JPM
JPMorgan Chase & Co.
stock NYSE

I have found that my best investment ideas often have the simplest theses. I can easily articulate why **Sky Harbour ($SKYH)** can get to **$50 per share**:
Each stabilized campus creates \~$1/share of equity value. 
23 campuses today ≈ $23 fair value. 
Management target = 50 campuses → $50 stock 
Financing is locked.
Today, the stock is trading around **$8–$9**, but the intrinsic value compounding under the surface tells a different story.
Here is the breakdown of the unit economics and the clear path to $50.
**1. The Unit Economics (The Engine)**
Let's look at the **Miami Opa-Locka Executive Airport (OPF)** campus as a baseline. I’m using OPF because it is a "Tier 2" property and representative of Sky Harbour's average campus.
**Note on Rents:** Their future “Tier 1” campuses with ground leases already secured (New York Metro: Stewart International Airport, Bradley International Airport, Hudson Valley Regional Airport, and Trenton-Mercer Airport) will all likely garner higher rents than OPF. In fact, their complete and stabilized San Jose Mineta International Airport campus is already achieving rents **double** that of OPF.
According to the Q2 2025 earnings call, the latest tenant rents at OPF are **$46 per rentable square foot**.
**The Margin Profile at OPF:**
* **Revenue:** $46/sq ft
* **Property Level Opex:** \~$8/sq ft (Ground rent, labor)
* **Lease Structure:** Triple Net (Tenants pay utilities, taxes, insurance)
* **Net Operating Income (NOI):** **$38+ per sq ft**
**2. The Yield on Cost**
Sky Harbour has historically constructed campuses for roughly **$300 per rentable sq ft**. However, the unit economics are improving rapidly.
* **The BTIG Update:** A recent sell-side report from BTIG highlighted that efficiency improvements have driven all-in build costs down to **\~$250 per sq ft** on active sites.
* **Why This Matters:** Lower costs mean higher yields on the same rent.
* $38 NOI / $300 Cost = **\~12.6% Unlevered Yield**
* $38 NOI / $250 Cost = **\~15.2% Unlevered Yield**
Conservatively, even if we assume a blend, we are looking at a **13%+ yield on cost** for these assets.
**3. Value Creation Per Campus**
Here is where the math gets exciting.
* A typical campus is **150,000 rentable square feet**.
* **Construction Cost:** @ $250/sq ft = **$37.5 million**.
* **Annual NOI:** @ $38/sq ft = **$5.7 million**.
If we value these stabilized cash-flowing assets at a **5% cap rate** (reasonable for high-quality aviation infrastructure):
* **Asset Value:** $5.7M / 0.05 = **$114 million**.
* **Value Creation:** $114M (Value) - $37.5M (Cost) = **$76.5 million in created equity**.
With roughly \~76 million shares outstanding (fully diluted), this simplifies perfectly:
**Each new campus creates \~$1 per share of accretive value**.
**4. The Path to $50**
Sky Harbour currently has **23 campuses** complete or under development.
* **23 Campuses** (Current/In-Dev) = Baseline Value
* **Management's stated goal is to reach 50 campuses** within the next few years, adding 7-10 per year.
**The Math:**
* **50 Campuses** (Target) × \~$1 Value Creation/Share = **\~$50 Stock Price**
**Additional Value:** This target captures only the value created by future development. It ignores the \~$178M of equity capital raised since going public (via SPAC trust and PIPEs), which is worth **another \~$2 per share** on top of the development upside.
**5. Why This is Realistic Now**
The biggest risk to this thesis was funding—*could they actually afford to build 50 campuses?*
With the recent **$150M Series 2026 Bond issuance** and the **$200M - 300M tax-exempt facility with J.P. Morgan**, that risk is largely off the table. The capital is there to execute the build-out. Execution risk still exists, but with $150M+ bonds closed and the JPM facility in place, the biggest bear-case hurdle is gone.
If the market were pricing the 23 existing campuses correctly today, the stock would be $23+. It is currently \~$8. We are getting the existing growth for free, plus the path to 50.
**Summary:**
We’re buying a company at \~$9 that has built a repeatable machine to manufacture $1 of per share equity value per campus finished. **50 campuses = $50 stock**. The math is simple. The capital is secured. The runway is clear.
What are your thoughts on $SKYH? Post them below and I’ll reply to every comment.
Not financial advice. DYOR.

