JPMorgan Chase
also referred to as: j.p. morgan · jp morgan · jpmorgan
43 statements across 19 episodes · 11 bullish · 12 bearish · 19 people on the record · first statement Apr 23, 2018 by Michael Cembalest · said 297 times in 84 episodes since 2017 · across every show →
Mentions by year
brought up most by Ted Seides (55), Nick Rohatyn (29), Blythe Masters (19), Michael Cembalest (14), Ashvin Chhabra (12), Tom Majewski (11), David Eichhorn (11), Kristof Gleich (10)
tap a year for its mentions
2026 42 mentions in 6 episodes 7 per episode
- Nick Rohatyn – Emerging Markets Multi-Asset Investing at TRG (EP.482)
- Jeremy Grantham – Bubbles, Value Investing, and the Long Game at GMO (EP.493)
- Fundraising Mastery: The Tao of Kimmer – John Kim (EP.503)
- Kieran Goodwin – Private Credit Concerns (EP.494)
- Stephen Gilmore – CalPERS' Total Portfolio Approach (EP.486)
- Jonathan Lewinsohn – Credit Microcycles at Diameter (EP.484)
- every mention in 2026, scene by scene →
2025 28 mentions in 4 episodes 7 per episode
2024 80 mentions in 11 episodes 7 per episode
- Blythe Masters - Fintech Innovation at Motive Partners (EP.376)
- Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
- David Eichhorn - Serving Clients and Reducing Risk at NISA (EP.403)
- Jeff Assaf - Protecting Clients and Assets at ICG (EP.398)
- Scott Bessent - Macro Maven (EP.415)
- Ben Hunt - The Stories that Drive Markets (EP.393)
- Anne-Marie Fink - Cutting Edge Pension Investing at SWIB (EP.389)
- Yann Robard - Liquidity Solutions for Private Capital at Dawson (EP.392)
- 3 more episodes that year, every mention in 2024 →
2023 15 mentions in 9 episodes 2 per episode
- Amy Falls – From Bonds to Boards to Leading Northwestern (Capital Allocators, EP.316)
- Gregg Lemkau - The Evolution of MSD (Capital Allocators, EP.291)
- Nicolai Tangen – Overseeing the Largest Sovereign Wealth Fund (EP.354)
- Kipp deVeer – The World of Private Credit at Ares (EP.329)
- Thomas Haugaard - Hard Currency Emerging Markets Debt at JHI (EP.356)
- Eric Resnick – Ski, Golf, and Vacation Investing at KSL (EP.322)
- Aaron Sack – Branded Middle Market Investing at Morgan Stanley (Capital Allocators, EP.311)
- Adam Rodman – The Case for Nuclear (Climate Solutions EP.4, Capital Allocators EP.304)
- 1 more episode that year, every mention in 2023 →
2022 34 mentions in 11 episodes 3 per episode
- Ashvin Chhabra – The Aspirational Investor (Capital Allocators, EP.260)
- Thomas Majewski – Empty Rooms: Masterclass on CLOs at Eagle Point Credit Management (Capital Allocators, EP. 284)
- Ben Forman – Opportunities in DeFi (EP.256, Crypto for Institutions 2, EP.03)
- Kelsey Chase – Analyzing Venture Transactions at Aumni (Capital Allocators, EP.241)
- Frank Brosens – Culture and Partnership at Taconic Capital (Capital Allocators, EP.282)
- Jon Ballis – In the Room Where Private Equity Happens at Kirkland & Ellis (Capital Allocators, EP.277)
- Reade Griffith – Managing Assets and Partnerships at Tetragon (Capital Allocators, EP.276)
- Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)
- 3 more episodes that year, every mention in 2022 →
2021 34 mentions in 13 episodes 3 per episode
- Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
- Dan Ariely – The Human Capital Factor (Capital Allocators, EP.195)
- Matt Brown – Democratization of Alternatives at CAIS (Capital Allocators, EP.214)
- Leda Braga – Systematica Investments (Manager Meetings, EP.10)
- Will Cook - Sunriver Management (Manager Meetings, EP.22)
- Barry Sternlicht – Masterclass in Real Estate in a Post-COVID World (Capital Allocators, EP.216)
- Katie Hall – Hall Capital Partners (Capital Allocators, EP.213)
- Rick Rieder – BlackRock (Manager Meetings, EP.08)
- 5 more episodes that year, every mention in 2021 →
2020 22 mentions in 15 episodes 1 per episode
- James Aitken – Systemic Risk in a Crisis (Capital Allocators, EP.126)
- Brett Jefferson – Inefficiencies in Structured Credit at Hildene Capital Management (First Meeting, EP.19)
- Eric Peters – Trading and Evolution at One River (First Meeting, EP.18)
- James Aitken – Tour Around the World from a Small Island (Capital Allocators, EP.122)
- Peter Kraus - Widening the Aperture on Alpha (First Meeting, EP.14)
- Joel Greenblatt – Common Sense for Value at Gotham Capital (Capital Allocators, EP.165)
- Luke Ellis and Mario Therrien – Best Practices in Alternatives (Capital Allocators, EP.158)
- Diversity, Equity & Inclusion 4: Joel Wittenberg – A Prescription for the Future (Capital Allocators, EP.154)
- 7 more episodes that year, every mention in 2020 →
2019 8 mentions in 4 episodes 2 per episode
- Kip McDaniel – How to Get an Allocator's Attention (Capital Allocators, EP.115)
- Thomas Russo – All About Berkshire Hathaway (Capital Allocators, EP.89)
- Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
- Michael Novogratz – Galaxy Digital (First Meeting, EP.06)
- every mention in 2019, scene by scene →
2018 27 mentions in 6 episodes 5 per episode
- Michael Cembalest – Eye on the Market (Capital Allocators, EP.49)
- Andy Redleaf - Evolution of Markets (Capital Allocators, EP.46)
- Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
- Josh Wolfe – Seeing the Lux (Capital Allocators, EP.65)
- Manny Friedman – Non-Linear Financial Systems (Capital Allocators, EP.61)
- Steven Galbraith – In the Boardroom (Capital Allocators, EP.48)
- every mention in 2018, scene by scene →
2017 7 mentions in 5 episodes 1 per episode
- Thomas Russo – Buy and Hold...and Then What (Capital Allocators, EP.16)
- Steven Galbraith – Five Tool Player (Capital Allocators, EP.01)
- Meredith Jenkins – A Path to Trinity (Capital Allocators, EP.31)
- Thomas DeLong – Authentic Leadership (Capital Allocators, EP.18)
- Tom Lenehan – Perpetual Thinking at Rockefeller University (Capital Allocators, EP.04)
- every mention in 2017, scene by scene →
Everything said about JPMorgan Chase, oldest first
Apr 23, 2018 bullish
Cembalest: Mexican Assets Became Top Performers in Decade Post-1994 Devaluation
“And in 1994, after the Mexican peso devaluation, you couldn't sell a peso denominated asset or a dollar denominated asset with exposure to Mexico to anybody, and over the subsequent decade, all sorts of Mexican denominated assets were among the best performing…”
Apr 23, 2018 bearish
Apr 23, 2018 negative
Cembalest: J.P. Morgan Rejected Leveraged Structured Notes Despite Competitive Pressure
“You know, as a global firm with a global reputation and with fiduciary mindset on, there were a lot of times when I said that we're just not going to do that. And I understand this puts competitive pressure on you, but these things don't make sense.”
Apr 23, 2018
Apr 23, 2018 bearish
Apr 23, 2018 negative
J.P. Morgan rejected Madoff in 2008 over front men and impossible returns
“So we met with some front guy, and we had this 19 page questionnaire that we go through as part of our due diligence process, and the very first one is, when can we meet the principal that's making the investment decisions? And they told us, That we wouldn't b…”
Apr 23, 2018 negative
Jul 23, 2018 neutral
Friedman: Big US banks will not see massive regulatory relief
“I think you're not going to get massive changes for the big banks, because the Federal Reserve Board's view is, look, we care about the 10 big banks in this country. They're significant. JP Morgan is systemically important. Citicorp is systemically important, …”
Nov 26, 2018 bullish
Baumgartner: 2014–2018 equity returns doubled consensus forecasts while volatility halved
“Back in 2013, 20 14, you've got bears projecting low returns... You've got folks like Goldman and JP Morgan, and the folks who publish capital market expectations, and you see, eh, equities, seven percent annualized return, 15% vol... Now, you fast forward fiv…”
May 17, 2021 bullish
Ariely: JPMorgan found his human capital data uncorrelated with ESG
“And the team at JP Morgan did a really nice analysis of our data. They were unbelievably thorough. I was deeply impressed by these guys, and it came basically with very good analysis and result, and it's kind of nice to have somebody like a third It's a little…”
Jan 20, 2022 neutral
Jun 20, 2022 neutral
Forman: Holding USDT or USDC Carries Issuer Counterparty Risk Like Bank Deposits
“So if you own USDT, you're taking tether counterparty risk. How do you price that? What return do you need to earn to make that worth your while? If you own USDC, you're taking kind of circle counterparty risk, and you're making a bet on their risk management.…”
Jun 30, 2022 positive
Anchorage Digital holds the exact same federal OCC charter as JPMorgan Chase
“That's what ultimately led us on the path to become the first nationally chartered bank. So we are regulated by the OCC, and we're the only crypto bank that has this ability. And this charter is exactly the same charter as That puts us on the same footing as a…”
Jul 4, 2022 neutral
Nov 21, 2022 neutral
Brosens: Goldman Sachs was considered a 'middling firm' early in his career
“It was viewed as kind of a middling firm at the time. The big firms at the time were First Boston, Morgan Stanley. The banks really weren't players in the space. JP Morgan wasn't really considered a competitor. There were other smaller firms, Bear Stearns, et …”
Dec 1, 2022
Mar 25, 2024 bearish
Masters: The traditional private equity playbook of cheap leverage is dead
“The playbook that was developed in private equity originally used to be buy cheap, deploy the maximum amount of leverage that you conceivably can tolerate. At apparently almost no cost until recently. Cut a lot of costs out of a poorly managed company to cut i…”
Mar 25, 2024 negative
Mar 25, 2024 negative
Masters: J.P. Morgan lagged peers in 2001 due to retained credit exposures
“JP Morgan did not come out of 2001 covered in glory. JP Morgan came out of 2001 very much at the bottom of the pack. And the reason for that had to do with the extent of the retained credit positions in leverage and high-yield credits and associated Private eq…”
Mar 25, 2024
Masters joined J.P. Morgan's five-person global commodity derivative team
“When I graduated and joined full time, I joined the Global Commodity Derivative Group, which consists, I think, of about four people and me. I was the only girl or woman. The bank had been in the business of bullion and related precious metals for many decades…”
Mar 25, 2024 positive
Masters: J.P. Morgan intentionally avoided 2006 subprime market despite losing share
“All of that combined with what I think frankly was just a great judgment call on the part of Jamie and the executive management team at JP Morgan later in 2006 and seven in avoiding the subprime home equity lure. The trap. Super extraordinary volumes of activi…”
Jun 3, 2024 positive
Fink: Hedge fund managers differentiate themselves by responding thoughtfully to bear cases
“Where you really figure out who's got that something extra is when you feed back to them the bear case and say, well, okay, you said this is positive, but what about this risk and what about that risk? And how they respond to those risks, whether they thought …”
Jul 29, 2024 negative
Assaf: ICG left JPMorgan post-Bear merger over funds placement conflicts
“JPMorgan wanted us to stay. They were great too. But we figured out that because they have this massive funds placement business, that business had conflicts with ICG. And when we figured it out, I went to the compliance people and I called our lawyers and sai…”
Oct 10, 2024 positive
Nov 4, 2024
Bessent: Soros bought Jon Corzine's $3.5B Italian bond liquidation in 2011
“I think five days in, the biggest trade I'd ever done was John Corzine's firm got liquidated out of their Italian bond position, and it was a three and a half billion dollar trade. I still had the index card that I worked it out on. JP Morgan called us, and I …”
May 26, 2025 positive
J.P. Morgan favors tender offer funds over interval structures in private credit
“As the industry evolved in private credit, which is the main source of the interval funds, we preferred tender offer funds versus interval. We preferred the concept that in some of the worst market drawdowns that a fund manager could or a board could say it's …”
May 26, 2025 neutral
May 26, 2025 bullish
J.P. Morgan sees hedge fund flows rebound after seven years of outflows
“We went from a period in 2014 where we made a strategic asset allocation shift downwards in hedge funds as we thought that rates were going to stay lower for longer. So our strategic asset allocation is 10%. We had negative flows for a period of almost seven y…”
May 26, 2025
May 26, 2025 neutral
J.P. Morgan manages $178 billion in alternative investments
“It's not as significant as the portfolios that we manage on behalf of clients, which is almost a half a trillion dollars, but a lot of what we do in alternatives, which is about a hundred and seventy eight billion dollars, where we allocate to a lot of non JP …”
May 26, 2025 neutral
May 26, 2025 positive
The optimal private markets portfolio contains between 22 and 27 funds
“And they've realized that in private markets, for example, the optimal number of funds in a portfolio should actually be between It's like 22 and 27 funds, where as we started shifting there and offering more choice, our clients were like, aren't you diluting …”
May 26, 2025
J.P. Morgan's top 200 family offices average a 46% alternatives allocation
“We run a family office report. We started it a couple years ago where we go to the top 200 families. About 25% of it was in pure equities. 46% of it was in alternatives. And the remainder, about just over 20%, was in fixed income. Started the family office sid…”
May 26, 2025 bearish
May 26, 2025 neutral
J.P. Morgan rarely takes GP economics, prioritizing fee discounts via MFNs
“We rarely take GP economics. We do from time to time. But we're mostly focused on how do you generate the best net returns? If we're going to bring in institutional size capital, we want to make sure that we get most favored nations and that discount.”
May 26, 2025 neutral
May 26, 2025
Jan 22, 2026
Jan 22, 2026
Jan 22, 2026 positive
Emerging markets investing must be run as a standalone horizontal activity
“One of the things I had known about emerging markets is emerging markets is a horizontal activity. I had built it at JPEEP as a horizontal standalone activity. It was not a fixed income subsidiary, not a subsidiary of equities or of anything else. It was its o…”
Jan 22, 2026
Rohatyn created the first emerging market bond benchmark at J.P. Morgan
“I was responsible for building the first bond benchmark in emerging markets. It was called the Emerging Market Bond Index, MB. I did that at the time at JP in order to help grow the pie because I, of this exact point, people needed a benchmark.”
Mar 23, 2026 negative
Grantham: Goldman and JPMorgan will never tell clients to exit overpriced markets
“You will never hit a Goldman Sachs or a JP Morgan Tell you to get out of the market because it's ludicrously overpriced. Everybody knows today it's ludicrously overpriced, but no one can tell you, and they never will.”