Jesse Felder

Jesse Felder


Formerly at Bear Stearns then co-founded a multi-billion-dollar hedge fund firm. Now publish The Felder Report and host the Superinvestors podcast.

139551 followers  •  63 follow  •    •  

'Operating expenses were up 11% to $17.9 billion, with the bank citing higher compensation.'

'The chart below offers some perspective on where corporate profit margins are at present, how much of that impact is attributable to fiscal support and where profit margins may eventually settle if they again become aligned with real unit labor costs.'

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'House prices were up 19% from a year earlier. Imputed rent was up only 3.8%. Adjusting the homeowners' costs for actual prices would have added an additional 3.5 percentage points to the reported 7% rise in the CPI.'

'Morgan Stanley estimates that quantitative tightening through 2025 will be the equivalent of 100-200 basis points worth of rate hikes.' via @SoberLook 

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'This chart shows household debt-to-disposable income in select economies.' via @SoberLook 

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'Google misled publishers and advertisers for years about the pricing and processes of its ad auctions, creating secret programs that deflated sales for some companies while increasing prices for buyers, according to a lawsuit by state attorneys general.'

"Compared to the oil price, stocks of energy companies are significantly lower than they have been in the past. That's because of what I call the ESG discount: The enthusiasm people have for ESG."

'The tech shares lost a third of their value and yet the group -- a basket of companies for whom profitability has in many cases yet to materialize -- still trades at 16 times sales. That’s almost three times the multiple of the Nasdaq 100 Index.'

"Forward guidance was an expedient tool when they faced low inflation with disinflationary pressures. It is not clear it is sustainable where risks are bi-directional or tilted to the upside."

'JPMorgan's data showed that the week through Tuesday saw the strongest retail "order imbalance" for equities on record, meaning that buy orders outnumbered sell ones.'

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'Four years ago, America elected its first billionaire president. Since then, the nation’s 200-or-so wealthiest people - a cohort representing 0.00006% of the population - have increased their combined wealth from less than $1.8t to more than $2.8t.'

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Tesla officially passes Visa and moves into the 7th spot for most valuable company in the U.S. (behind Berkshire Hathaway). Market Cap Tesla: $473 billion Visa: $451 billion Net Income Tesla: $0.4 billion Visa: $11.8 billion Profit Margin Tesla: 1.4% Visa: 51.4%

In the four weeks ended Aug. 22: -Egg prices rose 16.5% -Cheese prices rose 7.3% -Lunch meat prices rose 8.1% -Diaper prices rose 8.8% -Laundry detergent prices rose 9.2%

"Amazon's getting a 60% discount on their property taxes in the next decade, whereas mine have gone up. When you have that kind of subsidy going to a company that is running everybody else out of business, it’s hard to figure out a way around it."

'When billionaire Bill Ackman went on television last week to tearfully warn that "hell is coming" and beg the White House to shut down the country for 30 days, he was knee deep in a bet against the markets that netted him $2.6 billion.'

Google search trends for "call options" and "day trading" is pretty telling:

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'The richest 10% of Americans own 88% of the $29 trillion in corporate stock and mutual fund shares, according to the Federal Reserve.'

The real Fed Funds Rate currently stands at -4.1%, the most deeply negative rate since 1980.

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'Real estate accounts for almost 30% of China’s GDP — far higher than the U.S. at the height of its boom. To make matters worse, Chinese citizens are extraordinarily dependent on real estate for their nest eggs — the homeownership rate is 90%.'

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