<b>The Takeaway:</b> Investment banks are "uninvestable"

Portfolio

Ritholtz: “Investors being this negative at the same time as markets hitting all time highs suggest to me that they are under-invested in equities and are frustrated they have missed the run up.” (The Big Picture)

Santoli: Why this market environment feels so much like the 80s. (Yahoo Finance)

JPMorgan analysts: “We see Tier I investment banks as uninvestable” (DealBook)

The Biz

JPMorgan “beats” earnings by releasing loss reserves. (CNNMoney)

Tiburon releases summary from this week’s CEO summit, includes market outlook from Richard Bernstein and Bob Doll along with Chip Roame’s “Future of Wealth Business” presentation. (Tiburon Advisors)

Class action suit brought by brokers against wirehouses over outside accounts thrown out of court. (Forbes)

Brightscope is about to begin displaying advisors’ fees and costs online. (RIA Biz)

Outliers

I took notes for you at the Jeff Gundlach lunch yesterday in New York City: (The Reformed Broker)

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Disclaimer: Joshua Brown is an investment advisor representative with Fusion Analytics. The content above is for informational purposes only, nothing here should ever be construed as investment advice or a solicitation to trade any securities. Mr. Brown or his firm may be long or short securities mentioned above for client or personal accounts at any time.