👀 JPMorgan showed investors what's what

Big banks kicked off earnings season, BlackRock broke records, and the internet spent the day in bed | [Finimize]( [TOGETHER WITH](#) Hi {NAME}, here's what you need to know for October 12th in 3:13 minutes. - JPMorgan Chase kicked off banks’ earning season in style, and Wells Fargo… was there - MicroStrategy’s bitcoin strategy, explained – [Read Now]( - The world’s biggest investment manager, BlackRock, just announced a record-breaking third quarter 🧦 You scratch our back, and we'll coddle your feet. Not in a weird way: [fill out this survey]( and we'll send you a pair of Finimize socks, no matter where in the world you are. [Give us your thoughts]( King Of The Hill [King Of The Hill] What’s going on here? JPMorgan Chase announced higher-than-expected earnings for last quarter on Friday, and pushed its profit forecast for the rest of the year up to new heights, too. What does this mean? Both JPMorgan’s revenue and profit beat investors’ expectations, not least because the company’s “net interest margin” – the difference between what it charges customers for loans versus the amount paid on its own borrowing – was meatier than predicted. Filled with confidence, the bank went on to hike its interest income forecast for the rest of the year. Wells Fargo may just have turned green at the news: the rival bank’s net interest income shrank last quarter, leaving total revenue to fall short of forecasts. That said, both banks had bustling investment banking activity on their side – and that helped Wells Fargo blow past analysts’ profit estimates, at least. Why should I care? The bigger picture: Money makes the world go round. Banks’ earnings tend to reveal a lot about how the overall economy is holding up. See, their savings and loans businesses are affected by rising and falling interest rates, while their advisory businesses – which help firms work through fundraising and acquisitions – offer insight into how companies are faring. JPMorgan gave its two cents on Friday, saying consumers are “fine and on strong footing”, which bodes well for consumer discretionary companies – those selling stuff shoppers want but don’t necessarily need. But the bank’s CEO also sounded the alarm (and not for the first time) on the state of the US and geopolitics farther afield. Stateside, JPMorgan said high levels of government debt and the need to spend on infrastructure were causing concerns for the US economy. But it’s the last bit that’s most likely to keep you up at night: the big bank said things appear to be “treacherous and getting worse” on the global stage, due to rising conflicts with the potential for far-reaching economic and historical outcomes. On balance, not the most reassuring update you could ask for. You might also like: [How to make sense of banks’ earnings](. Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=King Of The Hill&utm_campaign=daily-global-12-10-2024&utm_source=email) TODAY'S INSIGHT This Company’s Shares Are Up Nearly 200% This Year, Thanks To Bitcoin Jonathan Hobbs, CFA [This Company’s Shares Are Up Nearly 200% This Year, Thanks To Bitcoin]( [MicroStrategy]( is a software developer, sure, but it’s also one of the world’s biggest bitcoin holders – having used an interesting “convertible note” tactic to acquire a ton of its coins. Co-founder Michael Saylor’s intriguing [bitcoin playbook]( has made the company’s stock a top performer, with its share price up almost 200% this year alone. So here’s how the plan works, along with a potential [opportunity]( for you. That’s today’s Insight: [MicroStrategy’s bitcoin strategy, explained](. [Read or listen to the Insight here]( [IG Event]( 🇺🇸 What you need to know before casting your vote Don’t worry: we’re not about to reignite your family feud about the upcoming election. See, the [US election]( will impact investments no matter the outcome – and you need to [prepare your portfolio]( for that hard truth. So [join IG for our exclusive Election Special event](: you’ll get the lowdown on key economic policies, their potential impact, and how different outcomes could affect your investments. After all, you’d rather be proactive than reactive: the election outcome may be out of your hands, but you [can control your portfolio]( so you’re not caught unawares. [Grab your free ticket]( and get