Investment Banker carcases are everywhere and JMP survived and still standing and now positioned to thrive in the middle market space

Last Sept. everything stopped. Outlook in Jan bleak, but things started improving about 2 months ago w/ market finally bottomed.

IPO shut last 18 months. This week 3 new IPO's hit market and over subscribed....and now the IPO calendar is growing. Huge pent up demand for new growth companies.

Investors slowly crawling back. April they pumped $12B into stocks vs ($27B) March outflow. That's a nice change. April had the largest 1-month run in 9 years and most probably missed it.

Over the last 11 out of 16 months, they pulled $'s from stock funds. Last Oct was most severe, when ($78) billion was yanked at the fear panic low

Today, investor's still appear to be jaded, doubt, think this rally is a head fake, but now showing signs of slowly coming back

Market continues to defy gravity and stays over bought, making it really hard for shorts to cover at lower prices and providing a 2nd chance for those who missed the whole move.

At some point all that trillions in fear money earning nothing will conclude "I can't stand it any longer, get me in." often later at much higher prices

Heck even VC's starved for new cash hunkered down & stretched the cash they had. Pensions, endowments, LP's shut off the spigots. Now seeing a thawing here too

So what does all this mean for JMP? Over the last 2 years they systematically built up their biz while others imploded. IF this market continues to improve, that means more IPO',s M&A and deal flow to those like JMP who are expertly positioned to profit from it.

Highly likely the worst is now behind JMP. I wonder what their peak earnings will be over the next 2 years?