Everyone's focused on Warsh's (https://www.marketwatch.com/story/kevin-warsh-gets-what-every-fed-chair-hopes-for-a-bond-market-that-trust-his-words-5103dad5?mod=mw_rss_topstories) and the VIX touching a year-to-date low. The market's interpreting this as "policy certainty = risk-on." But the data tells a different story. JPM's net margin stands at with operating cash flow negative at -$237.0B (a structural anomaly flagged in FY2008, 2012, 2013, and 2020 filings).

Research these companies