I am 20M college student with internships and campus jobs in CA for income source totaling around $33k. Currently, my portfolios are split between Robinhood and JPM (smurf account). I have around $3K cash on hand to buy throughout this choppy year in the market. I am a long term investor, and I will not buy ETFs on purpose to practice stock picking (even though they are great).
This year, we have seen strength in Industrials, Energy, Precious Materials. This have led me to make these additions early in 2026: Northrop Grumman, Caterpillar, GE Aerospace, Costco, Amgen. Costco and Amgen follow the theme of consumer defensive and biotech that have been lagging in previous year relative to tech, we are seeing noticeable comeback. No matter what my principles prioritize wide moat and business structure over valuations, even though it extremely important.
A few moves on my mind that raise the quality of my portfolios. I am thinking of following up on the success of buying Costco, consumer staples, in the $800s to add consumer discretionary which is TJX (continuous record of strengths in earnings combination with affordability crisis creating unique short-medium term opportunity).
Adding more GS is also sensible, we will see IPO market later this year.
Adding Chevron could be strategic exposure to quality energy play, but we are exposed to short term volatile oil market.
Adding Microsoft is very tempting, I won't go into details you guys probably read 1000 posts about that alr. From my perspective, we clearly see reduced risk of OpenAI as they trim down their expected spending my nearly half making it more sustainable, their new products are gaining grounds on Anthropic pure dominance in corporate software, and lastly they have secured large seed rounds make the future look more stable. It more like a no brainer swing play, but I already have so much exposure in MAG7 and AI in general.
I will be casually adding to Amgen until $2000.
Thank you for your take of what make sense here.
Breakdown:
AMZN, $4,763, 14.6%
AVGO, $3,536, 10.8%
TSM, $2,896, 8.9%
NOC, $2,251, 6.9%
SPGI, $2,246, 6.9%
CAT, $2,203, 6.8%
COST, $2,020, 6.2%
META, $2,004, 6.1%
GOOGL, $1,824, 5.6%
GE, $1,697, 5.2%
BN, $1,428, 4.4%
NVDA, $1,289, 4.0%
AMGN, $1,158, 3.6%
MA, $1,044, 3.2% (smurf account)
JPM, $896, 2.7% (smurf account)
GS, $869, 2.7% (smurf account)
NFLX, $495, 1.5% (smurf account)

I have found that my best investment ideas often have the simplest theses. I can easily articulate why **Sky Harbour ($SKYH)** can get to **$50 per share**:
Each stabilized campus creates \~$1/share of equity value. 
23 campuses today ≈ $23 fair value. 
Management target = 50 campuses → $50 stock 
Financing is locked.
Today, the stock is trading around **$8–$9**, but the intrinsic value compounding under the surface tells a different story.
Here is the breakdown of the unit economics and the clear path to $50.
**1. The Unit Economics (The Engine)**
Let's look at the **Miami Opa-Locka Executive Airport (OPF)** campus as a baseline. I’m using OPF because it is a "Tier 2" property and representative of Sky Harbour's average campus.
**Note on Rents:** Their future “Tier 1” campuses with ground leases already secured (New York Metro: Stewart International Airport, Bradley International Airport, Hudson Valley Regional Airport, and Trenton-Mercer Airport) will all likely garner higher rents than OPF. In fact, their complete and stabilized San Jose Mineta International Airport campus is already achieving rents **double** that of OPF.
According to the Q2 2025 earnings call, the latest tenant rents at OPF are **$46 per rentable square foot**.
**The Margin Profile at OPF:**
* **Revenue:** $46/sq ft
* **Property Level Opex:** \~$8/sq ft (Ground rent, labor)
* **Lease Structure:** Triple Net (Tenants pay utilities, taxes, insurance)
* **Net Operating Income (NOI):** **$38+ per sq ft**
**2. The Yield on Cost**
Sky Harbour has historically constructed campuses for roughly **$300 per rentable sq ft**. However, the unit economics are improving rapidly.
* **The BTIG Update:** A recent sell-side report from BTIG highlighted that efficiency improvements have driven all-in build costs down to **\~$250 per sq ft** on active sites.
* **Why This Matters:** Lower costs mean higher yields on the same rent.
* $38 NOI / $300 Cost = **\~12.6% Unlevered Yield**
* $38 NOI / $250 Cost = **\~15.2% Unlevered Yield**
Conservatively, even if we assume a blend, we are looking at a **13%+ yield on cost** for these assets.
**3. Value Creation Per Campus**
Here is where the math gets exciting.
* A typical campus is **150,000 rentable square feet**.
* **Construction Cost:** @ $250/sq ft = **$37.5 million**.
* **Annual NOI:** @ $38/sq ft = **$5.7 million**.
If we value these stabilized cash-flowing assets at a **5% cap rate** (reasonable for high-quality aviation infrastructure):
* **Asset Value:** $5.7M / 0.05 = **$114 million**.
* **Value Creation:** $114M (Value) - $37.5M (Cost) = **$76.5 million in created equity**.
With roughly \~76 million shares outstanding (fully diluted), this simplifies perfectly:
**Each new campus creates \~$1 per share of accretive value**.
**4. The Path to $50**
Sky Harbour currently has **23 campuses** complete or under development.
* **23 Campuses** (Current/In-Dev) = Baseline Value
* **Management's stated goal is to reach 50 campuses** within the next few years, adding 7-10 per year.
**The Math:**
* **50 Campuses** (Target) × \~$1 Value Creation/Share = **\~$50 Stock Price**
**Additional Value:** This target captures only the value created by future development. It ignores the \~$178M of equity capital raised since going public (via SPAC trust and PIPEs), which is worth **another \~$2 per share** on top of the development upside.
**5. Why This is Realistic Now**
The biggest risk to this thesis was funding—*could they actually afford to build 50 campuses?*
With the recent **$150M Series 2026 Bond issuance** and the **$200M - 300M tax-exempt facility with J.P. Morgan**, that risk is largely off the table. The capital is there to execute the build-out. Execution risk still exists, but with $150M+ bonds closed and the JPM facility in place, the biggest bear-case hurdle is gone.
If the market were pricing the 23 existing campuses correctly today, the stock would be $23+. It is currently \~$8. We are getting the existing growth for free, plus the path to 50.
**Summary:**
We’re buying a company at \~$9 that has built a repeatable machine to manufacture $1 of per share equity value per campus finished. **50 campuses = $50 stock**. The math is simple. The capital is secured. The runway is clear.
What are your thoughts on $SKYH? Post them below and I’ll reply to every comment.
Not financial advice. DYOR.

