Harvard Winters
Long/short equity, growth at reasonable price, value

Another Quarter Squandered At People's United Financial, Inc.

In his letter to shareholders within the 2011 JPMorgan Chase (NYSE:JPM) Annual Report, Chairman and CEO Jamie Dimon makes the following comments with respect to share buybacks:

"Our tangible book value per share is a good, very conservative measure of shareholder value."

"If you like our businesses, buying back stock at tangible book value is a very good deal."

"Our appetite for buying back stock is not as great (of course) at higher prices."

Dimon elaborates on the second and third points, comparing the attractiveness of repurchasing shares at JPM's tangible book value per share ("TBV-PS"), which according to SNL Financial LC was $33.13 at year-end 2011, to repurchasing them at $45 (or 1.36x TBV-PS), JPM's approximate market...

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