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2021-04-19

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GameStop Investor Keith Gill Doubles Stake To 200,000 Shares, Worth $31 Million

2021-04-19

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2021-04-19

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Dimon's Detached View Of Economic Realities

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The screenshot showed nearly $34.5 million in his assets with $30.9 million of GameStop shares and $3.5 million in cash.&nbsp;The Wall Street Journal also reported Gill&nbsp;held&nbsp;more than $30 million in assets.</p>\n<p>Gill uploaded a video on&nbsp;YouTube&nbsp;entitled \"Cheers everyone!\"</p>\n<p>According to Gill's latest update on Reddit's r/WallStreetBets forum, his average price paid for GameStop shares is&nbsp;$55.17.</p>\n<p>Keith Gill gained fame amid Reddit's WallStreetBets craze. He&nbsp;has been posting&nbsp;about GameStop for a year and also making videos on YouTube.</p>\n<p>Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock before its 1,000% increase.</p>\n<p>Gill was registered as an agent with MML Investors Services LLC, a broker-dealer arm for Mass Mutual. Last month, the company filed a termination request with FINRA to remove Gill's broker&nbsp;license.</p>\n<p>In February, a class-action&nbsp;lawsuit&nbsp;was filed against Gill after the GameStop&nbsp;short squeeze.</p>\n<p>He appeared at a&nbsp;Congressional hearing&nbsp;in February regarding Reddit's influence on the market. The CEOs of Robinhood, Citadel&nbsp;and Melvin Capital also spoke at the hearing.</p>\n<p><b>Price action:</b>&nbsp;GameStop closed Friday at $154.69.</p>","source":"yahoofinance","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>GameStop Investor Keith Gill Doubles Stake To 200,000 Shares, Worth $31 Million</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\">\nGameStop Investor Keith Gill Doubles Stake To 200,000 Shares, Worth $31 Million\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-19 13:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/gamestop-investor-keith-gill-doubles-151223751.html><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price.\nWhat Happened: Keith Gill, the ...</p>\n\n<a href=\"https://finance.yahoo.com/news/gamestop-investor-keith-gill-doubles-151223751.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://finance.yahoo.com/news/gamestop-investor-keith-gill-doubles-151223751.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2128520398","content_text":"On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price.\nWhat Happened: Keith Gill, the Reddit WallStreetBets trader, also bought 50,000 more GameStop Corp (NYSE: GME) shares, bringing his total investment to 200,000 shares worth more than $30 million.\nGill — who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube — is the man who helped inspire the GameStop short squeeze in January.\nOn Friday, he shared a screenshot of his portfolio marked \"final update\" on the WallStreetBets subreddit. The screenshot showed nearly $34.5 million in his assets with $30.9 million of GameStop shares and $3.5 million in cash. The Wall Street Journal also reported Gill held more than $30 million in assets.\nGill uploaded a video on YouTube entitled \"Cheers everyone!\"\nAccording to Gill's latest update on Reddit's r/WallStreetBets forum, his average price paid for GameStop shares is $55.17.\nKeith Gill gained fame amid Reddit's WallStreetBets craze. He has been posting about GameStop for a year and also making videos on YouTube.\nGill found himself in the middle of the GameStop story after posting about large gains made from buying the stock before its 1,000% increase.\nGill was registered as an agent with MML Investors Services LLC, a broker-dealer arm for Mass Mutual. Last month, the company filed a termination request with FINRA to remove Gill's broker license.\nIn February, a class-action lawsuit was filed against Gill after the GameStop short squeeze.\nHe appeared at a Congressional hearing in February regarding Reddit's influence on the market. The CEOs of Robinhood, Citadel and Melvin Capital also spoke at the hearing.