{"id":197661,"date":"2023-10-13T12:15:00","date_gmt":"2023-10-13T16:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=197661"},"modified":"2023-10-16T11:53:58","modified_gmt":"2023-10-16T15:53:58","slug":"size-matters-banking-edition","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/","title":{"rendered":"Size Matters (Banking Edition)"},"content":{"rendered":"\n<p>In case we needed another reminder, this morning\u2019s results from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC) reiterated the message that when it comes to the banking business, bigger is better.&nbsp; All four handily beat their analyst consensus, but one is trading lower.&nbsp; Care to guess which?<\/p>\n\n\n\n<p>Spoiler alert: as I write this, before midday, C, JPM and WFC are all 3% higher while PNC is -1.5% lower.&nbsp;<\/p>\n\n\n\n<p>While all four of the banks mentioned above have enough systematic importance to qualify for the Federal Reserve\u2019s annual stress tests, PNC is not considered to be of global systematic importance.&nbsp; It also lacks the capital market exposure that helped bolster the earnings of its larger peers.&nbsp; All benefitted from smaller than expected loan loss provisions, but there are some significant differences in perception that help the larger banks.<\/p>\n\n\n\n<p>JPM is rightly viewed as a juggernaut, which is why investors are not perturbed by some uncomfortable comments from its Chairman, Jaime Dimon.&nbsp; <a href=\"https:\/\/www.jpmorganchase.com\/content\/dam\/jpmc\/jpmorgan-chase-and-co\/investor-relations\/documents\/quarterly-earnings\/2023\/3rd-quarter\/fa584ba1-9ee9-4b87-8ac4-eb9be0e9744b.pdf\">Among them<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201c<strong>We\u2019ll have to reprice some deposits at some point<\/strong>\u201d \u2013 meaning that the \u201ctoo big to fail\u201d banks are still benefiting from the money flows that occurred during this year\u2019s banking crisis.&nbsp; Either through fear or inertia, JPM can still retain deposits while paying rates well below market.&nbsp; On the plus side, that clearly helped them achieve record interest income in the meantime.<\/li>\n\n\n\n<li>The impending required capital increases that stemmed from the loan guarantees that prevented several shaky regional banks from failing in March, will be a \u201c<strong>major headwind<\/strong>\u201d to returns.&nbsp;<\/li>\n\n\n\n<li>\u201c<strong>This may be the most dangerous time the world has seen in decades<\/strong>.\u201d&nbsp; OK, but <a href=\"\/campus\/traders-insight\/jobs-and-geopolitics-markets-dont-mind-either-right-now\/\">we have discussed<\/a> various times that equity investors are not particularly adept at evaluating geopolitical risks, so they tend to overlook them.<\/li>\n\n\n\n<li>\u201c<strong>Consumers are spending down their excess cash buffers<\/strong>.\u201d&nbsp; This is not great news for the economy, and probably a contributing factor to today\u2019s disappointing University of Michigan sentiment report of 63, which was well below last month\u2019s 68.1 and the 67 expectation.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>In the cases of WFC and C, investors are particularly encouraged by their ongoing turnarounds: WFC from <a href=\"https:\/\/finance.yahoo.com\/news\/wells-fargo-scandals-the-complete-timeline-141213414.html\">episodes of customer abuses<\/a>; C as it transitions to the new leadership of Jane Fraser.&nbsp; A key noteworthy announcement from Citi is that it intends to eliminate five layers of management.&nbsp; While that sounds as though it could be costly thanks to large severance payments, investors like the idea of streamlining the bank\u2019s cost structure.<\/p>\n\n\n\n<p>Yet PNC also announced a headcount reduction of 4% that they hope will save them $325 million.&nbsp;&nbsp; Markets don\u2019t seem enthusiastic about that, and instead seem perturbed that revenues came in slightly below estimates.&nbsp;<\/p>\n\n\n\n<p>It seems to me that the main takeaway from today\u2019s bank results is that investors view the banks through two distinct lenses: one for the largest \u201cmoney center\u201d banks, and another for all the rest \u2013 including even the largest super-regional banks.&nbsp; At some level this fits with the market\u2019s overall mindset.&nbsp; We all know about the market dominance of the so-called \u201cMagnificent Seven\u201d, the cadre of mega-cap tech stocks that seemingly constitute <a href=\"\/campus\/traders-insight\/securities\/stocks\/a-seven-stock-sector-seizes-control\/\">its own market sector<\/a>, and noted that <a href=\"\/campus\/traders-insight\/securities\/stocks\/are-we-to-believe-that-the-magnificent-seven-is-immune\/\">the forward P\/E of those stocks<\/a> was recently at 27, well above the 16 sported by the other 493.&nbsp; Investors are paying a premium for market dominance.&nbsp; Why wouldn\u2019t that extend to the banking sector?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In case we needed another reminder, this morning\u2019s results from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC) reiterated the message that when it comes to the banking business, bigger is better.<\/p>\n","protected":false},"author":4,"featured_media":93229,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[3216,246,267,3598,4109],"contributors-categories":[13576],"class_list":{"0":"post-197661","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-stocks","11":"category-text-articles","12":"category-traders-insight","13":"tag-bank-stocks","14":"tag-banks","15":"tag-earnings","16":"tag-market-outlook","17":"tag-stock-market","18":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Size Matters (Banking Edition) | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"In case we needed another reminder, this morning\u2019s results from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC)...