John D. Rockefeller would be worth $435b today. But "oil money" is old news. Next up? A $2.1 trillion opportunity in "clean" coal. It's a "Rockefeller" moment for Frontieras, the company reforming coal into hydrogen and other valuable commodities. Their NASDAQ ticker 'FASF' is reserved.

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BREAKING NEWS

🚨 CEO of JPMorgan Just Threw Cold Water On Wall Street

The stock market has been on an absolute tear. The S&P 500 keeps flirting with fresh highs, AI stocks refuse to quit and every dip seems to get bought within hours. So naturally, someone had to throw a bucket of cold water on the party.

That someone is Jamie Dimon, the CEO of JPMorgan. In a new interview, he said he personally would not buy stocks or long-term U.S. Treasury bonds at today's prices because he thinks investors are underestimating the risks still lurking beneath the surface.

Here is what has him worried:

• 📈 Stocks are expensive. The S&P 500 is trading at roughly 28x trailing earnings right now, versus a long-run average of around 16. That means investors are paying about $28 for every $1 of last year’s earnings.

• 🌍 The world is still messy. The war with Iran just heated up again, government debt keeps rising and inflation is still stubborn.

• 💰 Even bonds don't excite him. Dimon wouldn't buy long-term U.S. Treasuries either, saying today's yields don't offer enough reward for the risks. He'd rather wait for better opportunities or buy individual companies trading at attractive prices.

• Special Report: He bet half his $9 billion on ONE stock (Via Stansberry Research)

The Munch Take: Before you hit the panic button, remember this: Jamie Dimon isn't saying a crash starts tomorrow. He's just saying prices already assume a pretty rosy future. That's a big difference. But let’s be honest, a lot of valuations we’re seeing right now are crazy. Buying an S&P 500 index fund at this level or any tech stock near an all-time high? Not for us. Now is the time to either build your cash position or jump on a stock that’s been getting sold off. Don’t let the above fool you into thinking there aren’t stocks available at a discount right now. There are, you just need to be able to stomach going against the crowd and momentum.

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STORY OF THE DAY

⚽ Spain Won The World Cup... But The IRS Wants A Trophy Too

Imagine winning the biggest sporting event on Earth, only to discover your toughest opponent wasn't Argentina, France, or Brazil - It was the IRS.

According to reports, because Spain played 7 of its 8 World Cup matches on U.S. soil, a large chunk of its roughly $50 million prize money could be treated as U.S.-sourced income. That means the IRS may want a slice of the victory parade. And it’s not just the prize money either. Endorsements, appearance fees, and other tournament earnings could also be taxable in the U.S.

Before Spain fans start hiding the trophy under the bed, there is a catch. Spain has a tax treaty with the United States, so the final bill could end up much smaller. The exact amount depends on how the prize money is distributed and how the treaty applies.

Moral of the story? Winning is great but apparently the tax collector is the only one who never loses.

The Munch Take: Before anyone starts roasting the IRS, remember this isn't some surprise rule invented overnight. Countries often tax income earned within their borders, whether you're a musician on tour, an actor filming a movie, or a football team winning the World Cup. It just sounds a lot funnier when the world's biggest sporting prize comes with an unexpected tax bill attached.

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