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Jamie Dimon says markets underestimate risks and he wouldn't buy stocks or Treasurys at current prices
JPMorgan Chase CEO Jamie Dimon said investors are underestimating the risks facing the global economy and that he wouldn't buy either equities or long-dated U.S. Treasurys at their current prices.
In an hourlong interview with Wilfred Frost released late Monday, Dimon said markets aren't fully accounting for a growing list of geopolitical and fiscal threats.
"I do think those risks are probably bigger than other people think," Dimon said, pointing to wars in Ukraine and the Middle East, tensions between the U.S. and China, and rising military spending in a time of mounting government deficits.
Asked whether markets are underpricing the chance of a major shock, Dimon said it's difficult to know exactly what risks are already reflected in asset prices.
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Jamie Dimon Won’t Buy S&P 500 or Bonds. Here Are the Warnings Investors Are Missing
Jamie Dimon should be happy with how the US market is doing after reporting JPMorgan's best quarter ever. However, he says he won't touch the S&P 500 or long-dated bonds at today's prices.
The JPMorgan Chase chief executive laid out several warnings on The Master Investor Podcast with Wilfred Frost. His comments came days after posting the largest quarterly profit in US banking history.
Throughout the podcast, Frost quizzed the CEO on his stance across stocks and bonds, with Dimon issuing some telling warnings for general investors.
On the S&P 500 specifically, Frost asked whether Dimon was a buyer at current levels. Dimon dodged the index and said he trades name by name, not the market as a whole. He confirmed he has not bought any equities recently, and when Frost asked if markets are pricing in a perfect outcome, Dimon said the scenario looks good, but not perfect.
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