\nPrice action: GameStop closed Friday at $154.69.","news_type":1},"isVote":1,"tweetType":1,"viewCount":234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379580860,"gmtCreate":1618761893750,"gmtModify":1704714664714,"author":{"id":"3581507214951045","authorId":"3581507214951045","name":"DT97","avatar":"https://static.tigerbbs.com/9f0d88cfaf797034db16b676d5d09342","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507214951045","authorIdStr":"3581507214951045"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379580860","repostId":"1131521200","repostType":4,"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379517257,"gmtCreate":1618761789179,"gmtModify":1704714664066,"author":{"id":"3581507214951045","authorId":"3581507214951045","name":"DT97","avatar":"https://static.tigerbbs.com/9f0d88cfaf797034db16b676d5d09342","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507214951045","authorIdStr":"3581507214951045"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379517257","repostId":"1132710983","repostType":4,"repost":{"id":"1132710983","kind":"news","pubTimestamp":1618578812,"share":"https://ttm.financial/m/news/1132710983?lang=&edition=fundamental","pubTime":"2021-04-16 21:13","market":"us","language":"en","title":"Dimon's Detached View Of Economic Realities","url":"https://stock-news.laohu8.com/highlight/detail?id=1132710983","media":"zerohedge","summary":"Authored by Lance Roberts via RealInvestmentAdvice.com,In December of 2019, I wrote about Dimon’s de","content":"<p>Authored by Lance Roberts via RealInvestmentAdvice.com,</p><p>In&nbsp;<b><i>December of 2019,</i></b>&nbsp;I wrote about Dimon’s delusional view of economic realities. To wit:</p><blockquote><i>“The consumer, which is 70% of the U.S. economy, is quite strong. Confidence is very high.&nbsp;</i> <i><b>Their balance sheets are in great shape.</b></i> <i>&nbsp;And you see that the strength of the American consumer is driving the American economy and the global economy. And while business slowed down, my current view is that, no, it just was a slowdown, not a petering out.” – Jamie Dimon</i></blockquote><p>That’s what the head of JP Morgan Chase told viewers in his&nbsp;<i>“60-Minutes”</i>&nbsp;interview.</p><p><b>Then the 2020 recession set in, consumption collapsed, and the Government passed massive stimulus bills to support the 50-million unemployed.</b></p><p>Such isn’t the first time that I have discussed&nbsp;<i><b>Dimon’s distorted views.</b></i>Just&nbsp;as we discussed then, even just marginally scratching the surface on the economy and the&nbsp;<i>“household balance sheet”</i>&nbsp;reveals an uglier truth.</p><p>In his&nbsp;<i>latest annual shareholder letter,</i>&nbsp;he recently made his usual bombastic and still delusional statements.</p><p><b>Economic Boom Into 2023</b></p><blockquote><i><b>“I have little doubt that with excess savings, new stimulus, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine, and euphoria around the end of the pandemic, the U.S. economy will likely boom.</b></i> <i>&nbsp;This boom could easily run into 2023 because all the spending could extend well into 2023.” – Jamie Dimon</i></blockquote><p>There are many problems with his view looking forward.</p><p>To begin with, the vast majority of American’s do not have excess savings.&nbsp;<b>If they did, then repeated stimulus payments wouldn’t be needed to support economic growth.</b>&nbsp;The reality is&nbsp;<i><b>“savings” get skewed by the top 20%</b></i>&nbsp;of income earners, notably the 0.01% like Jamie Dimon.</p><blockquote><i><b>The top 5%, of income earners skew the measure.</b></i> <i>&nbsp;Those in the top 20% have seen substantially larger median wage growth versus the bottom 80%. (Note: all data used below is from the Census Bureau and the IRS.)”</i></blockquote><p><img src=\"https://static.tigerbbs.com/71415fc0dcee77e7ec6ea1b548e99a54\" tg-width=\"500\" tg-height=\"287\" referrerpolicy=\"no-referrer\">Since the top income earners have more than enough income to maintain their living standards, the balance falls into savings.&nbsp;<b>This disparity in incomes generates the&nbsp;</b><b><i>“skew”</i></b><b>&nbsp;to the savings rate and obfuscates the ability to&nbsp;</b><b><i>“maintain a certain standard of living.”</i></b></p><p><b>More Stimulus Not The Answer</b></p><p>Such remains problematic for many Americans and consistently forces them further into debt.</p><blockquote><i><b>“The debt surge is partly by design. A byproduct of low borrowing costs the Federal Reserve engineered after the financial crisis to get the economy moving.</b></i> <i>&nbsp;It has reshaped both borrowers and lenders. Consumers increasingly need it.&nbsp;</i> <i><b>Companies increasingly can’t sell their goods without it. And the economy, which counts on consumer spending for more than two-thirds of GDP,</b></i> <i>&nbsp;would struggle without a plentiful supply of credit.”</i>&nbsp;– WSJ</blockquote><p>I&nbsp;<b><i>often show the&nbsp;“gap”&nbsp;between the&nbsp;“standard of living”</i></b>&nbsp;and real disposable incomes. In 1990, incomes alone were no longer able to meet the standard of living. Therefore, consumers turned to debt to fill the&nbsp;<i>“gap.”</i></p><p><img src=\"https://static.tigerbbs.com/1fc83c6404510ebd48c4c04ce6f08064\" tg-width=\"500\" tg-height=\"254\" referrerpolicy=\"no-referrer\">Currently, there is almost a $2150 annual deficit facing the average American.&nbsp;<i>(Note: this deficit accrues every year, which is why consumer credit keeps hitting new records.)</i></p><p>Notably, more&nbsp;<i>“stimulus”</i>&nbsp;has two very negative consequences economically:</p><ol><li><p><i>It pulls forward future consumption leaving a future void to fill (presumably with more stimulus); and,</i></p></li><li><p><i>Stimulus reduces productive economic activity, which retards future growth.</i></p></li></ol><p>With still high levels of mortgages in forbearance, the need for continuing&nbsp;<i>“eviction moratoriums,”</i>and the ongoing demand for&nbsp;<i>“government largesse”</i>&nbsp;suggest the consumer is not nearly as strong as deemed.</p><p><b>Wasted Deficit Spending</b></p><blockquote><i><b>“We need to properly invest, on an ongoing basis, in modernizing infrastructure.</b></i> <i>&nbsp;</i> <i><b>Spent wisely, it is an opportunity for everyone.”</b></i></blockquote><p><b>Mr. Dimon is correct. Proper spending on infrastructure could indeed be economically beneficial.</b>&nbsp;However, even a cursory glance at previous expenditures, shows such is not the case.&nbsp;<b>Out of the entirety of Biden’s proposed infrastructure plan, only roughly 6% goes to building roads and bridges. Another 2% goes to waterways and dams.</b>&nbsp;The other 92% is a Democratic grab bag of liberal projects, most of which have a negative long-term investment return.</p><p>As such, the infrastructure bill is a negative long-term impact on economic growth. Such was a point we discussed previously in&nbsp;<b><i>“One Way Trip:”</i></b></p><blockquote><i>“The chart below shows the deficit, 10-year average GDP growth, and the annual change in Federal Debt.&nbsp;The problem should be obvious.&nbsp;</i> <i><b>Since the Federal government began ramping up debt, and running deficits, growth continues to deteriorate.</b></i> <i>Such is not a coincidence.”</i></blockquote><p><img src=\"https://static.tigerbbs.com/61e5b07cb55be5fcc7d49c22d056f865\" tg-width=\"500\" tg-height=\"274\" referrerpolicy=\"no-referrer\">With the government already running a massive deficit and adding another $4.25 trillion to date, the negative impact of debt on economic growth will increase.</p><p><i>Recent Wharton School analysis&nbsp;confirmed the same:</i></p><ul><li><p><i>The spending provisions of the AJP, in the absence of any tax increases, would increase government debt by 4.72%&nbsp;</i><i><b>and decrease GDP by 0.33% in 2050, as the crowding out of investment due to more significant government deficits outweighs productivity boosts from the new public investments.</b></i></p></li><li><p><i>The tax provisions proposed in the AJP, in the absence of any new spending, would decrease government debt by 11.16 percent in 2050. Despite reducing public debt,&nbsp;</i><i><b>the AJP’s tax provisions discourage business investment and thus reduce GDP by 0.49 percent in 2050.</b></i></p></li></ul><p>The reason this is important, from an investment standpoint, is the linkage between economic growth and the stock market.</p><p><b>Two Ways To Correct Valuations</b></p><p>In his letter, Dimon noted that stock market valuations are&nbsp;<i>“quite high.”</i><b>Still, a&nbsp;multiyear boom may justify current levels because markets are pricing in economic growth and excess savings that make their way into equities.</b></p><p>That is a significant statement and one that will most likely be proven wrong.</p><p>There is little argument valuations are high. As such, historically speaking, valuations have always reverted by prices falling to align with earnings.&nbsp;<b>However, what Dimon is proposing is a period where prices remain flat while earnings rise.</b></p><p><img src=\"https://static.tigerbbs.com/0d86fb20884b3d8f4d43d8f90c41b4f2\" tg-width=\"500\" tg-height=\"315\" referrerpolicy=\"no-referrer\">Such has never happened historically. However, such is particularly relevant given that economic activity drives corporate profits and earnings.