Nir Kaissar, Columnist

Jamie Dimon Hints That Banks Could Aid Value Investors

Financial stocks have defied history on the economy’s way up and could on the way down, too.

April 5, 2019 at 11:30 AM UTC

Nir Kaissar is a Bloomberg Opinion columnist covering markets. He is the founder of Unison Advisors, an asset management firm.

Value investors haven’t been cheering Jamie Dimon’s restraint since the financial crisis.
Photographer: Marlene Awaad/Bloomberg

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Jamie Dimon, chief executive officer of JPMorgan Chase & Co., released his ambitious letter to shareholders on Thursday. The roughly 23,000-word opus took on a dizzying array of controversial subjects, including artificial intelligence, privacy, education, health care, infrastructure, immigration, student loans and the relative merits of capitalism and socialism.

Buried among them is a short section that caught my attention titled “Expect banks to be far more constrained going into the next real downturn.” Dimon says: