🏆🤖“It’s Time to Fight Back” - Jamie Dimon

THE PROFITS💸

Good morning Opportunists. From Jamie Dimon’s bold “It’s Time to Fight Back” statement on the state of banking regulations to the latest on e-waste innovations and Elon Musk's recent escapades, we've got a lineup of updates and insights.

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US Money News

“It’s Time to Fight Back” - Jamie Dimon

JPMorgan Chase CEO Jamie Dimon called current banking regulations under the Biden-Harris administration an "onslaught," citing burdensome and overlapping rules. At the ABA convention, Dimon and ABA president Rob Nichols emphasized their efforts to push back through advocacy and multiple lawsuits, arguing that regulatory changes are harming both American consumers and lower-paid individuals, with Dimon saying, "If you're in a knife fight, you better bring a knife." [Source]

E-Waste

Researchers have created a graphene oxide and chitosan-based sponge material that extracts gold from e-waste at ten times the efficiency of previous methods. This new material, developed at the National University of Singapore, not only boosts gold recovery but also reduces toxic pollutants and does not require electricity, offering a cleaner, more economical solution for e-waste recycling.

The composite sponge’s unique nanoscale structure acts both as a gold ion scavenger and a reducing agent, capturing and converting gold ions through chemisorption without extra power. While the focus is on gold, this method holds potential for extracting other precious metals like silver and platinum, and could also clean polluted water sources by removing heavy metals. [Source]

What is the Magic Number

So, you’ve finally hit that financial milestone — but why don’t you feel wealthy? Charles Chaffin, co-founder of the Financial Psychology Institute, says wealth is a subjective experience and not just a number, often impacted by factors like money vigilance and constant comparison.

Money vigilance, or closely tracking finances, can create a sense of insecurity, leaving many millionaires still feeling “poor.” Comparisons, especially on social media, can also make us feel lacking, despite our actual wealth. To understand your financial standing better, calculate your net worth and assess your position, remembering that what truly matters may not be someone else’s highlight reel. And if the wealth milestone feels hollow, consulting a financial professional can help create a plan for lasting financial security and enjoyment. [Source]

Entertainment

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Science and Technology by Elon Musk

SpaceX and Starlink: SpaceX’s upcoming cellular Starlink service promises signal reception even without a direct sky view, potentially working in pockets or indoors, says Ben Longmier, SpaceX's senior director for satellite engineering. Currently pending FCC approval, Starlink’s direct-to-cell feature has already provided emergency SMS support for hurricane victims, with plans to expand to broader data and voice capabilities by 2025 if SpaceX is permitted to exceed standard radio emission limits—a move some telecom competitors are contesting due to interference concerns. [Source]

Tesla’s “Frunk or Treat”: Tesla’s Halloween-themed "Frunk or Treat" event at its Texas Gigafactory features exciting exclusives, including a crash-tested Cybertruck and Tesla's futuristic driverless Robotaxi. The Robotaxi, with its sleek aluminum alloy design and Cybertruck-inspired light bars, looked especially striking at night under the lights, while during the day, its golden shimmer and sculpted lines proved equally impressive, giving a glimpse into Tesla’s forward-thinking design. [Source]

Grok Health Insights: Elon Musk is inviting users to submit medical scans to his AI chatbot, Grok, for analysis, though doctors advise caution when using AI for health insights. Dr. Marc Siegel and Dr. Harvey Castro agree that while AI holds promise in diagnostics and underserved healthcare areas, it must complement human expertise and prioritize patient safety, privacy, and ethical oversight to ensure accuracy and reliability in life-impacting decisions. [Source]

Business & Markets

Bitcoin: Bitcoin has soared past $70,000, reaching its highest level since June, as Elon Musk warns of a “financial emergency.” Analysts speculate China’s rumored $1.4 trillion economic stimulus could drive bitcoin even higher, particularly as the Fed’s policies and Wall Street’s crypto interest fuel a bullish outlook heading into 2025. [Source]

BlackRock CEO: BlackRock CEO Larry Fink believes the Federal Reserve will only cut interest rates once this year due to "embedded inflation," defying broader market expectations for multiple cuts. Speaking at the Future Investment Initiative in Saudi Arabia, Fink pointed to inflationary pressures from recent U.S. onshoring and wage increases, warning these policies mean interest rates likely won’t drop as steeply as some predict. [Source]

Honk Kong Tax Incentives: Hong Kong plans to introduce tax incentives by year’s end for family offices and private funds investing in crypto, aiming to attract wealthy clients and support blockchain finance. The government is also working on stablecoin and crypto custodian regulations to strengthen its position as a global digital asset hub, with further policies expected in 2024. [Source]

Chipotle Earnings Report: Chipotle reported mixed third-quarter results, with net income rising to $378.4 million, though revenue of $2.79 billion missed expectations, leading to a 3% drop in shares. Despite higher food costs and initial slow demand, sales improved as it reintroduced smoked brisket, and the chain continues expanding, planning 285-315 new restaurants this year and 315-345 in 2025, most featuring Chipotlanes. [Source]