Introduction

Have we entered a new era of sustainably high corporate profit margins or will they revert over time to more normal historical levels? This is the single most important question equity investors should be asking today and nobody has done more work on this topic than Jonathan Tepper. Formerly, an equity analyst at one of the most successful hedge funds on the planet, then a prop trader at one of the largest firms on Wall Street, Jonathan today runs Variant Perception, an institutional research service. He also recently published a new book, The Myth of Capitalism, his survey of the profit margin phenomenon and its consequences for investors and citizens alike. In this episode, we discuss the social and economic consequences of increased consolidation and regulatory capture in corporate America and what it means for markets going forward. Jonathan also shares the unique and tragic experiences of his formative years and how they inspired both a strong work ethic and a deep desire to make a difference. For links and notes related to this episode visit TheFelderReport.com.