There is a fundamental misunderstanding of inflation and its spread throughout sectors of the economy proves it is not isolated or transitory, Mohamed El-Erian says

Mohamed El-Erian, Chief Economic Adviser of Allianz appears on a segment of "Mornings With Maria" with Maria Bartiromo on the FOX Business Network on April 29, 2016 in New York City.
Mohamed El-Erian.

  • Mohamed El-Erian said there is a fundamental misunderstanding of inflation because few people have lived through it.
  • “I always laugh when people say, oh, it’s isolated, it’s transitory,” El-Erian told CNBC on Monday.
  • He also disagreed with the Federal Reserve’s view that inflation is transitory.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell

Economist Mohamed El-Erian in an interview Monday took aim at assessments of inflation that describe rising prices as “transitory,” stating that there is a fundamental misunderstanding of what inflation is and how it is already spreading throughout the economy.

“I always laugh when people say, oh, it’s isolated, it’s transitory,” Allianz’s chief economic adviser told CNBC. “I think there’s a fundamental misunderstanding about inflation today because … most people haven’t lived through it for a long time and certainly most traders on Wall Street haven’t traded through it.”

El-Erian pointed to the surge in used cars prices to their highest in more than 60 years, which has been followed by an increase in prices of new cars, and a rise in the price of rental cars. This, he said, shows inflation is not contained.

“There is a logic to these inflation chains. They take time, and most people, unfortunately, haven’t seen them,” El-Erian told CNBC. “So they think everything’s isolated. Actually, it’s not. It’s interconnected.”

El-Erian, who is also the president of Queens’ College, Cambridge University, countered the longstanding narrative of the Federal Reserve that inflationary pressures are temporary.

The central bank slashed rates to historic lows at the start of the pandemic to stimulate economic activity and has signaled its intention of keeping interest rates unchanged until 2023.

Fed Chair Jerome Powell has repeatedly said that inflation will pass as the economy settles into a new normal. However, updated rate-hike projections six weeks ago signal that the central bank could see inflation posing a larger risk than initially thought. Powell is expected to issue a new statement this week, on July 28 at 2 p.m. ET.

“I don’t expect fireworks, El-Erian said. “The Fed has adopted a new framework that is backward-looking. They’re no longer forecast-based; they’re outcome-based.”

El-Erian also maintained that inflation will continue to run higher.

“The big question for me is not whether inflation will be higher than what the Fed expects,” he told CNBC. “It is whether the system is wired loosely enough to adjust to that – and that’s what we going to learn.”

The Consumer Price Index rose 0.9% between May and June, much more than the consensus estimate of 0.5%.

Read the original article on Business Insider

Inflation is pretty high right now, but it probably won’t be a huge problem in the long term

used car lot
Used cars were responsible for a third of the inflation spike between May and June.

  • Consumer prices rose 0.9% between May and June, a 13-year high.
  • But a large part of the increase came from items affected by the pandemic and reopening.
  • As the economy returns to normal, these prices should stabilize, keeping inflation in check.
  • See more stories on Insider’s business page.

The much-expected wave of inflation amid an unprecedented post-pandemic economic reopening is here, but how long it will stay with us is an open question.

The Bureau of Labor Statistics reported Tuesday that the Consumer Price Index, which measures changes in the prices of a basket of common goods and services, rose 0.9% between May and June. That was far higher than Bloomberg’s consensus economic forecasts of 0.5%, and according to BLS, was the largest one-month jump in prices since June 2008.

The price index was 5.4% higher than it was in June 2020, marking another record high for recent years:

Too much inflation for too long can cause a lot of trouble for an economy: Consumers are able to buy less stuff if goods and services are too expensive, and savers and investors can see their real returns plummet if the interest rates they receive can’t keep up with rising prices.

But the current round of price increases may be more benign, and could very well abate within the next several months.

A lot of recent inflation is from the weirdness of a post-pandemic economic reopening

Much of the inflation seen in recent months comes from the collision between supply chains still recovering from the disruption of the pandemic and a surge of pent-up demand as vaccination rates increase and lockdowns and health restrictions lift.

As Federal Reserve Chair Jerome Powell pointed out in testimony to Congress on Wednesday afternoon, goods and services that have been especially affected by the pandemic and reopening have seen the biggest price increases.

