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This week, Jamie Dimon published a massive 16,000-word $JPM Letter to Shareholders, sharing his views on topics such as inflation, fiscal policy, AI, and interest rates.
Here are 15 Key Highlights from the letter 📄🧵
1. Are we moving from a virtuous cycle to a vicious cycle?
Here are 15 Key Highlights from the letter 📄🧵
1. Are we moving from a virtuous cycle to a vicious cycle?
"Until the collapse of $SIVB, the current economy was performing adequately"
2. On the current economic environment:
2. On the current economic environment:
3. Although, this is nothing like 2008:
"The math below is immovable and affects all"
4. The extreme importance of interest rates:
4. The extreme importance of interest rates:
"AI has already added significant value to our company"
5. On AI, big data, and the cloud:
5. On AI, big data, and the cloud:
6. The window for action to avert the costliest impacts of global climate change is closing:
7. On the $SIVB turmoil:
8. More on $SIVB + regulatory goals:
9. "Simply taking interest rate risk is not a business":
10. On the competitiveness within fintech and banking, mentioning $AAPL as a strong competitor:
"There are accounting practices that may distort the true value of actions you take"
11. On the distortions that accounting can cause, and about the value of human skill:
11. On the distortions that accounting can cause, and about the value of human skill:
"Borrowing to consume can only be inflationary"
12. On fiscal stimulus:
12. On fiscal stimulus:
13. On the complexity of predicting economic fluctuations:
14. On balancing customer focus and risk:
15. On the 200-year $JPM legacy:
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