FAST FIVE: Citi Warns "Markets Are Way Ahead Of Reality", Urges Clients To Raise As Much Money As They Can Before The Next Crash

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“Markets are pricing a V [shaped recovery], everyone's coming back to work, and this is going to be fine,” Mr Falco said.

“I don't think it's going to be that easy quite frankly” said the investment banking icon who just made Robinhood's shitlist.

This was especially true at JPMorgan Chase, whose investment bank boss Daniel Pinto said trading revenues in the second quarter could be up as much as 50% compared with a year earlier.

Low asset prices can tempt activist investors to buy into companies on the cheap and then look for ways to make them more profitable, often by cutting costs and jobs, but mostly issuing more debt (although with corporate leverage now at even record-er levels than just 2 months ago it is unclear just who has the capacity for even more debt).

“You gotta be careful though because an activist can become very quickly a focus of governments if they really step in too hard at a time when people, what they want is to protect employment and to actually get things going in the economy,” Falco said.

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