Everyone reads Berkshire Hathaway chairman and CEO Warren Buffett's shareholder letters for guidance on management, but to whom does Buffett turn for business wisdom? JPMorgan Chase chairman and CEO Jamie Dimon.
The 60-year-old Dimon is, perhaps, less cuddly than the 86-year-old Oracle of Omaha, and Dimon's shareholder meetings aren't a weekend-long extravaganza highlighted by Dairy Queen. But, like Buffett, Dimon uses his often quite long annual shareholder letters to muse about the best way to manage companies and, of course, to manage banks specifically.
Dimon's latest letter to JPMorgan shareholders was released on Tuesday, and included some comments on how Trump's agenda may benefit the U.S., without naming Trump specifically. In it the bank CEO muses on issues far afield the core bank business — the future of the United States and some of the societal forces he thinks are holding the nation back.
Dimon points to expensive wars (trillions of dollars since 2001), runaway student loan debt (up from $200 billion to $900 billion since 2010), felony convictions (20 million) for minor offenses and an "alarming" number of advanced degrees in STEM fields (40 percent) being awarded to students who have no legal way of remaining in the United States.
"Any one of these non-economic factors is fairly material in damaging America's effort to achieve healthy growth," Dimon writes.
But the JPMorgan chief also opines on plenty of core bank issues in this year's letter, including what he believes is as much as a trillion-dollar opportunity lost in the mortgage market.
Here are some of Dimon's best lessons from over the years for business leaders.