I was under the impression that trump doesn’t like banks (esp JPM) because they froze or investigated his accounts

Stay away from these! NAV decay. Look at Neos, Goldman, or JPM CC funds.

F JPM. This article is all you need to know.
https://www.cftc.gov/PressRoom/PressReleases/8260-20

I bought in October at $343, down almost 9% overall but was up and doing great until here recently. Bought it along with C, GS, JPM at the same time. GS is up 16.5% for me overall, should have bought more, that and C are doing great.

Well some of us poors on here say that BoA and JPM have made various moves and since I highly doubt anybody would go on the internet and tell lies or jump to incorrect conclusions I'm curious how they got that data

JPM 295c 04/02

You're wondering why the antiquated system barely even leaving the 1980s is feeling threatened by literally any system that could provide even a mild quality of life upgrade for pretty much every human?
The banks are going to fight tooth and nail to defang any new innovation they can't get a piece of the pie on, and they're going to harangue any new act where they aren't getting their cut. Banks are fine with yields as long as they are getting them, see JPM Coin, look at all the infrastructure banks are building with their own little worthless private blockchains.
The only reason banks survive is because they're ingrained into society. Crypto never will be, but there's no reason that there can't be *some* regulation so there are *some* rules on Crypto that actually stick and make sense in it.

You do understand that the underlying appreciation alone (JPM for example) during the same time period is up like 4x those returns? Why target underperformance? Granted the past 3 months have been the picture perfect set up for CC strats but for a buy and hold is ludicrous…
Also did I read you’re doing this all in a taxable account???

SEBI has banned/terminated/forbidden all accounts from ++++ Jane Street ++++ from indian trading market.......
Now ++++ Jane Street ++++ became biggest i shares holder in in the world biggest silver ETF = SLV with 20.7 million shares, got i shares moving from 41k up to 20.7 million !!!!
Blackrock is following with 20 m i shares and Morgan Stanley 18 m i shares of SLV.
SLV is the world biggest silver ETF with leader custodian bank which is.....JP Morgan
1 company which blocked/banned in india because of fraud manipulation, the other company have paid a (little clap on their wrist) fine of 920 million dollar because of spoofing.
2 YEARS PRISON for the head of JPM metal trading desk Mr. Novak...google jail prison 920 m fine Jp Morgan
Jane Street + JPMorgan + SLV....what a wonderful combination!!
trust in it....or better beware of it ?!

Writting this cause I'm researching for a small project I'm working on, the list includes both CAD and U.S. fund of funds and weekly payers.
# Weekly payers (Fund of funds/manager picks):
* **YBST (GraniteShares) -24.40% | pays every wed.**
* WPAY (roundhill) -15.89% | Pays every wed
* YMAX (Yieldmax) -14.53% | pays every thur
* KYLD (Kurv ETF)-7.02% | pays every thur
* **GIF (Rex ETFs) -4.26% | literally just launched but funny to see it tank so violently in just a few days**
# Monthly payers (TSX):
* **HHIC (Harvest) +7.77%**
* ECHI (Ninepoint)+5.18%
* XTR (blackrock/ishares) +3.25%
* ZWQT (BMO) +2.72%
* BMAX (Brompton) -0.20% (positive once you throw in divs)
* HDIF (Harvest) -1.68% (actually positive once you throw in the divs)
* HYLD (Hamilton) -4.57% (barely positive once you throw in the divs)
* PREF (Quadravest) -1.51%
* EQCL (Global X Canada) -2.04%
* **HHIS (Harvest) -14.09%**
# Monthly Payers (U.S.):
* **JFLI (JPMorgan) +2.34% | 55% is JEPI, JEPQ, Betabuilders, and other JPM funds**
* XMPT (VanEck) +2.28% | all around fund of funds
* CEFs (Saba Capital) +1.13% | all around fund of funds
* YYY (Amplify) -0.17% | all around fund of funds
* **SVOL (Simplify) -6.63% | is mostly fund of funds + short the vix**

