Big Bank Earnings: Opening Ceremonies

Colin Santucci (0:00)

Welcome to the Rigatoni Capital Podcast. I'm your host, Colin. It's pre-market Tuesday, October 13th. Sunny day here, suddenly, all of a sudden on Wall Street. It's foggy, sunny day. I would like to first congratulate everyone that has made it to opening ceremonies of earnings. People will claim that it was Micron last week that was the opening ceremonies. I disagree. It's banks, it's financials. We got five banks reporting all today at once.

And then we get some other stocks like UnitedHealth and Johnson & Johnson and even Domino's. I mean, what the heck is going on here? It's just they slam it all in one day. They crunch it all in one week. But this is the point I want to make. And I don't know what stocks are doing right now. I do see JPMorgan recovered. You know, I think they got it a higher interest income quarter following quarter. You know, they did miss, which is very rare for JPMorgan, right? But like Citigroup or Citibank, all the other big banks seem to have pretty good quarters year over year, at least, and beating estimates. So that's really a positive, I think, because you know, there was a lot of concern about higher rates and if that would really slow down business and lending, right? And it doesn't seem like that's the case. Very surprising, but we really won't know. This podcast is kind of like a daily markets podcast, Monday through Friday type of thing. I come on here and I talk to you as if you're a very long-term passive investor and that's what I am. You know, I don't come on here and tell you like what stocks I'm interested in buying or selling each day. It's not a trading show.

I don't have time to trade. I have a full-time job. You know, I am a buy and hold type of investor. I've owned JPMorgan for 10 years and the dividends reinvest and I really, really never do anything with that position. It's a top holding of mine. Same with NVIDIA, for example. You know, I did trim some profits in NVIDIA in the year 2024, I would imagine. And, you know, we're now almost in 2027 Isn't that crazy? We're almost in the year 2027 and I've owned that stock. My average cost is $450 per share. So you can see I've owned it well before the year 2020, before it has, you know, 50 times its return. So don't really do much. I have been taking some trimming some profits in Palantir. Surprisingly, I bought Palantir earlier this year, so I'm going to get hit with short-term capital gains tax. But, you know, I kind of bought it as a trade after Madoro got captured, and then it really hadn't moved. And then finally it kind of broke out last week, right? So it's almost like a little ATM machine for me. I'm kind of, I don't want it to get to a certain size of my portfolio today. So I've been trimming each opportunity. I've trimmed it maybe like two to three times, nothing crazy. And I will show you my portfolio, hopefully by the end of the show, if I remember. There's just so much to get into, you know, because, and remember, you know, yesterday was dead. It was really a holiday, but the stock market was open. It was very strange. I don't think I got mail yesterday. So I think mail was closed. I don't think, you know, the bond market was closed. It's just a very odd day and very strange situation in Saudi Arabia. I don't really understand the story that occurred, you know, something with regards to not being able to take photos in the airport and American citizens were doing that and they were getting caught and getting arrested for it or something. I don't understand.

But, you know, I kind of miss part of that story. But what I do understand is that it must have, this is such a big deal that is really getting thrown, you know, because it's Saudi Arabia, nobody gives a shit, right? It's like you're really putting this big news story and kind of throwing it under the table, brushing it under the table. And I mean, I think it's a huge deal. I really do. I mean, this isn't just bombing some, you know, this isn't just some drone attack on a Saudi Aramco plant. I mean, this is civilians. This was a terrorist attack. This is the start of a big war, in my opinion. And really the war is between US, really the war is between Israel and Iran and the US. And everybody, the whole world is getting involved now. And I don't know. I just thought this was a bigger deal. You know, if this makes a difference about oil pricing or not, I don't know.