</p><p><img src=\"https://static.tigerbbs.com/3ca1f432ee9c7a2cc19640379dbea43e\" tg-width=\"500\" tg-height=\"296\" referrerpolicy=\"no-referrer\">If Dimon is correct about interest rates and inflation, the drag on economic growth will increase.</p><blockquote><i><b>“Conversely, in this boom scenario it’s hard to justify the price of U.S. debt (most people consider the 10-year bond as the key reference point for U.S. debt.</b></i> <i>This is because of two factors: first, the huge supply of debt that needs to be absorbed; and second,&nbsp;</i> <i><b>the not-unreasonable possibility that an increase in inflation will not be just temporary.”</b></i></blockquote><p>Given the rising inflation and rates divert disposable incomes from consumption. Such suggests that much of the population living paycheck-to-paycheck, any&nbsp;<i>“cost”</i>&nbsp;increase will immediately detract from economic activity.</p><p><b>Mr. Dimon’s Next Bailout</b></p><blockquote><i><b>“Americans know that something has gone terribly wrong, and they blame this country’s leadership: the elite, the powerful, the decision makers – in government, in business and in civic society.</b></i> <i>This is completely appropriate, for who else should take the blame?”</i></blockquote><p><b>What Mr. Dimon tends to forget is that it was the U.S. taxpayer who bailed out the financial system, he included, following the financial crisis.</b></p><p><b>Then again, following the economic shutdown.</b></p><p>Despite massive fraud in the major banks related to the mortgage crisis, the banks paid only minor penalties for their criminal acts, and no one went to jail. Before the financial crisis, the top 5-banks comprised 40% of the banking system. Afterward, it became 60%.&nbsp;<b>Through it all, Mr. Dimon became substantially wealthier, while the American population suffered the consequences.</b></p><p>You better believe that Americans know something has gone wrong, and Jamie Dimon is&nbsp;<i>“poster child”</i>&nbsp;for the&nbsp;<i>“financial mafia.”</i></p><p>With the household, corporate, and government debt at a record, the next crisis will require another taxpayer bailout.&nbsp;<b>Since Mr. Dimon’s bank lent the money to zombie companies, households that could not afford it, took on excessive risks in financial assets, he will gladly accept the next bailout while taxpayers suffer the fallout.</b></p><p>While Mr. Dimon points the finger at everyone else, he is the problem. Of course, give any person a billion dollars, and they will likely become just as detached from&nbsp;<i>“serfs”</i>&nbsp;beneath his feet.</p><p><b>At some point, Americans have to stop hoping to magically cure a debt problem by adding more debt and then shuffling it between Central Banks.</b></p><p>But then again, such a statement is also delusional.</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>Dimon's Detached View Of Economic Realities</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\">\nDimon's Detached View Of Economic Realities\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 21:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/dimons-detached-view-economic-realities?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Authored by Lance Roberts via RealInvestmentAdvice.com,In December of 2019, I wrote about Dimon’s delusional view of economic realities. To wit:“The consumer, which is 70% of the U.S. economy, is ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/dimons-detached-view-economic-realities?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/dimons-detached-view-economic-realities?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132710983","content_text":"Authored by Lance Roberts via RealInvestmentAdvice.com,In December of 2019, I wrote about Dimon’s delusional view of economic realities. To wit:“The consumer, which is 70% of the U.S. economy, is quite strong. Confidence is very high.  Their balance sheets are in great shape.  And you see that the strength of the American consumer is driving the American economy and the global economy. And while business slowed down, my current view is that, no, it just was a slowdown, not a petering out.” – Jamie DimonThat’s what the head of JP Morgan Chase told viewers in his “60-Minutes” interview.Then the 2020 recession set in, consumption collapsed, and the Government passed massive stimulus bills to support the 50-million unemployed.Such isn’t the first time that I have discussed Dimon’s distorted views.Just as we discussed then, even just marginally scratching the surface on the economy and the “household balance sheet” reveals an uglier truth.In his latest annual shareholder letter, he recently made his usual bombastic and still delusional statements.Economic Boom Into 2023“I have little doubt that with excess savings, new stimulus, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine, and euphoria around the end of the pandemic, the U.S. economy will likely boom.  