Powell said, “the incoming inflation data have been higher than expected. But they’re actually still consistent with what we’ve been talking about, that the very high inflation readings are coming from a small group of goods and services that are directly tied to the reopening of the economy. It’s new cars, used cars, rental cars, hotel rooms, airplane tickets – things we understand.”

Auto manufacturers have been facing a shortage of computer chips, slowing production of new cars. Meanwhile, demand for used cars has skyrocketed, leading to used cars and trucks seeing a historical record-high 10.5% price increase between May and June alone. BLS noted that about a third of the total CPI increase between May and June came from used cars and trucks.

Pent-up demand for travel after a year of pandemic lockdowns has led to big price increases in travel-related services like airline tickets, rental cars, and hotels, as noted by Powell.

The good news is that as the economy returns to normal, these markets should settle down somewhat. According to Cox Automotive, wholesale car prices declined from May to June, which should lead to retail prices tapering off sooner rather than later. And as in-demand businesses like airlines and hotels continue to hire or rehire workers and rebuild capacity to meet heightened demand, prices should stabilize there as well.

Of course, there are still risks that inflation could go longer and higher than expected. Housing prices have surged this year, and if that continues it could lead to more permanent cost increases. Supply chains and labor markets still need to stabilize, and if they don’t, prices could keep increasing.

Still, policymakers and markets seem to be not overly worried about longer-term inflation. Powell wrote in prepared remarks before Wednesday’s testimony that the Fed expects that inflation “will likely remain elevated in coming months before moderating.” A bond-market measure that roughly shows what investors expect inflation to look like in five years is a bit higher than before the pandemic, but far from levels that would suggest sustained high inflation.

While the future course of inflation is still an open question, there’s a good chance that the pressure on Americans’ wallets should subside in the next few months.

Read the original article on Business Insider

The Fed is bummed out by all the supply and labor shortages, too

GettyImages 1229890667
Fed chair Jerome Powell is due to speak on Thursday

  • The US is recovering well, but supply constraints and worker shortages present obstacles, the Fed said.
  • Product shortages can provide “more lasting but likely still temporary upward pressure” on prices.
  • New technology and retirements could keep the labor market from returning to its pre-crisis norm, the Fed added.
  • See more stories on Insider’s business page.

Vaccination may be keeping COVID-19 at bay, but the pandemic’s fallout lives on in supply shortages and labor scarcity, the Federal Reserve said Friday.

March stimulus, vaccination, and the reversal of pandemic restrictions allowed businesses to reopen and unleashed a wave of consumer demand through the first half of the year, but these combined to make inflation the new specter looming over the US. Prices climbed at their fastest rate since 2008 in May, and much of this overshoot is linked to supply bottlenecks and the nationwide labor shortage, the Fed said in a new report.

“Shortages of material inputs and difficulties in hiring have held down activity in a number of industries,” the central bank said. Still, accommodative fiscal and monetary policy helped the US achieve “strong economic growth” through the first half of the year, the Fed added.

The Friday report sheds more light on just how high the Fed is willing to let inflation run before taking action. Recent measures of nationwide price growth are “in a range that is broadly consistent” with policymakers’ long-term goal of inflation averaging 2%, according to the report. Bottlenecks affecting products like used vehicles and appliances can provide “more lasting but likely still temporary upward pressure” on prices, the Fed added.

The Fed also provided new detail on how it expects the labor market to reach its goal of maximum employment. Unemployment remains elevated, and labor force participation has been flat in recent months as Americans remain on the sidelines. It’s possible the COVID-19 recession and the resulting worker shortage will have “long-term effects on the structure of the labor market,” the Fed said.

“The pandemic seems to have accelerated the adoption of new technologies by firms and the pace of retirements by workers. The post-pandemic labor market and the characteristics of maximum employment may well be different from those of early 2020,” the central bank added.

Fed Chair Jerome Powell is scheduled to present the report to Congress on Wednesday and Thursday.