clued up. [Get Your Ticket]( The Rock Says [The Rock Says] What’s going on here? In the immortal words of Dwayne Johnson, we “smell what the (Black)Rock is cooking”: the asset manager turned out a better-than-expected earnings update on Friday. What does this mean? The world’s biggest investment manager has earned that moniker: the amount of money it looks after – its “assets under management” (AUM), as the number crunchers say – rose to a record $11.5 trillion last quarter, helped by investors handing over $221 billion of fresh cash. And at BlackRock, the more the merrier. The firm charges a fee on all the cash under its stewardship, see, so more AUM means more revenue and profit. And last quarter, the resulting earnings were enough to lay the proverbial Smackdown on investors’ overly pessimistic expectations. Why should I care? For you personally: Peek behind the curtain. BlackRock’s updates say a lot about where folk are putting their money. Take last quarter as an example: the firm’s report shows investors piled into passive stock and bond exchange-traded funds (ETFs), actively managed bond funds, [money market funds](, and “alternatives” – think real estate, private debt, and other long-term, hard-to-trade assets. That stacks up with the recent Modern Investor Pulse. Almost half of the retail investors surveyed planned to invest in ETFs in the next six months, while around 20% were considering investing in alternatives, bonds, and money markets. For markets: Fine wine and art are good for more than boring first dates. Speaking of alternatives, BlackRock’s been making strides with more out-of-the-ordinary investments. The firm just spent $13 billion to acquire a private market assets business, as well as $3 billion on a UK data firm that specializes in alternative investments. The reason’s straightforward enough: firms like BlackRock can charge investors more for hard-to-access alternatives than they can for old faithful stock and bond investments. You might also like: [What investors are planning to do next](. Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=The Rock Says&utm_campaign=daily-global-12-10-2024&utm_source=email) QUOTE OF THE DAY "Do the difficult things while they are easy and do the great things while they are small." – Lao Tzu (a Chinese philosopher and writer) [Tweet this]( [GoldCore Guide]( A kiss on the hand may be quite continental, but gold can be an investor’s best friend We’re connected to our ancestors in many ways: the way we look, speak, behave. And of course, the fact that we go ga-ga over a shiny brick of gold. Humans have been [using the precious metal as a store of wealth]( for thousands of years, and it’s no wonder why. [Gold]( is virtually indestructible, it doesn’t decay, it can take portable forms like coins or jewelry, and it’s in finite supply. Plus, it’s pretty. So no matter whether you’re prepping for a doomsday wipe-out of global currencies, or just looking to diversify a tad more, you might want to know [how – and why – to invest in gold](. Well, you’ve struck – ahem – gold: [you can check out Goldcore’s guide about investing in the precious metal for free](. [Read The Guide]( 🎯 On Our Radar 1. Finally, someone’s asking the real questions. Here’s how long travel mugs can [keep your coffee hot](. 2. A golden oldie. How to invest in [one of the world's oldest investments]( with GoldCore. 3. My job is just… “bed”. [Sleep culture]( has had its wakeup call, ironically enough. 4. Bitcoin's the OG crypto. It's also tricky to value, but [this guide can help](.* 5. They say it takes a village. Forgetting that advice, this writer [started a day care by mistake](. 🌍 Finimize Live 🤩 Grab your tickets... ♟️ [Game-Changing Strategies For Options Traders](: 5pm, October 15th 🇺🇸 [US Election Special: What Investors Need To Know Before Voting](: 5pm, October 29th 🇺🇸 [US Election Special: The Landscape, Regardless Of Who Wins:]( 5pm, November 7th 🏅 [How To Tap Into Your Gold Opportunity](: 5pm, November 14th 🚀 [2024 Modern Investor Summit](: 2pm, December 3rd and 4th Thanks for reading {NAME}. If you liked today’s brief, we’d love for you to share it with a friend – here’s a link: [Share this email]( You stay classy, {NAME} 😉 Any thoughts on today’s email? [Give feedback]( Want to advertise with us? 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