I work in private wealth management and in fact used to work for JPM. You should absolutely go to Schwab, Fidelity, or VG.
I mean this with complete sincerity, you do not need anything truly managed yet.
DCA your $4k/mo into something VT-esque. The only management I could potentially make a case for would be direct indexing, and I wouldn't use a wirehouse for that. Schwab has an inexpensive direct index offering that starts at 40 basis points.

VRT, LRCX, IREN, JPM, AMD, BE

LOL, the forced selling to cover other losses recently
the forced selling from CHANGED margin requirements,
the manipulation from JPM,
The huge number of fakes in the market diluting the price.
....yeah, silver is going to be a real scarce asset when \^ unwinds down to what is actually held.

JPM is a suppressor Benedict Arnold. They are now on the Ownership Roster...maybe.

Why Dividend Growth investing:
1.) Able to generate a market rate of return with a lot less volatility
2.) No Sequence of Return Risk
3.) Ability to create Generational Wealth - having the ability to share our wealth with our family and causes that are important to us (do good in the world)
4.) Gives you more control over the outcome / focus on Dividend Growth instead of share price
5.) Easier to know when you can retire
6.) A study by Hartford Funds shows that Dividend Growth stocks have outperformed non-payers, non-growers and eliminators from 1980 to 2023
7.) Extremely tax efficient in retirement. A married couple filing jointly can earn just over $126,000 in qualified dividends a year and pay $0 in taxes.
—————
What to do with Free Cash Flow?
Capital allocation is the most important task of a company’s management. Their options:
- Reinvest for organic growth
- Mergers & Acquisitions
- Pay down debt
- Buy back shares
- Pay out Dividends
The decision to pay dividends often comes down to efficiency.
Companies like MSFT, AVGO, NEE, etc. generate so much cash that, after funding high-return projects, there's still excess.
At this point, paying dividends becomes the most efficient use of capital.
But here's what makes these companies unique: they can pay dividends without sacrificing growth.
For example, Microsoft has been paying dividends since 2003. In 2013, they paid out $7.5 billion in dividends while generating $24.5 billion in free cash flow.
A decade later, their free cash flow nearly tripled to $60 billion, and their dividend payments grew to $18 billion annually.
Despite paying out dividends, Microsoft continued to grow at an exceptional rate.
Now a look at poor Capital Allocation with Meta:
Meta spent $45B on Reality Labs (Metaverse), which was unprofitable (zero ROI on that $45B for investors)
Paying out dividends instead of reinvesting in low ROl projects increases total return
Any capital that can't be reinvested at a high ROl should be paid out as a dividend
—————
Here are my considerations for Dividend Growth stocks (not Dividend Income):
Starting yield at least at least 2x the current yield on SPY
Dividend growth of at least 6% (twice as fast as inflation)
Earnings growth greater than or equal to dividend growth
Payout Ratio less than 60% (80% for Utilities)
10+ years consecutive dividend growth
Credit rating of BBB+ or better
LT Debt/Capital less than 50%
Appropriate Chowder Rule score
Analyst scorecard (how reliable are the projections?)
No one stock greater than 5% of portfolio and no sector more than 20%
—————
My Current Holdings:
**Retirement account:**

Growth: QQQM SCHG
Dividend Growth: SCHD DGRO FDVV
Income: FSCO JEPI JEPQ RNP RQI UTG
International Income: IDVO LVHI
**Taxable account:**
Because we are recently retired early, the portfolio is in the process of migrating from Dividend Growth to Dividend Income.
Growth: GOOGL AMZN AAPL NVDA V
Dividend Growth: HD LOW PEP PG CVX AMP BX FITB JPM PRU STT AMGN JNJ CAT CMI LMT UNP AVGO MSFT QCOM EGP ATO CPK ES EVRG NEE WEC
Dividend Income: VZ BKE EPD HESM MPLX AB AFG O VICI EOI EOS GPIX GPIQ QQQH QQQI SPYH SPYI

JPM wants to protect their dying business model is what they want.

I mentioned JPM in the post.
Just say you didnt read the link.