Best Stock of the Year, Holy Amazon!, JPM and BlackRock Report, Semis Explode
April 15, 2026
AI Summary
5 min readBanks, Semis, and the Software Reckoning
The most telling moment of this week's earnings calls came when JPMorgan's CFO Jeremy Barnum was asked about the consumer yet again. His response was almost weary: "I sort of struggle to say something new and interesting every quarter. There really is not anything new or interesting to say this quarter." The consumer remains healthy, delinquency rates look normal, and higher gas prices—while annoying—aren't tipping anything over. The story hasn't changed because the data hasn't changed.
Jamie Dimon on Private Credit: Not Systemic, But Not Clean
Jamie Dimon addressed the question that has dominated financial media for months: will private credit create a systemic problem? His answer was unambiguous. Private credit leveraged lending sits at roughly $1.7 trillion, comparable to high-yield bonds and bank syndicated leveraged loans. Against $13 trillion in investment grade debt and another $13 trillion in mortgage debt, it simply cannot be systemic at that scale. "It almost can't be systemic at that size relative to anything else," Dimon said.
Continue reading the full summary in the app — free to try.
Read Full Summary →Free • No credit card required
Never miss an episode of The Compound and Friends
Get every new episode summarized in your inbox — free, ~5 minutes to read.
No spam. Unsubscribe anytime.
What you'll learn
- 1 (00:00) **🎙️ Introduction: Josh Brown and Michael Batnick**
- 2 (04:45) **Earnings Season Begins: JPMorgan and the Consumer**
- 3 (12:33) **BlackRock's Record Inflows and Private Markets Push**
- 4 (22:09) **Market Bottoms and the Dispersion of Returns**
- 5 (30:07) **The Struggles of Enterprise Software (SaaS)**
- 6 (40:59) **The AI Integration Challenge and the Semi vs. Software Shift**
- 7 (45:17) **Intel’s Stunning Turnaround**
+ Full timestamped outline available in the app
Guests on this episode
Show Notes
Join Downtown Josh Brown and Michael Batnick for another episode of What Are Your Thoughts and see what they have to say about: financials, stock market bottoms, Amazon, technical analysis, SBC's and more.
This episode is s sponsored by Betterment Advisor Solutions and ClearBridge Investments.
- Learn more at http://Betterment.com/advisors
- Companies with physical assets, predictable cash flows and durable moats are well-positioned in a volatile, high‑valuation market. Learn more at https://www.clearbridge.com/
Sign up for The Compound Newsletter and never miss out!
Instagram: https://instagram.com/thecompoundnews
Twitter: https://twitter.com/thecompoundnews
LinkedIn: https://www.linkedin.com/company/the-compound-media/
TikTok: https://www.tiktok.com/@thecompoundnews
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security an
More from this podcast
The Compound and Friends →