Read the original article on Business Insider

The Fed knows skyrocketing home prices are a problem, but doesn’t know what to do about it

Condo for sale sign
  • Federal Reserve policymakers have an eye on surging US home prices, meeting minutes showed.
  • Some officials “saw benefits” to tapering mortgage-loan purchases to cool the red-hot market.
  • While members chose to hold policy steady, the minutes signal the Fed may want to curb home-price inflation.
  • See more stories on Insider’s business page.

Of the various items surging in price through 2021, homes are possibly the most extraordinary.

Price growth is the strongest it’s been in more than 30 years. While demand remains elevated, builders have struggled to bring more supply to market. America’s central bank played at least some role in this incredible price inflation.

The Fed’s emergency policies dragged mortgage rates to record lows and helped spark the sharp increase in homebuying. But as prices climb to dizzying heights, some experts have called on the Fed to rein in its support. Officials at the Fed are tuned in to the problem, minutes from the Federal Open Market Committee’s June meeting showed.

Several of the meeting’s participants “saw benefits to reducing the pace” of the central bank’s purchases of mortgage-backed securities, citing “valuation pressures in housing markets.” They also suggested tapering MBS purchases earlier than Treasury purchases, a move that would counter the Fed’s past signals.

The FOMC meeting ended with policymakers electing to hold rates near zero and keep buying at least $80 billion in Treasurys and $40 billion in MBS each month.

The outlook echoes comments made in recent months by a handful of Fed officials. Dallas Fed President Robert Kaplan said in May that MBS purchases could be having “some unintended consequences” that should be weighed against their benefits.

“We don’t want to get back to the housing bubble game that cost us a lot of distress in the 2000s,” St. Louis Fed President James Bullard said on CNBC in mid-June.

Other FOMC members, however, saw reason to stay the course. Several said synchronized tapering of Treasurys and MBS purchases would be preferable, since that “would be well aligned with the Committee’s previous communications,” the minutes showed. They also noted purchases of both Treasurys and MBS helped the Fed achieve its goal of easing financial conditions.

For the moment, any policy shifts are likely months away. FOMC participants agreed to continue assessing the housing market and discussing plans for eventual tapering. Fed Chair Jerome Powell has repeatedly said that “substantial further progress” toward the Fed’s goals of maximum employment and inflation averaging 2% was required for policy adjustments.

Officials generally agreed in June the threshold hasn’t yet been met, according to the minutes. For now, then, the Fed is set to keep house prices booming. But there’s a crack in their thinking.

Read the original article on Business Insider

Real estate sector is alive and well as the death of the office is greatly exaggerated, BlackRock says

lipstick building
Cohen’s sprawling matrimonial law firm is housed in the Lipstick Building in midtown Manhattan.

  • The real estate sector is on track to gain from inflation and historically low rates, BlackRock says.
  • The analysts threw cold water on the notion that offices are on their way out, writing that new properties could see more demand.
  • Overall, BlackRock expects a small decline in real estate demand, rather than a real-estate bloodbath.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The real estate sector is on track to gain from higher inflation and lower-than-expected interest rate hikes, though the effects will be far from uniform, BlackRock analysts wrote in a market commentary note.

The analysts threw cold water on the notion that offices are on their way out, writing that big, new, green properties could see more, not less, demand as the economy reopens. Employees’ desire for flexible, dynamic workplaces alongside investors’ growing calls for deeper ESG commitments could buoy the right properties, especially in cities.

Conversely, small, less sustainable properties – and the companies that own them – could see their fortunes diminish. Overall, BlackRock expects a small, heterogeneous decline in real estate demand, rather than a real-estate bloodbath.

Logistics firms, with extensive investments in properties like warehouses, could get caught between two opposing trends. On one hand, growing ecommerce demand will likely benefit the logistics sector, yet many parts of that market are “nearing peak valuation,” according to the BlackRock note.

BlackRock flagged a more dovish Fed as a key factor behind optimistic real estate valuations, writing that the central bank seems poised to raise rates less quickly than during previous bouts of inflation. They project inflation to drive up rental income and lower interest rates to support property valuations.

Read the original article on Business Insider

Fed Chair Powell met Coinbase CEO Brian Armstrong and ‘Crypto Dad’ Chris Giancarlo at a time of heightened interest in digital coin trading

Federal Reserve Board Chairman Jerome Powell leaves after a Senate Banking Committee hearing on The Semiannual Monetary Policy Report to the Congress on Capitol Hill in Washington, U.S., February 12, 2020. REUTERS/Yuri Gripas
Federal Reserve Chairman, Jerome Powell.

