nBut Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.\n\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"\n\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"\nThe heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.\nJPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.","news_type":1},"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344822225,"gmtCreate":1618399349867,"gmtModify":1704710190306,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"JPM is a very well run bank and it will continue to outperform the sector.","listText":"JPM is a very well run bank and it will continue to outperform the sector.","text":"JPM is a very well run bank and it will continue to outperform the sector.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/344822225","repostId":"1195099187","repostType":4,"repost":{"id":"1195099187","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618397517,"share":"https://www.laohu8.com/m/news/1195099187?lang=&edition=full","pubTime":"2021-04-14 18:51","market":"us","language":"en","title":"JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves","url":"https://stock-news.laohu8.com/highlight/detail?id=1195099187","media":"Tiger Newspress","summary":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Re","content":"<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-14 18:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p>Noninterest expense was $7.2 billion, down 1%.</p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195099187","content_text":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue: $33.12 billion, vs. $30.52 billion expected.(April 14) JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.Here are the numbers:Earnings:$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue:$33.12 billion, vs. $30.52 billion expected.Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.Average loans up 1%; average deposits up 36%$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securitiesAverage deposits up 32%; client investment assets up 44%Average loans down 7%; debit and credit card sales volume up 9%Active mobile customers up 9%Global Investment Banking wallet share of 9.0% in 1Q21Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%Gross Investment Banking revenue of $1.1 billion, up 65%Average loans down 2%; average deposits up 54%Assets under management (AUM) of $2.8 trillion, up 28%Average loans up 18%; average deposits up 43%JPMorgan Chase slipped 1% in premarket trading.JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve said banks that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.Discussion of Results:Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.Discussion of Results:Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.Consumer & Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card & Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.Noninterest expense was $7.2 billion, down 1%.The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.","news_type":1},"isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110682212,"gmtCreate":1622449515036,"gmtModify":1704184584692,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Only rich people will have more kids . But maybe that's what the government wants.&nbsp;","listText":"Only rich people will have more kids . But maybe that's what the government wants.&nbsp;","text":"Only rich people will have more kids . But maybe that's what the government wants.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/110682212","repostId":"1198461252","repostType":4,"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344820660,"gmtCreate":1618398654050,"gmtModify":1704710181090,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Interesting.&nbsp;","listText":"Interesting.&nbsp;","text":"Interesting.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344820660","repostId":"1106080522","repostType":4,"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136849346,"gmtCreate":1622009011885,"gmtModify":1704365988553,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Hopefully goes up","listText":"Hopefully goes up","text":"Hopefully goes up","images":[{"img":"https://static.tigerbbs.com/717b7e06faa6ea1d4e26ec52ab0dce39","width":"1080","height":"2097"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/136849346","isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344850078,"gmtCreate":1618399687194,"gmtModify":1704710197218,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Set for a nice recovery&nbsp;","listText":"Set for a nice recovery&nbsp;","text":"Set for a nice recovery","images":[{"img":"https://static.tigerbbs.com/383d3d2c2f02bb53be88f3bc93b2c6a6","width":"1080","height":"1826"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344850078","isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344825299,"gmtCreate":1618399456611,"gmtModify":1704710191956,"author":{"id":"3579347621104885","authorId":"3579347621104885","name":"Khinash","avatar":"https://static.tigerbbs.com/86bc7fc5ff3f71840e2daa913e1af9a9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Haha brilliant.&nbsp;","listText":"Haha brilliant.&nbsp;","text":"Haha brilliant.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344825299","repostId":"1172031671","repostType":4,"isVote":1,"tweetType":1,"viewCount":220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}