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Ep 477. Jamie Dimon’s Annual Letter to JPMorgan Shareholders

Focused Compounding

# Full Transcript

**Podcast:** Focused Compounding

## Participants

- **Andrew Kuhn** (Focused Compounding)
- **Geoff Gannon** (Focused Compounding)

## Transcript

Welcome, welcome, welcome. How's everybody doing? Hope you are doing well. My name is Andrew Kuhn with Focused Compounding, on air live with Geoff Gannon. Geoff, how's it going today? It's going very well, Andrew. How's it going to you? It's going great. We hope it's going great with everybody else as well. If this is the first time you are tuning in with us, thank you so much for joining us. Be sure to check out all of our content that we push out into the investing universe. The best way to do that is to follow me on Axe at

at Focused Compound. If you want to get access to investment write-ups from Geoff going all the way back to 2005, we have an archive there at FocusedCompounding.com. Of course, if you're interested in learning about our money management services, you could reach out to me at Andrew at FocusedCompounding.com. In today's podcast, Geoff, we're going to be going over Jamie Dimon's shareholder letter that was just pushed out yesterday. Good time to talk about it, everything

going on here in the market. The letter itself, on PDF, it says 48 pages. The actual PDF file was 49 pages when you include the footnotes, but 47 pages from the actual letter itself. I mean, man, how long do you think this takes him to write? I was thinking about this from his perspective. Man, this has got to take at least... I mean, I'm sure most CEOs are sort of... And anyone, even if you

run a fund or anything, you're sort of writing the letter in your head throughout the quarter or throughout the year, maybe jot down some notes that stuff that you would want to talk about. But yeah, I always think to myself, this is a huge undertaking, 47 pages. Of course, he probably has some help, but probably take some time to put something like this together. It's always very high quality. He does talk about that somewhere about the other people involved in doing it,

somewhere in there. The chief operating officer. Well, yeah, the chief operating officer has a bit in there, but he actually has something about how there's not just him, but other people are involved in spending a lot of time creating the annual letter, mostly for all the data, probably. Because some of those pages have a lot of data that isn't widely available that they'd have to pull together and everything. So he probably tells them what he wants, and then they have to do all of the graphics and the data and get him every fact checked and stuff. So it probably takes a long time.

Yeah. So before going into it, and we broke it down by sections to go over for the podcast, we're not going to go word for word. What are your initial reactions? I always like to get like the knee jerk reaction. And I'll tell you what mine was. Okay, well, it's similar to what he talks about every year. Okay, so a lot of it is the same. He, unlike Buffett, t...

Ep 477. Jamie Dimon’s Annual Letter to JPMorgan Shareholders

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Ep 477. Jamie Dimon’s Annual Letter to JPMorgan Shareholders

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.