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/197661\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Size Matters (Banking Edition) | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"In case we needed another reminder, this morning\u2019s results from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC) reiterated the message that when it comes to the banking business, bigger is better.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-13T16:15:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-16T15:53:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/06\/view-stocks.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Steve Sosnick\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t            },\n\t            \"headline\": \"Size Matters (Banking Edition)\",\n\t            \"datePublished\": \"2023-10-13T16:15:00+00:00\",\n\t            \"dateModified\": \"2023-10-16T15:53:58+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/\"\n\t            },\n\t            \"wordCount\": 584,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/06\\\/view-stocks.jpg\",\n\t            \"keywords\": [\n\t                \"bank stocks\",\n\t                \"banks\",\n\t                \"earnings\",\n\t                \"market outlook\",\n\t                \"stock market\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Stocks\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/\",\n\t            \"name\": \"Size Matters (Banking Edition) | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/06\\\/view-stocks.jpg\",\n\t            \"datePublished\": \"2023-10-13T16:15:00+00:00\",\n\t            \"dateModified\": \"2023-10-16T15:53:58+00:00\",\n\t            \"description\": \"In case we needed another reminder, this morning\u2019s results from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC) reiterated the message that when it comes to the banking business, bigger is better.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/size-matters-banking-edition\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/06\\\/view-stocks.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/06\\\/view-stocks.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563,\n\t            \"caption\": \"Taking a View on SKEW\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t            \"name\": \"Steve Sosnick\",\n\t            \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t            \"sameAs\": [\n\t                \"https:\\\/\\\/ibkr.com\"\n\t            ],\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Size Matters (Banking Edition) | Traders' Insight","description":"In case we needed another reminder, this morning\u2019s results from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC)...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/197661\/","og_locale":"en_US","og_type":"article","og_title":"Size Matters (Banking Edition) | IBKR Campus US","og_description":"In case we needed another reminder, this morning\u2019s results from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC) reiterated the message that when it comes to the banking business, bigger is better.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/","og_site_name":"IBKR Campus US","article_published_time":"2023-10-13T16:15:00+00:00","article_modified_time":"2023-10-16T15:53:58+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/06\/view-stocks.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Size Matters (Banking Edition)","datePublished":"2023-10-13T16:15:00+00:00","dateModified":"2023-10-16T15:53:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/"},"wordCount":584,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/06\/view-stocks.jpg","keywords":["bank stocks","banks","earnings","market outlook","stock market"],"articleSection":["North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/","url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/","name":"Size Matters (Banking Edition) | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/#primaryimage"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/06\/view-stocks.jpg","datePublished":"2023-10-13T16:15:00+00:00","dateModified":"2023-10-16T15:53:58+00:00","description":"In case we needed another reminder, this morning\u2019s results from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC) reiterated the message that when it comes to the banking business, bigger is better.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/size-matters-banking-edition\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/06\/view-stocks.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/06\/view-stocks.jpg","width":1000,"height":563,"caption":"Taking a View on SKEW"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/06\/view-stocks.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/197661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=197661"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/197661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/93229"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=197661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=197661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=197661"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=197661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}