  • Fed Chair Jerome Powell met Coinbase CEO Brian Armstrong on May 11, a calendar entry shows.
  • He also virtually met former CFTC chairman Chris Giancarlo, known as “Crypto Dad” for his early adoption of digital assets.
  • The Fed is exploring issuing a digital dollar, with a paper detailing its implications due this summer.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Federal Reserve Chair Jerome Powell met Coinbase CEO Brian Armstrong on May 11 and crypto backer Christopher Giancarlo the next day, according to an entry in his monthly calendar.

Powell’s schedule showed his in-person meeting with Armstrong, which included former House Speaker Paul Ryan, lasted 30 minutes. The crypto market saw wild trading activity around that time, with bitcoin’s price reaching its highest volatility in a year in May.

Armstrong published a Twitter thread on May 15 about his meetings with politicians and agency heads, saying the “goal was to establish relationships and help answer questions about crypto.” He indicated assistance on providing more regulatory clarity on the space as part of the newly formed Crypto Council for Innovation led by Coinbase, Square, Fidelity Investments, and Paradigm.

@brian_armstrong/Twitter

Coinbase is the largest US crypto exchange with about 56 million registered users that processes $335 billion in trading volume per quarter. It became the first such exchange to go public in April, trading under the ticker symbol “COIN” on the Nasdaq.

A separate virtual meeting with Giancarlo, who was dubbed “Crypto Dad” while serving as chairman of the Commodity Futures Trading Commission, took place on May 12. His chairmanship overlapped with new markets for bitcoin futures, according to Bloomberg. That meeting, marked as a discussion on the “Digital Dollar Project,” also lasted 30 minutes.

Powell is overseeing the Fed’s exploration of a digital version of the dollar that would be controlled by the central bank. The Fed plans to publish a paper this summer that will lay out the risks and opportunities associated with issuing a central bank digital currency (CBDC).

“We think it is important that any potential CBDC could serve as a complement to, and not a replacement of, cash and current private-sector digital forms of the dollar, such as deposits at commercial banks,” Powell said in a statement in May.

Read More: How to mine doge: An 18-year-old TikTok influencer shares his process for earning crypto without directly buying via a $700 rig – and explains how it works for other altcoins including litecoin

Read the original article on Business Insider

IMF lifts US growth outlook for this year to 7%, says Fed may need to hike rates earlier than it expects

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas
FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

  • The IMF raised its forecast for US growth to 7% for 2021, from the previously predicted 4.6%
  • The fund believes the Federal Reserve will need to hike interest rates in late 2022, or early 2023.
  • Last month, the Fed said it expected to raise rates in 2023, but individual policymakers expect earlier hikes.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The International Monetary Fund has lifted its outlook for US economic growth to 7% for this year, and believes the Federal Reserve will raise interest rates by the end of 2022, as recovery takes root.

The IMF had previously anticipated an annual growth rate of 4.6% for this year. Should the US economy indeed by 7% in 2021 – as both the Fed and now the IMF expect – this would be the fastest expansion since 1984.

Kristalina Georgieva, the IMF managing director, said the improved outlook was based on the American Jobs and Families plans being implemented in line with the outlines presented by the Biden administration, as they appear likely to improve living and income standards in the long term.

“We believe that these two packages will add to near-term demand, raising GDP by a cumulative 5ΒΌ percent over 2022-24. And-perhaps more importantly-our assessment is that GDP will be 1 percent higher even after 10 years, thanks to the significant, positive effects on labor force participation and productivity introduced by these two plans.” she said in a report released on Thursday.

Biden’s infrastructure plan was also referenced in the IMF’s assessment. The bipartisan program allocates $1.2 trillion over the next five years to improving things such as roads, broadband access and education.

The IMF also said it expected US interest rates to rise more quickly than the Fed currently anticipates.

“Presuming staff’s baseline outlook and fiscal policy assumptions are realized, policy rates would likely need to start rising in late-2022 or early-2023,” the IMF said.

