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JP Morgan’s Co-President Daniel Pinto discussed everything from his company’s performance to crypto mania to the European Super League to SPACs in a recent interview with Bloomberg.
Pinto said that SPACs may have trouble finding target companies due to the rapid increase in funds raised from IPOs of blank check firms.
The co-president also touched on the growing risk appetite for investors across the markets and how his firm has been forced to turn away some clients who expect a more speculative approach.
When asked about the rise of retail investors, Pinto urged caution when it comes to investing based on information from social media.
The JP Morgan executive also said bitcoin has no intrinsic value and that the only thing that keeps the price up is investor confidence.
Finally, Pinto discussed JP Morgan’s backing of the stalled European Super League and said although his company provided the funding for the project that it wasn’t its place to decide what’s right for the sport.
Here are the 10 best quote from Pintos’ 10 interview with Bloomberg, lightly edited and condensed for clarity:
“The first quarter was very strong, last year was very strong, almost all across the business but mainly driven by the investment bank…so what I see for the rest of the year is probably going back to the more normalized levels of 2019 with some degree of growth…client activity is still very high.”
“I think that what may happen is that some of these SPACs, they will not find a target and they will have to be redeemed…the way to manage the risk is to find a good sponsor that knows a sector, has a track record of managing companies or investing in companies to make sure that the SPACs will invest prudently.”
“SPACs are regulated. You have to file with the SEC…as you analyze the comments from the SEC they are more and more in line with requiring SPACs to have similar standards to IPOs.”
“It’s football, it’s very emotional. I don’t think there’s reputational damage here…we arrange a loan for a client it’s not our place to decide what is the optimal way for football to operate in Europe and the UK. So, we hope that the Super League, UEFA, FIFA, the national leagues get together and decide what is the way…and then from there hopefully it will better for the game altogether.”
“In a prime business, essentially when you onboard a client, what you …read more
Source:: Business Insider