”Diamonds” are sometimes used to refer to something that is a precious gem that is not actually tangible. That is what Jamie Dimon, Chairman and CEO of JPMorgan Chase’s letter to shareholders is. A precious gem. A diamond. I recommend his letter as a must read for anyone interested in getting a better understanding of the issues confronting the health, economy and social landscape of the United States.
Jamie Dimon is one of the most well-known and upfront corporate executives. He is also the head of one of the largest banking and financial institutions in the world. Whether you like him and big banks or not, when he says something, it should be listened to because he usually knows what he is talking about and by virtue of his position and past performance, serious attention is paid to what he says.
The letter he posted yesterday, April 7, 2021, provides a thorough glimpse into his opinions and thinking about the social tenor of the country, big business and our political process. This is a well-thought-out comprehensive letter with well-developed arguments, solutions along with his carefully crafted opinions.
He talks about what it really means to be a good corporate citizen, how communities must be helped, how social and racial injustice should be confronted and combatted, the importance of sustainability and how it can be achieved, what sound leadership is, how corporate growth should be examined and measured, the role of a company’s stock price over time, the overburdened regulatory system, the importance of liquidity, America’s role in the world and the reasons for its dominance and why these need strengthening, an attack on self-interest being placed above the common interest and the ridiculousness of some of the selfish attacks on parts of tax system. He even explained the Federal Reserve’s actions this past year in easily understandable language. There is a lot more and it should be read to be fully appreciated.
This letter should be read by every investor and concerned citizen and made required reading for college finance and MBA courses. I could easily devote two sessions dissecting all that is in here. Here is a link to the letter.
Read it. I know you will enjoy it, benefit from it and will get much to think about and consider. Afterward, if you want to discuss anything about it, reach out to me.
If you have any tax, business, financial, leadership or management issues you want to discuss please do not hesitate to contact me at [email protected].
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