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Morgan shares right now.
He is Jeff -- he joins us on the phone from Malibu California already buying a big position here picking up on the debt.
While economic outing to a position -- have led.
-- -- -- -- -- -- The two trillion dollar -- company and they have a what -- Arafat basically at 800 billion dollar.
Bought that was they're sort of protest -- billion dollars you're offset the gains that -- objectives -- after.
So it sounds like you do not think that the losses will get worse or minimally -- is not a big deal for you.
Bought me they may get little worse but look I mean that there's that this that this the company that's in the business -- hedges and greater trading can't.
You have the -- occasionally a Buddhist but I mean if you look at did not that effort on the company.
I mean it's still -- it mean that the street has projecting earnings this year for 85 zip it -- Iraq -- -- -- to war.
X should predict projecting five I think 550 arts and take off 2530 at that they are 35.
It's trading at -- and not seven and a half times earnings.
Is your position.
Still making you money do you bought at a price that was lower than what it is today -- -- it OK so you're doing what are your bankers I just want to clarify that.
-- -- -- it didn't start member supplement what would assure a better idea last night when I went to that.
I think yeah of course I'm sure I'm sure you're not thrilled about it but it sounds like you're relatively sanguine about the future of this company.
Joke for -- of the post had an interest -- article today and he says.
This comes precisely.
At a time -- When the the language of the Volcker Rule is being crafted and now JPMorgan and Jamie Dimon who -- so locally against the Volcker Rule which would separate.
A bank's proprietary trading and not allowed to make too gigantic of a bet here with.
That money that it has.
That that it's really gonna hurt that whatever kind of regulation comes out or at least make it.
More -- were onerous do agree with that.
Book I've discussed this with Jamie -- arbitrage it department I can tell you that.
But you know I think we talked group the World Economic Forum -- stop us you know the problem that the bank happens is they're frustrated with the language of these.
Regulate regulatory agreements because they're just too ambiguous spending their spirit -- quite prudent it is.
Listed below what -- GAAP and they just have to know what they can't I can't -- -- we need these banks to abide.
-- Company estimates that they provide to the department of function so there right well you -- we don't want about speculating that gap out that that -- -- -- wants to.
-- speculative -- debate expect that -- the gap.
How have you talked your friends -- JPMorgan today what are they saying.
Well nobody really as company executives and I expect I talked to the people but I thought that I bought it bought the -- -- What are they saying.
-- -- everybody's that -- they've recognized legal lost even think it's it's a very small.
Although outlawed -- but -- point eight billion chairs you know so think about it they lost a billion dollars the stock is right at that fifteen that we are.
What is really have to the company they built out poppy great franchise investment banking asset management we felt.
-- -- -- -- No absolutely absolutely one equation -- You've done Monday morning it was yesterday the only difference is they -- that they had a loss which.
I think it aren't sure now that gonna put a lot more check about -- picture of this ever happens again.
Jeff -- billionaire investor adding to his position showing a sign of confidence in JPMorgan shares right now.
All right there's another side to this argument somebody who says no way hey this is not.
A good thing for any financial stay away from them at the moment Jeff thank you for joining us live from telephone.
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