China Anti-Deflation Policies "Encouraging": Barclays
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New York Post
a few seconds ago
- New York Post
JPMorgan CEO Jamie Dimon held ‘friendly' phone chat with Zohran Mamdani after calling him a ‘Marxist': report
JPMorgan CEO Jamie Dimon recently called New York's likely next mayor Zohran Mamdani 'more of a Marxist than a socialist' — then got on the phone with him for what turned out to be a surprisingly friendly chat, according to a report. The conversation between Wall Street's most powerful banker and the 33-year-old Democratic Socialist reportedly took place just a short time after Dimon panned Mamdani's far-left economic platform last month during a public appearance in Dublin. Manhattan's financial elite are grappling with the prospect of dealing with a far-left mayor who has touted proposals including rent freezes, government-owned grocery stores and massive tax hikes on corporations and the wealthy. 5 JPMorgan CEO Jamie Dimon recently called New York's likely next mayor Zohran Mamdani, according to a report. Bloomberg via Getty Images Mamdani, who crushed former Gov. Andrew Cuomo in June's Democratic primary and holds a commanding lead in November polls, has struck fear into the hearts of business leaders as past comments have surfaced about the need to 'seize the means of production.' The Queens lawmaker, who also once touted defunding the police, has sat down with Point72 hedge fund chief of staff Michael Sullivan, high-powered lawyer Brad Karp, Brooklyn developer Jed Walentas and 32 Advisors CEO Robert Wolf, among others, Bloomberg News reported. 'The core of my politics is not just sincerity, but also a desire for partnership,' Mamdani said last month before meeting with skeptical business leaders. The charm offensive comes as Wall Street grapples with the prospect that someone who promises billions in social spending could soon control City Hall. Mamdani faces incumbent Mayor Eric Adams, Cuomo and Republican Curtis Sliwa in November, but polls show him with a substantial advantage. Kathy Wylde, CEO of the Partnership for New York City, has reportedly been helping arrange the meetings by providing Mamdani's campaign with contact information for about a dozen executives. 5 Mamdani, the 33-year-old Democratic Socialist, is poised to become New York City's next mayor, according to polls. Getty Images State Attorney General Letitia James, City Comptroller Brad Lander and former Open Society Foundations President Patrick Gaspard have also organized gatherings, Bloomberg News reported. A spokesperson for James confirmed Bloomberg's reporting when reached by The Post. Business leaders want to know if Mamdani would keep Police Commissioner Jessica Tisch, given his past calls to defund the police. 5 Kathy Wylde, CEO of the Partnership for New York City, has reportedly been helping arrange meetings between Mamdani and the city's business elite. Bloomberg via Getty Images The candidate has said he'll consider it but hasn't committed. At a meeting tech investor Charles Phillips organized for black executives last month, Mamdani softened his previous comment that billionaires shouldn't exist and said he doesn't really believe in defunding the police, according to Phillips. 'He was responsive and listened. In some areas he budged a little bit,' Phillips said. The executives pressed Mamdani on practical concerns about his rent freeze proposal, warning that landlords facing foreclosure from rising expenses could destabilize the housing market, Bloomberg News reported. 5 The chief of staff for the Point72 hedge run founded by Mets owner Steve Cohen also reportedly met with Mamdani. IMAGN IMAGES via Reuters Connect Larger gatherings have also taken place. About 150 business leaders attended one meeting organized by Wylde's group, including Centerview Partners' Blair Effron and Vornado Realty Trust's Steve Roth, according to the Bloomberg News report. The next day, roughly 200 tech executives gathered to hear from Mamdani, with Point72's Sullivan grabbing face time as the session ended. Many of the city's business titans are spurning Mamdani's charm offensive. 5 Brad Karp, a high-powered attorney who is well-connected in the city, is also reported to have met with Mamdani. Getty Images Hedge fund billionaire Bill Ackman, who supported Cuomo in the primary, now backs Adams and regularly attacks Mamdani on social media. Fellow billionaire Dan Loeb complained about the city's 'hot commie summer' after Mamdani's primary victory. The Post has sought comment from , Mamdani, JPMorgan Chase, Walentas, Point72, Karp, Wylde, James, Lander and Gaspard.