At its mid-June meeting, the Fed said it expected to raise interest rates by 2023. Several individual policymakers have however since said they expect monetary policy to tighten sooner than this.

The Fed’s more hawkish outlook initially fueled some concern among investors, particularly relating to the implications for the central bank’s highly accommodative monetary policy stance. Stocks wavered for a few weeks, but have since recovered and hit successive record highs in the last week. Government bond yields have fallen to around six-month lows, highlighting that investors trust the Fed’s ability to target inflation without derailing the economy.

Both the IMF and the Fed expect inflation to be transitory and short-term, rather than weigh on markets for a prolonged period of time.

Read the original article on Business Insider

The S&P 500 is not well positioned for the economic recovery and investors should look to Canadian stocks instead, BofA says

canadian flag
  • The S&P 500 is expensive and investors looking to position for the recovery should look to Canada, BofA analysts wrote.
  • Relative to the S&P 500, Canadian stocks enjoy greater exposure to commodities, boosted by oil and gold prices.
  • But further hawkishness from the Fed could push up the dollar and hurt Canadian exporters.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The S&P 500 is too richly valued to benefit much from the post-pandemic recovery and investors looking to ride the economic upcycle should add Canadian stocks, Bank of America strategists wrote in a note this week.

The S&P 500 is trading at a multiple of forward earnings not seen since the dot-com bubble, according to the BofA note. Meanwhile, Canada’s main equity benchmark, the TSX, trades at a steep discount to the S&P 500 – a historical leading indicator of Canadian overperformance.

Other factors bode well for the TSX, including a stronger Canadian dollar and a boom in commodities prices. Relative to the S&P 500, Canadian stocks enjoy greater exposure to commodities, and have gained from surging oil and gold prices.

Earlier this week, BofA analysts projected oil would break $100 per barrel by mid-2022.

But these positive portents could easily sour, the strategists warned. Further hawkishness from the Fed could push up the dollar and hurt Canadian exporters. And China’s bid to suppress commodity prices by unleashing its stockpiles onto the market could prove painful for Canada’s big materials and energy sectors.

Commodity-exposed sectors make up 26% of the TSX, versus 6% of the S&P 500.

The economies of Canada and the US have both begun to rebound from the pandemic, with annualized GDP growth for the first quarter coming in at 5.6% and 6.5%, respectively. However, Canada’s air travel and restaurant activity have remained sluggish, whereas the US is nearing pre-pandemic levels.

Read the original article on Business Insider

Global stocks edge higher as investors focus on post-pandemic era growth, while bitcoin continues to slide

NYSE Trader smile happy

Global stocks rose slightly on Tuesday even after a number of key Federal Reserve speakers reminded market participants the central bank would continue to support the economy, leaving investors to focus on the prospects for post-pandemic growth.

Futures on the Dow Jones and S&P 500 dipped slightly, while those on the Nasdaq fell 0.3%, suggesting a lower start to trading later in the day.

After a more hawkish Fed outlook last week, New York Fed President John Williams offered a more relaxed view on Monday by saying he expects the recent spike in inflation to be temporary.

St. Louis Fed President Bullard said the Fed ought to set up its taper so it could be adjusted if necessary, raising the prospect that the pace could change depending on the strength of the economic recovery and inflation outcomes, Deutsche Bank analysts said.

But Williams, who expects inflation to return to the Fed’s target of 2% next year, said he still sees tapering as “quite a ways off,” suggesting it was too soon to change current central bank policy. According to Deutsche Bank, a dispersion of views from the Fed committee is more healthy compared to a year of its coordinated messaging.

UBS said the time for investors to look ahead and position their portfolios for key trends that will shape the second half of 2021 and beyond is now, not at a later date.

“If we look around today, we see economies reopening, inflation spiking, and equity volatility at its lowest level since before the pandemic,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said. “But if we look forward, we see something different.”

Fed Chair Jerome Powell said late Monday the Fed would do everything it can to support the economy “for as long as it takes to complete the recovery.” He remained optimistic, saying the job market should pick up in coming months as vaccinations rise.

