One of the most admired and successful investors remains optimistic over americas future. This countrys productivity and magic remains alive and well. He talked about business at berkshire and his time at ibm and defended his relationship with private equity firm 3g. This morning in an interview with cnbc he made his optimism on the stock market clear. Theres never been a time in my life, i know what market will do over a long period of time. They will go up. In terms of whats going to happen in day or a week or month or year even, i never felt i knew and i never felt it was important. I will say that in 10 or 20 or 30 years, i think stocks will be a lot higher than now. If you own a piece of it, if you dont beat yourself, the only person that can cause you to get a bad result in stocks is yourself. Susie, special correspondent at fortune follows mr. Buffet closely and joins us now High Pressure his optimism not only for the economy but for the stock market is always very strong, unwav
We begin with morgan which saw its quarterly profit jump more than 20 . Thats the good news. But the biggest bank in the u. S. By as sets missed wall streets earnings estimates. By comparatively five cents. Reporting profits of 1. 32 a share. Revenues 6 lower than a year ago at 23. 5 billion hit by volatile markets and continued low Interest Rates. They missed estimates, too. Shares were initially lower after the report as you see right there on that graphic. We take a look now at some of the big issues the countrys biggest banks are facing this quart. Reporter jpmorgan the first of the financials to report and with a miss to beat not a way to kick off a busy week of earnings. Bank of america, citigroup, wells fargo and Goldman Sachs out with their earnings in the coming days. All banks are likely to feel the effects of the macro headwinds we saw in the Third Quarter and those that affected jpmorgan, as well. First low rates, likely to squeeze margins even if they cause a short term up
Its quarterly profit jump more than 20 . Thats the good news. But the biggest bank in the u. S. By as sets missed wall streets earnings estimates. By comparatively five cents. Reporting profits of 1. 32 a share. Revenues 6 lower than a year ago at 23. 5 billion hit by volatile markets and continued low Interest Rates. They missed estimates, too. Shares were initially lower after the report as you see right there on that graphic. We take a look now at some of the big issues the countrys biggest banks are facing this quart. Reporter jpmorgan the first of the financials to report and with a miss to beat not a way to kick off a busy week of earnings. Bank of america, citigroup, wells fargo and Goldman Sachs out with their earnings in the coming days. All banks are likely to feel the effects of the macro headwinds we saw in the Third Quarter and those that affected jpmorgan, as well. First low rates, likely to squeeze margins even if they cause a short term uptick in loans like mortgages. T
Its quarterly profit jump more than 20 . Thats the good news. But the biggest bank in the u. S. By as sets missed wall streets earnings estimates. By comparatively five cents. Reporting profits of 1. 32 a share. Revenues 6 lower than a year ago at 23. 5 billion hit by volatile markets and continued low Interest Rates. They missed estimates, too. Shares were initially lower after the report as you see right there on that graphic. We take a look now at some of the big issues the countrys biggest banks are facing this quart. Reporter jpmorgan the first of the financials to report and with a miss to beat not a way to kick off a busy week of earnings. Bank of america, citigroup, wells fargo and Goldman Sachs out with their earnings in the coming days. All banks are likely to feel the effects of the macro headwinds we saw in the Third Quarter and those that affected jpmorgan, as well. First low rates, likely to squeeze margins even if they cause a short term uptick in loans like mortgages. T
All this happening after the ecb shocked the world with a stimulus package that was smaller than expected. The selloff started yesterday immediately after fed chair janet yellen signalled a rate hike in december. Is this the end of the socalled easy money trade . Yes. I think it is the end of the easy money trade but its been all year. Weve seen multiple markets, multiple sectors all trading lower. What happened today, do you need to separate out what happened today. Today was not an economic event. Commit didnt change from yesterday. Its not going to change from tomorrow. What happened today is people were positioned expecting the ecb and mario draghi to deliver more stimulus than they did. They still delivered stimulus and eased monetary policy, cut rates. They didnt do as much as market expected. When those expectations had to unwind, everything spilled out. The dollars been driving this market all year. It drove it today. When it weakened, the euro strengthened. Every other asset c