Dimon's Letter: What Buffett Should Have Written but Didn't

If you read nothing else today, be sure to read Jamie Dimon’s letter to JPMorgan Chase shareholders, published Tuesday night. It’s outstanding. The letter isn’t just a wrap-up of how Morgan did last year (although, as is typical, Jamie’s candid on the topic)—it’s also a worthwhile meditation on how and why financial crisis happened, and what sort of changes need to be made to prevent another one. This is just the sort of letter, that is to say, that a lot of us hoped Warren Buffett might write this year, but did not. As far as that goes, it may be the best shareholder letter I’ve ever read, from any CEO, ever. You may or may not agree with all Jamie’s ideas; either way, they are, in my view, the best blueprint for an overhaul of the regulatory system I’ve yet seen. Jamie’s thoughts are certainly worth taking seriously: the White House and Congress would do the country a huge favor if they took some time out from their daily huffing and puffing and gave some serious thought to what he has to say.

Comments

[plj:]

Thanks for pointing this out, it is an excellent read, though beware it takes some time to get through the full 28 pages. Dimon's comments on mark to market are particularly enlightening, given the attention MTM is getting now. As a JPM shareholder, I am more confident than ever after reading this that JPM management will ultimately reward me for my investment.

Apr 02 08:02 AM

[grh1212:]

The letter is magniificent. This may seem like an exaggerated statement but such straight forward simply put explanations of business actions, motivations and financial tutorials on issues facing not only JPM but the financial industry generally are surely extremely rare. Kudos to Jamie Dimon and I commend you for posting this alert. It sems to me that it is altogether fitting that a banking Brahman like Dimon would put out this much needed statement and information.

Apr 02 01:34 PM

[pitchingpen...:]

Right.

tinyurl.com/b444ro

Apr 02 04:35 PM