Good morning and we hope everyone is healthy.  There are some very good questions coming in, so when appropriate, we are going to be addressing the ones we can beginning to today with a valuation question at the end of the comment.

 

Today should be an interesting day with the big banks kicking off the 1Q/20 EPS reporting season.  Already, JP Morgan and Wells Fargo announced their quarterly EPS plunged giving us some evidence on how weak earnings are likely to be.  We are going to listen to the conference call at 8:30am to see if there are clues to how the rest of the year might shake out.  The one area of focus for us will be on how the bank sees the mortgage and commercial mortgage market with so many consumer based businesses and office building empty.  The mortgage area is one where Fed may have to add even more money to their program as consumers are asking for forbearance and business that are shut down stop paying rent.  We are hearing of a serious problems in the area, but would caution against getting too negative because this Fed is paying attention.  What does that mean in English?

 

 

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