Wall Street’s business of facilitating trades on behalf of clients has been fast-growing, and analysts were closely watching whether momentum would continue. Across the Street, fees from stock trades shot up, while fees related to bonds, commodities and other non-equity products also rose.

Goldman Sachs’s equity trading revenue rose 72% from a year ago, while fixed income, commodities and currency trading was up 32%.

At JPMorgan, stock trading revenue was up 86% from a year ago and fixed income was up 6%.

Bank of America’s sales and trading revenue for equities was up 70%, while FICC was up about 9%.

Watt recently apologised to staff and investors for the “many mistakes” made in the management of the company, admitting that it tried to diversify too quickly.

Brewdog’s brash marketing style had regularly sparked controversy, but the firm also faced criticism for its treatment of investors and staff.

A 2022 a BBC Disclosure investigation uncovered claims of inappropriate behaviour by Watt towards female staff, and revealed that Brewdog violated import laws and fabricated many of its marketing stories.

In 2024, the firm faced a backlash after revealing it would no longer hire new staff on the real living wage, instead paying the lower legal minimum wage.

Watt denied any wrongdoing alleged in the film and threatened to sue the BBC. He later said he sometimes missed social cues because he has autism.

A complaint to broadcasting regulator Ofcom was rejected.

Brewdog said it was putting in a range of measures to improve workplace culture following the release of the programme.

Tilray and Second Best have been asked to comment on Watt’s letter.

Employers will have to publish salary information in job adverts under government plans to rewrite anti-discrimination laws.

Details of other job conditions could also have to be disclosed to candidates, under the draft proposals.

Ministers argue greater transparency will help people navigate the jobs market and could prevent future pay discrimination claims.

However, details of exactly what salary information will have to be shared are yet to be hammered out.

Officials plan to consult on whether exact salaries will have to be displayed, or potentially a pay range or “benchmark rate” for open roles.

They also plan to ask industry groups whether information beyond basic salary, such as bonuses, should be made available.

Employers that do not publish a job advert for a role would have to give candidates the information in writing prior to a job interview.

In a policy document, the Cabinet Office said salary information would help jobseekers make informed application decisions, and improve the hiring process for companies by weeding out candidates with “misaligned pay expectations”.

Citing various academic studies, it also said transparency would help prevent “unequal outcomes” when salaries are offered to successful applicants.

“When pay is opaque, salary decisions can be influenced by stereotypes – such as stereotypes of women, ethnic minorities, or disabled people,” it added.

JP Morgan, which is currently valued at about $940 billion, is within striking distance of $1 trillion mark after a strong run in its shares. The stock has gained about 6% so far this year and is up around 20% over the past 12 months. A move past $1 trillion would place JPMorgan in a rare club mostly dominated by technology companies such as Tesla, Meta and Broadcom.

It would also show how far the bank has pulled ahead of its rivals under CEO Jamie Dimon, who has led the lender for nearly two decades.

Record profit lifts shares
JPMorgan shares touched a record high on Tuesday after the bank reported a strong quarterly performance. The lender posted the highest profit ever by a US bank, helped by strength across its businesses.JPMorgan has a larger balance sheet than most peers and has built leadership across investment banking, consumer banking, credit cards, trading and lending. That gives it more ways to benefit when markets improve and when consumer activity remains steady.

The latest boost has come from Wall Street dealmaking. Investment banking activity has picked up as companies return to mergers, acquisitions and capital market transactions. If deal volumes stay strong through the rest of 2026, JPMorgan could see further gains in fees and earnings.CFO Jeremy Barnum said the bank’s investment banking pipeline was robust, adding that current activity levels were encouraging more activity.
Also Read: ‘We faltered, did not move quickly:’ How IBM CEO Arvind Krishna’s statement led to $70 billion wipeout
Jamie Dimon premium
JPMorgan’s rise has also been tied closely to Dimon. Investors have long assigned what is often called a “Jamie premium” to the stock, reflecting confidence in his leadership, risk control and ability to steer the bank through crises.

Dimon took charge before the global financial crisis and helped JPMorgan emerge stronger than many rivals. The bank has since used its size, capital strength and brand to gain market share.

The board has stepped up succession planning in recent years, but Dimon’s influence remains a major part of the stock’s appeal. Investors continue to see JPMorgan as the best-run large US bank.

Valuation test for investors
At around $940 billion in market value, JPMorgan is already far ahead of other global banks. But getting to $1 trillion will also raise expectations.

The stock trades at 14.63 times expected earnings over the next 12 months, compared with 13.58 times for the S&P 500 banks index, according to Reuters.

For years, trillion-dollar valuations were mostly reserved for technology companies. JPMorgan’s push toward that level shows how dominant the bank has become in global finance.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

We recently closed out of our position in Terreno (TRNO) and wanted to walk readers through our thought process and how we look at the company today.

We sold shares on 7/9/2026. For readers interested, we will post all the sales at the end of the article.

