Jamie Dimon For President

Beat the Street

Jamie Dimon doesn’t just Beat the Street, he Owns the Street.  I read somewhere that 20% of the world’s money market funds were currently with JPMorgan Chase.  I can’t remember where I heard it, but if that’s even close to accurate, that’s a remarkable statistic and it shows you who’s going to be the big man on banking campus once the world returns to normal.  J Pierpont is looking on proudly from money heaven.

JPMorgan reported numbers this am…

Quick thoughts:

40 cents vs. 32 cents consensus estimates.  They beat.

$2.1 billion in income (vs. $2.4 bil last year)

Credit cards and anything consumer-related will get even uglier and JPM is adding to their reserves expecting further losses in this department.

ReFi and mortgage activity is good and JPM is now one of the only and largest games in town.

Low interest rates are doing their job, making it easier and easier for the big money center banks to restore profitability.

The bottom line, this bank and the global economy have a ways to go before we can even whisper the word recovery, but you probably couldn’t find a better horse to bet on for the eventual recovery than JPMorgan.

By the way, for those keeping score, JPMorgan still has yet to report a quarterly loss during this credit crisis/ recession.

Jamie Dimon for President.

Full Disclosure:  I am currently long JPM for client and personal accounts, my commentary here should not be viewed as an invitation to buy or sell any securities.  See my Terms & Conditions page for a full disclaimer and please don’t trade based on anything you read here.  I have enough responsibility on my shoulders.

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