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When Jamie Dimon He took his first reserves as a teenager, he could imagine his primary investment lesson after half a centuryDon’t explodeSupports risk culture of the world’s strongest bank. Dimon, now JPMORGAN CHASE is a long timeThis formal lesson during the formation and last appearance discussed the deep impact on its style of management “Acquisition“Podcast, New York Radio City Music Hall was taken live.
Early lessons from Wall Street roller coastal ship
Dimon’s entrance to the world of markets was headed by a stockbroker. In 1972, Dimon was only 14 years old, just to watch the market 45% of the 45% over two years. “All limousines on the wall street went. Restaurant closed. Markets, violently, “Dimon explained the early classes that form a sober approach to the risk, which will last for decades, explained to the Podcast audience.
The lesson was simple, but unforgivable: markets or will, can be ugly. Dimon will witness and will survive for the next decades – a parade of financial crises: 1982 decay, 1987 Black Monday crashThe early 1990s of the 1990s, real estate busts that exceed the enemy Dot-com bubbleAnd, most importantly, 2008 Global Finance Crisis.
‘Don’t explode’: The main rule
If you have a Dimon Mantra, you don’t explode, you should try to be careful when it is excited about anything. Finally, they will explode from their excitement, explained and work to prevent it is your business.
“Always have this ecosystem, everyone does it, everyone is good, this time it’s different. History teaches you a lot,” Dimon said. Stress test for the “fat tails” of his team insists that the most unbelievable catastrophic events will never be. When one of one’s market incident is very rare to the issue, he claims that it was pointed to past accidents and insisted that it was possible and will happen.
This philosophy is not only words-dimon employed JPMORGAN CHASE like “Castle balance sheet“Strategy. High liquidity, conservative capital levels and regulation require a strong reserve that lasts more than required.
“Leverage kills you. The aggressive accounting can kill you,” Dimon said. His approach is prioritizing long-term residence for long-term accommodation with the increase in short-term profit, even JPMorgan’s results, risky rivals in Boom. This is a trade accepted with pleasure: “In good days, you can worse than others, but you still have the dust when the dust is clean.”
Do not apologize for the defense to play
Along with the murder, this risk is not limited to the ambition of the lemon’s amounc and JPMorgan Only Major Wall Street Bank for Earnings come from the crisis Since 2008 relatively unfitConsistently, global banking is dominated, while others are annoyed. Dimon does not give this chance, refusing to endure ruthless preparation and flock mentality or dangerous optimism.
Dimon’s philosophy was established by his father’s old school classes and was fake in the battle test since each trouble. In a world that gifts bold bets and foreign incomes, its recommendation echoed as a model to gain a warning and success: “do not explode”.
JPMorgan refused to comment outside the words of Dimon in Podcast.
For this story, Fortune generative AI used to help with initial draft. An editor confirmed the accuracy of the information before publication.