This boom could easily run into 2023 because all the spending could extend well into 2023.” – Jamie DimonThere are many problems with his view looking forward.To begin with, the vast majority of American’s do not have excess savings. If they did, then repeated stimulus payments wouldn’t be needed to support economic growth. The reality is “savings” get skewed by the top 20% of income earners, notably the 0.01% like Jamie Dimon.The top 5%, of income earners skew the measure.  Those in the top 20% have seen substantially larger median wage growth versus the bottom 80%. (Note: all data used below is from the Census Bureau and the IRS.)”Since the top income earners have more than enough income to maintain their living standards, the balance falls into savings. This disparity in incomes generates the “skew” to the savings rate and obfuscates the ability to “maintain a certain standard of living.”More Stimulus Not The AnswerSuch remains problematic for many Americans and consistently forces them further into debt.“The debt surge is partly by design. A byproduct of low borrowing costs the Federal Reserve engineered after the financial crisis to get the economy moving.  It has reshaped both borrowers and lenders. Consumers increasingly need it.  Companies increasingly can’t sell their goods without it. And the economy, which counts on consumer spending for more than two-thirds of GDP,  would struggle without a plentiful supply of credit.” – WSJI often show the “gap” between the “standard of living” and real disposable incomes. In 1990, incomes alone were no longer able to meet the standard of living. Therefore, consumers turned to debt to fill the “gap.”Currently, there is almost a $2150 annual deficit facing the average American. (Note: this deficit accrues every year, which is why consumer credit keeps hitting new records.)Notably, more “stimulus” has two very negative consequences economically:It pulls forward future consumption leaving a future void to fill (presumably with more stimulus); and,Stimulus reduces productive economic activity, which retards future growth.With still high levels of mortgages in forbearance, the need for continuing “eviction moratoriums,”and the ongoing demand for “government largesse” suggest the consumer is not nearly as strong as deemed.Wasted Deficit Spending“We need to properly invest, on an ongoing basis, in modernizing infrastructure.   Spent wisely, it is an opportunity for everyone.”Mr. Dimon is correct. Proper spending on infrastructure could indeed be economically beneficial. However, even a cursory glance at previous expenditures, shows such is not the case. Out of the entirety of Biden’s proposed infrastructure plan, only roughly 6% goes to building roads and bridges. Another 2% goes to waterways and dams. The other 92% is a Democratic grab bag of liberal projects, most of which have a negative long-term investment return.As such, the infrastructure bill is a negative long-term impact on economic growth. Such was a point we discussed previously in “One Way Trip:”“The chart below shows the deficit, 10-year average GDP growth, and the annual change in Federal Debt. The problem should be obvious.  Since the Federal government began ramping up debt, and running deficits, growth continues to deteriorate. Such is not a coincidence.”With the government already running a massive deficit and adding another $4.25 trillion to date, the negative impact of debt on economic growth will increase.Recent Wharton School analysis confirmed the same:The spending provisions of the AJP, in the absence of any tax increases, would increase government debt by 4.72% and decrease GDP by 0.33% in 2050, as the crowding out of investment due to more significant government deficits outweighs productivity boosts from the new public investments.The tax provisions proposed in the AJP, in the absence of any new spending, would decrease government debt by 11.16 percent in 2050. Despite reducing public debt, the AJP’s tax provisions discourage business investment and thus reduce GDP by 0.49 percent in 2050.The reason this is important, from an investment standpoint, is the linkage between economic growth and the stock market.Two Ways To Correct ValuationsIn his letter, Dimon noted that stock market valuations are “quite high.”Still, a multiyear boom may justify current levels because markets are pricing in economic growth and excess savings that make their way into equities.That is a significant statement and one that will most likely be proven wrong.There is little argument valuations are high. As such, historically speaking, valuations have always reverted by prices falling to align with earnings. However, what Dimon is proposing is a period where prices remain flat while earnings rise.Such has never happened historically. However, such is particularly relevant given that economic activity drives corporate profits and earnings.If Dimon is correct about interest rates and inflation, the drag on economic growth will increase.“Conversely, in this boom scenario it’s hard to justify the price of U.S. debt (most people consider the 10-year bond as the key reference point for U.S. debt. This is because of two factors: first, the huge supply of debt that needs to be absorbed; and second,  the not-unreasonable possibility that an increase in inflation will not be just temporary.”Given the rising inflation and rates divert disposable incomes from consumption. Such suggests that much of the population living paycheck-to-paycheck, any “cost” increase will immediately detract from economic activity.Mr. Dimon’s Next Bailout“Americans know that something has gone terribly wrong, and they blame this country’s leadership: the elite, the powerful, the decision makers – in government, in business and in civic society. This is completely appropriate, for who else should take the blame?”What Mr. Dimon tends to forget is that it was the U.S. taxpayer who bailed out the financial system, he included, following the financial crisis.Then again, following the economic shutdown.Despite massive fraud in the major banks related to the mortgage crisis, the banks paid only minor penalties for their criminal acts, and no one went to jail. Before the financial crisis, the top 5-banks comprised 40% of the banking system. Afterward, it became 60%. Through it all, Mr. Dimon became substantially wealthier, while the American population suffered the consequences.You better believe that Americans know something has gone wrong, and Jamie Dimon is “poster child” for the “financial mafia.”With the household, corporate, and government debt at a record, the next crisis will require another taxpayer bailout. Since Mr. Dimon’s bank lent the money to zombie companies, households that could not afford it, took on excessive risks in financial assets, he will gladly accept the next bailout while taxpayers suffer the fallout.While Mr. Dimon points the finger at everyone else, he is the problem. Of course, give any person a billion dollars, and they will likely become just as detached from “serfs” beneath his feet.At some point, Americans have to stop hoping to magically cure a debt problem by adding more debt and then shuffling it between Central Banks.But then again, such a statement is also delusional.","news_type":1},"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":373932031,"gmtCreate":1618809513123,"gmtModify":1704715188998,"author":{"id":"3581507214951045","authorId":"3581507214951045","name":"DT97","avatar":"https://static.tigerbbs.com/9f0d88cfaf797034db16b676d5d09342","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507214951045","idStr":"3581507214951045"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/373932031","repostId":"2128520398","repostType":4,"isVote":1,"tweetType":1,"viewCount":234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379517257,"gmtCreate":1618761789179,"gmtModify":1704714664066,"author":{"id":"3581507214951045","authorId":"3581507214951045","name":"DT97","avatar":"https://static.tigerbbs.com/9f0d88cfaf797034db16b676d5d09342","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507214951045","idStr":"3581507214951045"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379517257","repostId":"1132710983","repostType":4,"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379580860,"gmtCreate":1618761893750,"gmtModify":1704714664714,"author":{"id":"3581507214951045","authorId":"3581507214951045","name":"DT97","avatar":"https://static.tigerbbs.com/9f0d88cfaf797034db16b676d5d09342","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507214951045","idStr":"3581507214951045"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379580860","repostId":"1131521200","repostType":4,"repost":{"id":"1131521200","kind":"news","pubTimestamp":1618577973,"share":"https://ttm.financial/m/news/1131521200?lang=&edition=fundamental","pubTime":"2021-04-16 