A single JPEG has catalyzed yet another rabid surge in the stock price of the video game store GameStop: its price jumped by more than 70% on Monday morning.
On the evening of Sunday, May 12, a man named Keith Gill posted an illustration on X of a man bolting upright in his chair. Gill, who goes by handle Roaring Kitty, is something of a digital folk hero to many amateur investors—he was one of the major catalysts of the WallStreetBets craze of 2021. His reappearance and the subsequent enthusiasm—coupled with other rising “meme stocks”—suggest that the U.S. is fully in the midst of another period of meme stock frenzy, in which small-scale investors rally together to push the stock market in unpredictable ways. On Monday, GameStop’s shares briefly passed $36…
I’m a global macro investor who has been betting on what’s going to happen for over 50 years. I’ve been through all sorts of events and cycles in all sorts of places over a long time which led me to study how these events and cycles work. In the process, I learned that I needed to study history to understand what’s going on and what’s likely to happen.
Early in my career, I learned though a couple of painful mistakes that the biggest things that surprised me did so because they never happened in my lifetime but had happened many times in history. The first time that happened was on August 15, 1971 when I was clerking on the floor of the New York Stock exchange and the U.S. defaulted on its debt promise to allow people to turn in their paper dollars fo…
JPMorgan Chase & Co. is suing Jes Staley to hold the former executive responsible for any damages stemming from lawsuits accusing the bank of facilitating Jeffrey Epstein’s sex-trafficking.
The bank on Wednesday filed a third-party complaint against Staley, once its private banking chief, in Manhattan federal court, arguing he should be held liable if allegations about his relationship with Epstein are shown to be true.
JPMorgan also brought separate claims against Staley for breaching his duty of loyalty to the bank. Because of his “faithless service,” the bank said it was entitled to recover all compensation paid to Staley between 2006 and 2013 — a figure likely surpassing $80 million.
Staley’s duty to JPMorgan required him “to…