They are not a scam, as the Chairman of my Econ department once said, after losing his shirt in the collapse of the stock market.
The more of the market you see, and the more detail you see, the easier it is to make good investments.
* * * * * J B K * * * * *
San Francisco
April 14 (Bloomberg) -- JPMorgan Chase & Co., the second- biggest U.S. bank by assets, beat analysts' estimates as first- quarter earnings rose 55 percent on record fixed-income trading revenue and a reduction in provisions for credit losses.
Net income climbed to $3.33 billion, or 74 cents a share, from $2.14 billion, or 40 cents, in the same period a year earlier, the New York-based bank said today in a statement. The per-share earnings compared with the 64-cent average estimate of 21 analysts surveyed by Bloomberg.
"It's an embarrassment of riches in this quarter," said Michael Holland, who oversees more than $4 billion as chairman of Holland & Co. in New York and owns JPMorgan shares. "These are results that you expect from maybe Goldman in a very good environment for trading," Holland said in a Bloomberg Television interview.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aVDSv_QM25Hs&pos=1