Yahoo
29 minutes ago
- Yahoo
6 Brutal Truths You Learn After Going Broke, According to Austin Williams
It's easy to think everything will always be okay, until it's not. In a YouTube video, personal finance educator Austin Williams shared six brutal truths people often learn after going broke. The below lessons, hard-earned and painfully honest, are reminders of why we all need to prepare for life's unexpected financial curveballs. Read Next: For You: Savings Are Life-Saving When disaster strikes whether it's job loss, economic downturn or an unexpected expense, your savings become your lifeline. Austin illustrated this with the story of a friend who lost his job in international development. Because he'd saved aggressively in the years prior, he could take his time finding the right next move. Another friend in the same situation, but without savings, had to wait tables within a month just to stay afloat. 'One person gets time, space and options, while the other has to scramble just to survive,' Williams said. Discover Next: It's Easier To Do Something Than Undo It 'It's very easy to make bad financial decisions in the present and not worry about them,' Williams said. Whether it's putting lunch on a credit card or using buy-now-pay-later services for concerts, these decisions are easy now, but costly later. In his video he warned that the concert ticket that took 10 minutes to pay with Affirm will take six months to pay off and the exciting new car will be a five-year financial burden. He urged viewers to ask themselves, 'Will this be harder to undo than it is to avoid?' More often than not, the answer is yes. Small Decisions Are Much Easier Than One Big One According to Williams, people in financial distress often find themselves forced into making very big decisions, like trying to escape massive debt or turn around their financial situation in a hurry. But those big problems? They're usually the result of small choices stacked on top of each other. 'Small decisions often don't feel significant in the moment,' Williams said. 'But the truth is a big problem is just hundreds of small decisions that compounded over time.' If your decisions haven't yet compounded into a crisis, this is your moment. Williams recommended that you keep your small decisions in check. That way, you don't have to clean up any mess by making one very big decision. There's No replacement for Time Being broke isn't a life sentence, but trying to recover when time is no longer on your side is a different story. Williams compares two people: one who is 40 and one who is 60, both starting with zero in retirement savings. The younger person still has time to invest and grow wealth. But the 60-year-old? 'Even setting aside $1,000 a month will not give them much to retire with,' he explained. 'They're not just unprepared, they're out of time.' This lesson hits hard here as Williams said they live their lives telling themselves, 'I'll start saving next year.' Only to eventually realize the hill is much steeper than it would've been if they took action earlier. Peace Is More Valuable Than Possessions When times are good, upgrading your lifestyle feels like the next logical step. But when life takes a turn, you quickly come to the realization that none of the stuff you possess matters. 'The things that we often chase are the things that often rob us of peace in the long term like the car payment that keeps you up at night, the credit card bill that lingers in the back of your mind,' Williams said. People who've gone broke often reflect on how they would give up everything they bought just to have peace again. So ask yourself whether you're trading possessions for your peace of mind. Being Ahead Is Not as Hard as It Seems The biggest misconception people have about personal finance is that it's only for the wealthy or the financial experts. But Williams insists the truth is far simpler. 'They think that in order to be in a good financial situation, you have to be making a high income, have a complicated investment plan and master complex financial concepts,' he said. But what actually works? Tracking your expenses, creating a budget, living below your means and avoiding debt. These aren't glamorous strategies, but they're effective after making small and intentional choices each day. 'Start making good choices today while it's still easy because once reality hits, it becomes a lot harder to clean up that mess,' Williams added. More From GOBankingRates 5 Ways Trump Signing the GENIUS Act Could Impact RetireesI'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money This article originally appeared on 6 Brutal Truths You Learn After Going Broke, According to Austin Williams Sign in to access your portfolio
Yahoo
29 minutes ago
- Yahoo
Li Lu's Strategic Move: Significant Investment in PDD Holdings Inc
Exploring Li Lu (Trades, Portfolio)'s Recent 13F Filing and Investment Philosophy Warning! GuruFocus has detected 7 Warning Sign with BAC. Li Lu (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. Born and raised in China, Li Lu (Trades, Portfolio) attended Columbia University, where he received three degrees simultaneously: B.A., J.D., and M.B.A. from Columbia College, Law School, and Business School. In 1997, he founded Himalaya Capital, a multibillion-dollar investment firm that primarily focuses on long-term investment opportunities in Asia and the U.S. Li Lu (Trades, Portfolio) currently serves as a member of the Board of Trustees of Columbia University and a member of the Board of Trustees of California Institute of Technology (Caltech). He is also a member of the Committee of 100, the Council on Foreign Relations, and an Aspen Institute Henry Crown Fellow. He is featured in the Smithsonian Institute's Family of Voices, part of the ongoing Many Voices, One Nation exhibition at the National Museum of American History. He is the author of "Moving The Mountain: My Life in China" (1990 in English) and "Civilization, Modernization, Value Investing---and China" (2020 in Chinese). Li Lu (Trades, Portfolio)'s firm embraces the value investment principles of Benjamin Graham, Warren Buffett (Trades, Portfolio), and Charlie Munger. It primarily focuses on publicly traded companies in Asia, with an emphasis on China. The firm aims to achieve superior returns by being long-term owners of high-quality companies with a substantial economic moat, great growth potential, and are run by trustworthy people. Li Lu (Trades, Portfolio) said, "In making investments, I have always believed that you must act with discipline whenever you see something you truly like. To explain this philosophy, Buffett/Munger likes to use a baseball analogy that I find particularly illuminating, though I myself am not at all a baseball expert. Ted Williams is the only baseball player who had a .400 single-season hitting record in the last seven decades. In the Science of Hitting, he explained his technique. He divided the strike zone into 77 cells, each representing the size of a baseball. He would insist on swinging only at balls in his best cells, even at the risk of striking out, because reaching for the worst spots would seriously reduce his chances of success." Summary of New Buy Li Lu (Trades, Portfolio) added a total of 1 stock, among them: The most significant addition was PDD Holdings Inc (NASDAQ:PDD), with 4,608,000 shares, accounting for 17.93% of the portfolio and a total value of $482.27 million. Key Position Reduces Li Lu (Trades, Portfolio) also reduced position in 1 stock. The most significant changes include: Reduced Bank of America Corp (NYSE:BAC) by 3,415,246 shares, resulting in a -24.66% decrease in shares and a -6.44% impact on the portfolio. The stock traded at an average price of $42.07 during the quarter and has returned 8.17% over the past 3 months and 9.92% year-to-date. Portfolio Overview At the second quarter of 2025, Li Lu (Trades, Portfolio)'s portfolio included 9 stocks, the top holdings included 18.36% in Bank of America Corp (NYSE:BAC), 17.93% in PDD Holdings Inc (NASDAQ:PDD), 16.67% in Alphabet Inc (NASDAQ:GOOGL), 16.22% in Berkshire Hathaway Inc (NYSE:BRK.B), 16.17% in Alphabet Inc (NASDAQ:GOOG). The holdings are mainly concentrated in 5 of all the 11 industries: Financial Services, Communication Services, Consumer Cyclical, Energy, Technology. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
