Jimmy Damon delivers a master’s degree in management

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Every year, Jimmy Damon, President of JPMorgan, uses his body as president of the largest American bank to explain on how the world works, through a long letter to shareholders. This year, the main audience is not many investors like the White House and its new occupy. However, JPMorgan owners will also thank him for this.

Damon 58 page errors It is an exercise in mixing with a political background. It highlights the administration of US President Donald Trump warmly on his back due to the perceived mistakes. Few Joe Biden team, he says, really understand business. Now, the red tape is cut; The misleading policies are eliminated.

On the definitions, also, Damon avoids saying anything very burning. It can avoid the topic that has been fully given the shares of JPMorgan approximately after February. And he admits that they can Cause inflation, and possibly stagnation. But the message is sweetened by referring to the possible round of post -phase negotiations with the trade partners in America, and how it can result in positive effects.

This is more diplomatic than a diplomat than the hedging fund investor, Bill Akman, who was praising Trump for his struggle with a broken system, on Sunday fromEconomic nuclear winter itself“.

As happens, JPMorgan is somewhat good against trade problems. It is true that international banks work better when goods and services flow freely across the border. Investment banks now look It is unlikely to recover as he had hoped to once; Initial public offers are canceled to the left, right and center. But the income related to the deal is only the tenth of JPMorgan revenue in a good year anyway.

Certainly the recession will be bad for borrowers – and for JPMORGAN credit loans at $ 233 billion – but Dimon Bank is well lined, as it has been provided to double the recently reported loss rates. And from lending and raising capital, it is surprisingly easy to stay in the public budget. In fact, one of his complaints is that the arduous capital rules prompted banks to lend less than they wish.

In this way, Animus for the White House represents a greater threat than the economic storm, which may explain the variable tone of Damon on other topics. Observations have been given to Anti -division racist wealth. Climate change, as soon as a priority, only gets transit signals. Trump did not hide from his views about both topics.

The correspondence is completely rational, of course. And Trump is in fact the president of Damon, as much as the bank’s fortunes are intertwined with the United States. The veteran banker may also vibrate that the president is likely to respond to a sugar warning of screaming.

Moreover, nearly two decades of work, JPMorgan’s head does not need to beat his shareholders. Even with the last recession of the stock, they delivered them annually to more than 20 percent over the past five years. If these messages that love America help maintain this performance, investors must allow Dimon to scribble the content of his heart.

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