John Hjorth Posted January 28, 2018 Share Posted January 28, 2018 Barron's [2018.01.27]: An Investment Pro Who's Seen It All Still Sees Upside for Stocks. An Interview with Martin Schwartz, portfolio manager at Neuberger Berman. There is some stuff in that article about JPM. Link to comment Share on other sites More sharing options...
racemize Posted February 1, 2018 Share Posted February 1, 2018 I've been working on figuring out dilution of the big banks, and found it to be a little harder than I thought. I've used the following approach to get a rough idea for JPM: buyback for 2016: 0.1404 Change in shares for 2016 and 2015: 0.1023 Difference (= dilution): 0.0381 Dilution %: 1.07% Anyone done this exercise or point out any issues? Link to comment Share on other sites More sharing options...
chesko182 Posted March 15, 2018 Share Posted March 15, 2018 https://finance.yahoo.com/news/buffett-made-mistake-not-buying-jpmorgan-stock-191823649.html Link to comment Share on other sites More sharing options...
John Hjorth Posted March 15, 2018 Share Posted March 15, 2018 Yes, pretty easy to say - afterwards, and in clear hindsight [ right now]. I wonder how many of my fellow board members got in when it was materially lower. Link to comment Share on other sites More sharing options...
gfp Posted March 15, 2018 Share Posted March 15, 2018 my average cost on JPM is 42.972, but I've added higher than that, bringing up the average. I've started to lighten up on it in 2018, but that could prove to be a mistake. $400 Billion today. That's a big bank Yes, pretty easy to say - afterwards, and in clear hindsight [ right now]. I wonder how many of my fellow board members got in when it was materially lower. Link to comment Share on other sites More sharing options...
John Hjorth Posted March 16, 2018 Share Posted March 16, 2018 my average cost on JPM is 42.972, but I've added higher than that, bringing up the average. I've started to lighten up on it in 2018, but that could prove to be a mistake. $400 Billion today. That's a big bank. Awesome to read. Thank you for sharing. To me, it's the worlds best bank, noone near. Link to comment Share on other sites More sharing options...
chesko182 Posted March 16, 2018 Share Posted March 16, 2018 Yes, pretty easy to say - afterwards, and in clear hindsight [ right now]. I wonder how many of my fellow board members got in when it was materially lower. Well, I think this is one example of mistakes of omission that he has made (like Walmart), he clearly knows the bank very well, praises management and its approach to risk, reads the shareholder letter, even has Todd as a Board Member and now has partnered with it in the Healthcare initiative. AND he owns JPM stock in his PA. I'm sure he was at least close to buying it at some point or another. Link to comment Share on other sites More sharing options...
merkhet Posted March 16, 2018 Share Posted March 16, 2018 Yes, pretty easy to say - afterwards, and in clear hindsight [ right now]. I wonder how many of my fellow board members got in when it was materially lower. Well, I think this is one example of mistakes of omission that he has made (like Walmart), he clearly knows the bank very well, praises management and its approach to risk, reads the shareholder letter, even has Todd as a Board Member and now has partnered with it in the Healthcare initiative. AND he owns JPM stock in his PA. I'm sure he was at least close to buying it at some point or another. IIRC, he's mentioned before that he hesitates to buy JPM because he already owns it in his PA. In other words, he might catch some flack for buying it in the Berkshire account because people might think he's pumping his own PA -- it would be IMHO a stupid criticism because his exposure to Berkshire is >>> his PA. Link to comment Share on other sites More sharing options...
EdWatchesBoxing Posted March 16, 2018 Share Posted March 16, 2018 I remember when Citi and Bank of America were discussed on the forum a few years ago. I was the small fish following the whales. I still remember jumping from Citi to B of A, then someone on the board mentioned trading up into quality with JPM. I ended up selling B of A to buy JPM. Link to comment Share on other sites More sharing options...
villainx Posted March 16, 2018 Share Posted March 16, 2018 [ftp][/ftp] I remember when Citi and Bank of America were discussed on the forum a few years ago. I was the small fish following the whales. I still remember jumping from Citi to B of A, then someone on the board mentioned trading up into quality with JPM. I ended up selling B of A to buy JPM. I followed a similar course. I was looking at the discount to book, and potential dividend expansion, and fell under the spell of that sort of reasoning. But came around to JPM when I valued quality and strong management more. Link to comment Share on other sites More sharing options...
CorpRaider Posted March 16, 2018 Share Posted March 16, 2018 Was that a good move? Link to comment Share on other sites More sharing options...
gfp Posted April 5, 2018 Share Posted April 5, 2018 Annual Letter published - https://www.jpmorganchase.com/corporate/investor-relations/annual-report-proxy.htm Link to comment Share on other sites More sharing options...
gfp Posted May 17, 2018 Share Posted May 17, 2018 Looks like Todd Combs has sold his JPM tarp warrants and made an open market purchase of 13,000 JPM shares https://www.sec.gov/Archives/edgar/data/19617/000001961718000135/xslF345X03/primary_doc.xml Link to comment Share on other sites More sharing options...