Before we sold, Terreno was flirting with the border between our neutral/overpriced ranges. Shares were trading at 31.4x consensus forward AFFO. Technically, it’s probably a little bit lower if we factor in that Q2 2027 AFFO per share will probably be higher than Q2 2026 AFFO per share. However, even adjusting for higher AFFO, the multiple would still be very large.

July 9th Thought Process

Terreno has been one of my favorite REITs for several years. I viewed it as a great long-term position. However, I am looking at shares trading over 30x forward AFFO while the 2-year Treasury is over 4% (4.16% presently), the 10-year is at 4.535%, and the 30-year is at 5.054%. I’m feeling a bit skeptical about multiples around 30x AFFO (or higher) in this environment. If we assume that REITs with more “normal” growth levels typically trade around 14x to 20x AFFO, then we have to assume several years of strong growth. While that’s certainly possible, I wouldn’t want to use it as the base scenario.

AFFO Estimates And Multiple

Our sheets are currently using a forward estimate of $2.19.

If we were to use AFFO estimates for the next 4 quarters starting with Q3 2026, then the consensus estimate would increase to $2.25. That’s better, but not substantially better.

Even if we use the $2.25 value, at $68.68 shares would be trading a hair over 30.5x forward AFFO estimates.

If we use $2.18 or $2.19, the multiple is 31.36x or 31.50x, respectively.

That’s a pretty high multiple given the Treasury yields. While I still really like TRNO, I felt it was prudent to harvest gains here.

Note: TRNO has rallied even higher since we closed our position. As of 7/15/2026, shares are at $72.09.

Why TRNO Can Achieve A High Multiple

Our thesis played out well with the industrial real estate portfolio delivering strong growth in same property NOI (Net Operating Income). That drove significant growth in AFFO per share, which supports TRNO trading at pretty high multiples of AFFO per share. The market likes seeing strong growth across several key indicators. However, the valuation still hit a point where I felt it was prudent to just take the gains.

Issuing Shares

TRNO was issuing equity during Q1 2026:

They felt it was reasonable to issue it at $64.85, and I agree with them. That was a very reasonable price for choosing to issue new equity. Issuing at $68.68 (5.9% higher) would make even more sense. That’s the right choice for management as they look to maximize value for shareholders.

Impact Of Treasury Rates

The last time I purchased TRNO was in 2023 at $62.99. That’s not dramatically lower than the current price. The AFFO multiple was similar. What changed?

Well, the interest rate scenario changed quite a bit as shown by the 10-year and 30-year Treasury rates:

The 10-year Treasury yield is up 60 basis points (that means 0.60%) and currently trending higher (based on the current yield relative to the moving averages). The 30-year is up just over 100 basis points and also in a trend higher.

That feels ugly. It’s been less of an issue for TRNO since they have such little debt on their balance sheet. Consequently, they have been less exposed to interest rate pressure than most equity REITs. However, it makes it harder to justify high multiples.

Adjusted EBITDA/Total Enterprise Value

Doing a full model for “Market Implied Cap Rate” is pretty slow. In theory it seems like it would be quick to update, but in practice it can get messy doing quarter after quarter.

A simpler method is calculating adjusted EBITDA to Total Enterprise Value. It is less precise (which is negative), but it factors in overhead (which is positive).

Often there won’t be preferred stock or minority interest, which makes it even simpler.

The bigger question is simply which version of EBITDA we want to use. Do we use the most recent quarter? Do we try to run a forward estimate? Sometimes the answers matter a great deal, and sometimes they don’t. In this case, the picture is pretty clear regardless. One adjustment I really like to make, though, is to revise “adjusted EBITDA” by deducting stock-based compensation. That’s fundamentally overhead by another name.

Goal Of Calculation

This is a way to approximate the amount of adjusted EBITDA the company is producing relative to the total value assigned to the company.

It can be a quick way to compare REITs. However, investors should be aware that all REITS do not simply deserve to trade at the same valuation. That would be silly. Some properties are simply more desirable, and some management teams are superior. For now I’m simply going to refer to adjusted EBITDA minus stock-based compensation as “revised EBITDA.” I wanted to compare TRNO with Rexford (REXR).

Using Q1 2026, I came to the following estimates when removing stock-based compensation:

• TRNO at $68.62 has a revised EBITDA yield of 3.96%. This is why it makes sense for TRNO to issue shares.

• REXR at $34.42 has a revised EBITDA yield of 6.12%. This is why it makes sense for REXR to repurchase shares.

Note: We don’t want to use growth rates in adjusted EBITDA or revised EBITDA unless we control for the expected change in the shares outstanding and net debt outstanding.

That’s the gap in valuation. It is very material.

Hypothetically, what if REXR climbed all the way to our “overpriced” level? The revised EBITDA yield would drop from 6.12% to 4.79%.

Final Thoughts

I expect that TRNO will do a better job (than REXR) of growing every metric over the next year or two. However, I don’t expect it to be remotely large enough to offset the enormous gap in these valuation metrics.

We currently view TRNO as overpriced despite the company’s strong execution. Even after our sale, shares continued climbing. We’ll continue watching the company closely because it’s still one of my favorite REITs. I simply don’t like today’s valuation. Here is the record of our sale: