JP Morgan Chase & Co. JPM CEO Jamie Dimon's annual shareholder letter is a moment investors await to understand the thinking of one of the world's most influential bankers.
While there has been speculation of Dimon entering politics, with him even gaining the support of billionaire hedge fund manager Bill Ackman to run for president, JP Morgan shared in a statement that "Jamie has no plans to run for office" and that "he is very happy in his current role."
That has not stopped him from occasionally wading into politics, as was evident in his most recent shareholder letter.
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In a section discussing political polarization and geopolitical events, Dimon warned that "recent events may very well be creating risks that could eclipse anything since World War II."
Tesla Inc. CEO Elon Musk agreed with the assessment, reposting on X a story highlighting Dimon's concerns regarding polarization and Musk simply adding, "Yes."
As the stock market continues to set new highs, Dimon believes investors are not appropriately pricing risks and says he remains "cautious" in the environment.
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He pointed out concern that markets "seem to be pricing in at a 70% to 80% chance of a soft landing" modest growth along with declining inflation and interest rates" while he believes "the odds are a lot lower than that."
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Dimon's caution has proved wise in the past. In his 2008 shareholder letter during The Great Recession, he pointed out that "throughout this financial crisis, we have benefited from a fortress balance sheet" at a time when many of JPMorgan's competitors were forced into bankruptcy.
While Musk and Dimon have found agreement on the issue of political polarization, the performance of their companies has recently diverged.
Tesla Inc. TSLA stock is down over 30% year to date while JPMorgan has seen its stock appreciate over 15%.
Ironically, Musk's political polarization might be repelling some customers from the controversial billionaire's company.
Ross Gerber, an early investor in Tesla, has recently voiced his frustration with Musk, saying that Tesla investors "have had enough" and that "Tesla can't sell its cars due to Elon's behavior."
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