
The Kobeissi Letter|Apr 23, 2025 11:40
Retail investors were just cheated:
Yesterday at 12:00 PM ET, US Treasury Secretary Bessent said he sees "de-escalation with China" and the current situation is "unsustainable."
These comments were provided at a CLOSED-DOOR investor summit hosted by JP Morgan.
This summit was not open to the public or to the media.
Then, at 5:18 PM ET, President Trump said tariffs on China "will not be as high as 145%."
Bessent effectively told a closed-group of Wall Street investors that de-escalation with China was coming BEFORE the public knew.
The result was a move of +5% in S&P 500 futures, for a total of +2.2 TRILLION of market cap.
Investors at the JP Morgan event were able to front-run these headlines.
How is this fair for retail investors?
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