Liberty Posted May 31, 2018 Share Posted May 31, 2018 Talk by Dimon: Via Link to comment Share on other sites More sharing options...
villainx Posted June 1, 2018 Share Posted June 1, 2018 Talk by Dimon: Via I thought this was posted last year already. But looking for the link, looks like it's broken. So at least it's nice to have the youtube link. Link to comment Share on other sites More sharing options...
Viking Posted June 2, 2018 Share Posted June 2, 2018 Jamie Dimon spoke for about one hour at the Bernstein Strategic Decisions Conference. If you want to understand what is going on with the big US banks, US economy etc this is a great listen (or read as the transcript is on Seeking Alpha). Amazing company. He feels the US in is a ‘golden age of banking’. - https://www.jpmorganchase.com/corporate/investor-relations/event-calendar.htm Operator: Is there a bull case for the profitability of the banking industry over time, it just gets more efficient as you get more digitization - you know, fewer Brinks trucks driving cash around? Jamie Dimon: You guys thought I was kidding when, years ago, I said you’re going to have a golden age of banking. I mean, you’re going to have a golden age of banking. You have a golden age of banking. With all the regulatory and issues, some of which are disappearing--I mean, you noticed and mentioned in one of your things that satisfaction scores are up everywhere, like almost every bank in almost every business. If you look at a bank, and if you look at JPMorgan Chase and if you step back, don’t look at the bank, look at the financial results alone, they’re extraordinary and consistent year after year after year after year after year - and not just us, okay? So even in ’08, we had a 7% return on tangible equity - that’s pretty good. You go through a year like that with the turmoil that affects the banks. So I think these banks have--and a lot of their businesses are annuity business - custody, cash management, part of asset and wealth management. Even part of trading is a consistent flow. If you look at any part of trading, there’s a part which you know is going to happen - hedging, FX around the world, capital expenses, investments, there’s a consistency. Obviously there’s an episodic part, but people forget about the consistent part too. So to me, yes, these are pretty powerful franchises and profitability is being restored to the ones that didn’t have it, but like I said, you’re going to have real competition, and I think the--I always tell people with JPMorgan, don’t sit there and talk about where’s the competition. They’re coming, they’re always coming, they’re always getting better. They very rarely leave the field of play. It has happened, but very rarely. Link to comment Share on other sites More sharing options...
marazul Posted June 2, 2018 Share Posted June 2, 2018 Great listening to Dimon. Got the sense he feels that bbacks at these prices do ‘t offer great IRRs, which is difficult to understand. Link to comment Share on other sites More sharing options...
Viking Posted June 2, 2018 Share Posted June 2, 2018 Marazul, JPM trades at the highest P/TBV multiple of all the big US banks (deservedly so). Dimon stated their preference is to use capital to grow the business. Large chunks of stock was repurchased in the past mainly because it was the best use of capital (better use than growing the business). Lots of great choices for the large US banks (what to do with the growing amounts of cash they are generating every year... very high class problem :-). Link to comment Share on other sites More sharing options...
Mephistopheles Posted June 2, 2018 Share Posted June 2, 2018 On a P/E basis, specifically after tax reform, the big banks are all trading at reasonable valuations; so I’m surprised he doesn’t like the stock price right now. Thoughts? Link to comment Share on other sites More sharing options...
Spekulatius Posted June 2, 2018 Share Posted June 2, 2018 Great listening to Dimon. Got the sense he feels that bbacks at these prices do ‘t offer great IRRs, which is difficult to understand. At 2x Tangible book, the retail return potential of buybacks seems muted. I don’t think they will do more than 15% ROE over the cycle, if that. Link to comment Share on other sites More sharing options...
John Hjorth Posted June 6, 2018 Share Posted June 6, 2018 Thank you for sharing the link to the interview with Mr. Dimon in your post #291, Viking. I listened to it today. If one listens carefully to what Mr. Dimon was saying during the interview, to me, it's actually striking, how long term oriented he is in his view of running JPM. I was quite surprised to hear him mentioning the three big Chineese banks and Alibaba as potential future competitors going forward. His mindset is really long term. He certainly does not think in 10-Qs, or even 10-Ks. His mindset is to invest in the future of the bank, long term. Link to comment Share on other sites More sharing options...
Viking Posted June 6, 2018 Share Posted June 6, 2018 John, that is one of the key reasons why I like JPM so much; they have a long term focus in running the business. I think this is also one reason why Buffett admires Dimon as much as he does. Link to comment Share on other sites More sharing options...
Liberty Posted June 15, 2018 Share Posted June 15, 2018 New Brooklyn Investor about JPM letter, among other things: http://brooklyninvestor.blogspot.com/2018/06/jpm-2017-annual-report-jpm.html Link to comment Share on other sites More sharing options...
John Hjorth Posted June 28, 2018 Share Posted June 28, 2018 JPMorgan Chase Plans Dividend Increase and $20.7 Billion Capital Repurchase Program. Quarterly dividend up from $0.58 per common share to $0.80 per common share. Link to comment Share on other sites More sharing options...
racemize Posted June 28, 2018 Share Posted June 28, 2018 JPMorgan Chase Plans Dividend Increse and $20.7 Billion Capital Repurchase Program. Quarterly dividend up from $0.58 per common share to $0.80 per common share. This seems low on the payout scale--I get something like 75% of 2018 earnings? Link to comment Share on other sites More sharing options...
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