Porter & Co.
The U.S. banking system could be on a verge of a “seismic shift” (from CNBC on July 10)…
The whirlwind weekend in late April that saw the country’s biggest bank take over its most troubled regional lender marked the end of one wave of problems — and the start of another. After emerging with the winning bid for First Republic, a lender to rich coastal families that had $229 billion in assets, JPMorgan
“Bubble expert” Jeremy Grantham estimates the market has a 70% chance of crashing in the next few years (from Fortune on July 5)…
A legendary investor whose expertise lies in major stock crashes says the market is heading toward a burst bubble, akin to the crises seen in 1929 and 2000. British billionaire Jeremy Grantham is cofounder of investment management company GMO, which reportedly handles a near $65 billion in assets. Grantham, estimated to be worth $1 billion
Vanguard data show America’s retirees are betting heavily on stocks. What could go wrong? (from The Wall Street Journal on July 4)…
Older Americans keep rolling the dice in the stock market, ignoring the conventional wisdom to protect their nest eggs by shifting more of their investments to bonds. Nearly half of Vanguard 401(k) investors actively managing their money and over age 55 held more than 70% of their portfolios in stocks. In 2011, 38% did so.
Survey data show the U.S. manufacturing sector contracted for the eighth consecutive month in June (from Reuters on July 3)…
U.S. manufacturing slumped further in June, reaching levels last seen when the nation was reeling from the initial wave of the COVID-19 pandemic, but price pressures at the factory gate continued to deflate, a silver lining for the economy. Shrinking activity left factories resorting to layoffs, the survey from the Institute for Supply Management (ISM)