20:59","market":"us","language":"en","title":"Hedge Fund Billionaire Who Shorted Lehman Brothers Says the Fed and SEC Aren’t Doing Their Jobs","url":"https://stock-news.laohu8.com/highlight/detail?id=1131521200","media":"Barron's","summary":"Stocks arehitting record highs, but not everyone is happy. Greenlight Capital’s David Einhorn is ups","content":"<p>Stocks arehitting record highs, but not everyone is happy. Greenlight Capital’s David Einhorn is upset, particularly with regulators. He has a long list of gripes, ranging from the Federal Reserve’s handling of inflation to the U.S. Securities and Exchange Commission’s lack of action on everything from Robinhood toGameStop.</p>\n<p>Einhorn’s complaints regarding the Fed are boilerplate. The Fed has the job of keeping inflation in check, but is now willing to let inflation rise above its long-term target. He doesn’t like the new laissez-faire attitude about rising prices.</p>\n<p>But Einhorn’s harshest words in a letter published Thursday were reserved for the SEC. Its job is to ensure fair trading, but Einhorn writes that it seems to have no interest in investigating spikes in the stock prices of tiny companies or statements from prominent figures such asTesla’sElon Musk and Chamath Palihapitiya that he likens to pouring “jet fuel on the GME squeeze.”</p>\n<p>“There is no cop on the beat,” Einhorn writes. “Companies and managements that are emboldened enough to engage in malfeasance have little to fear.”</p>\n<p>With Greenlight returning just 5.2% in 2020—theS&amp;P 500returned 18%— Einhorn’s rant could seem like sour grapes if the issues he raises weren’t so serious.</p>\n<p>Einhorn calls on Congress to grill absentee regulators instead of interviewing Roaring Kitty.</p>\n<p>It would be a start.</p>","source":"lsy1610680873436","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>Hedge Fund Billionaire Who Shorted Lehman Brothers Says the Fed and SEC Aren’t Doing Their Jobs</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\">\nHedge Fund Billionaire Who Shorted Lehman Brothers Says the Fed and SEC Aren’t Doing Their Jobs\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 20:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/hedge-fund-billionaire-who-shorted-lehman-brothers-says-the-fed-and-sec-arent-doing-their-jobs-51618576593?mod=hp_LATEST><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks arehitting record highs, but not everyone is happy. Greenlight Capital’s David Einhorn is upset, particularly with regulators. He has a long list of gripes, ranging from the Federal Reserve’s ...</p>\n\n<a href=\"https://www.barrons.com/articles/hedge-fund-billionaire-who-shorted-lehman-brothers-says-the-fed-and-sec-arent-doing-their-jobs-51618576593?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/hedge-fund-billionaire-who-shorted-lehman-brothers-says-the-fed-and-sec-arent-doing-their-jobs-51618576593?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131521200","content_text":"Stocks arehitting record highs, but not everyone is happy. Greenlight Capital’s David Einhorn is upset, particularly with regulators. He has a long list of gripes, ranging from the Federal Reserve’s handling of inflation to the U.S. Securities and Exchange Commission’s lack of action on everything from Robinhood toGameStop.\nEinhorn’s complaints regarding the Fed are boilerplate. The Fed has the job of keeping inflation in check, but is now willing to let inflation rise above its long-term target. He doesn’t like the new laissez-faire attitude about rising prices.\nBut Einhorn’s harshest words in a letter published Thursday were reserved for the SEC. Its job is to ensure fair trading, but Einhorn writes that it seems to have no interest in investigating spikes in the stock prices of tiny companies or statements from prominent figures such asTesla’sElon Musk and Chamath Palihapitiya that he likens to pouring “jet fuel on the GME squeeze.”\n“There is no cop on the beat,” Einhorn writes. “Companies and managements that are emboldened enough to engage in malfeasance have little to fear.”\nWith Greenlight returning just 5.2% in 2020—theS&P 500returned 18%— Einhorn’s rant could seem like sour grapes if the issues he raises weren’t so serious.\nEinhorn calls on Congress to grill absentee regulators instead of interviewing Roaring Kitty.\nIt would be a start.","news_type":1},"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}