“Given that financial markets were panicking over the end of the global reflation trade in the days before, it is impossible to guess whether the Powell comments are merely a temporary pause to the global reflation trade unwind or mark the end to the correction,” Jeffrey Halley, a senior market analyst at OANDA, said.

The broad cryptocurrency sell-off continued on Tuesday after China summoned leaders of the country’s largest banks to reiterate a ban on crypto services. Bitcoin fell 2% to $32,355, ether fell 4% to $1,920, and dogecoin fell 23% to 19 cents.

Elsewhere in Europe, Prime Minister Boris Johnson said it is “looking good” for July 19 to mark the lifting of coronavirus restrictions. But he didn’t rule out the chance of further lockdowns in the winter.

London’s FTSE 100 rose 0.2%, while the Euro Stoxx 50 and Frankfurt’s DAX fell 0.2%.

Asian markets mostly rose on the prospect of global recovery trade, following their retreat a day earlier, after Powell’s dovish comments.

China’s Shanghai Composite rose 0.8%, Tokyo’s Nikkei rose 3%, and Hong Kong’s Hang Seng fell 0.7%.

Read More: 26-year-old Ricky Gutierrez is one of YouTube’s biggest investing influencers, with nearly 1 million subscribers. He told us his top 3 strategies for trading blue-chip stocks like Twitter and Tesla.

Read the original article on Business Insider

Global stocks wobble as investors focus on post-pandemic era growth, while bitcoin continues to slide

NYSE Trader smile happy

Global stocks wavered on Tuesday even after a number of key Federal Reserve speakers reminded market participants the central bank would continue to support the economy, leaving investors to focus on the prospects for post-pandemic growth.

Futures on the Dow Jones and S&P 500 dipped slightly, while those on the Nasdaq fell 0.3%, suggesting a lower start to trading later in the day.

After a more hawkish Fed outlook last week, New York Fed President John Williams offered a more relaxed view on Monday by saying he expects the recent spike in inflation to be temporary.

St. Louis Fed President Bullard said the Fed ought to set up its taper so it could be adjusted if necessary, raising the prospect that the pace could change depending on the strength of the economic recovery and inflation outcomes, Deutsche Bank analysts said.

But Williams, who expects inflation to return to the Fed’s target of 2% next year, said he still sees tapering as “quite a ways off,” suggesting it was too soon to change current central bank policy. According to Deutsche Bank, a dispersion of views from the Fed committee is more healthy compared to a year of its coordinated messaging.

UBS said the time for investors to look ahead and position their portfolios for key trends that will shape the second half of 2021 and beyond is now, not at a later date.

“If we look around today, we see economies reopening, inflation spiking, and equity volatility at its lowest level since before the pandemic,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said. “But if we look forward, we see something different.”

Fed Chair Jerome Powell said late Monday the Fed would do everything it can to support the economy “for as long as it takes to complete the recovery.” He remained optimistic, saying the job market should pick up in coming months as vaccinations rise.

“Given that financial markets were panicking over the end of the global reflation trade in the days before, it is impossible to guess whether the Powell comments are merely a temporary pause to the global reflation trade unwind or mark the end to the correction,” Jeffrey Halley, a senior market analyst at OANDA, said.

The broad cryptocurrency sell-off continued on Tuesday after China summoned leaders of the country’s largest banks to reiterate a ban on crypto services. Bitcoin fell 2% to $32,355, ether fell 4% to $1,920, and dogecoin fell 23% to 19 cents.

Elsewhere in Europe, Prime Minister Boris Johnson said it is “looking good” for July 19 to mark the lifting of coronavirus restrictions. But he didn’t rule out the chance of further lockdowns in the winter.

London’s FTSE 100 rose 0.2%, while the Euro Stoxx 50 and Frankfurt’s DAX fell 0.2%.

Asian markets mostly rose on the prospect of global recovery trade, following their retreat a day earlier, after Powell’s dovish comments.

China’s Shanghai Composite rose 0.8%, Tokyo’s Nikkei rose 3%, and Hong Kong’s Hang Seng fell 0.7%.

Read More: 26-year-old Ricky Gutierrez is one of YouTube’s biggest investing influencers, with nearly 1 million subscribers. He told us his top 3 strategies for trading blue-chip stocks like Twitter and Tesla.

Read the original article on Business Insider