At the Morgan Stanley US Financials Conference, JPMorgan CEO Jamie Dimon lambasted unengaging CEO letters and complex regulations. He expressed a preference for insights from notable figures like Warren Buffett and Jeff Bezos. Dimon echoed Buffett's investment philosophy of waiting for favorable conditions, indicating JPMorgan's strategy to buy back stocks and remain patient with excess capital. He bluntly criticized 10-K reports as unreadable and suggested a complete overhaul of the existing regulatory framework, denouncing the current volume of regulatory material as ineffective.
"I always read Buffett's, Andy Jassy's, and Jeff Bezos; some CEOs are just constant corporate pablum, so I don't read them."
"No one reads 10-Ks anymore because they're so full of crap."
"You probably throw the whole goddamn thing out since it doesn't work - 80,000 pages of shit."
"Basically we're going to be patient," regarding JPMorgan's buyback strategy. "It's just earnings in store and cash waiting to be deployed."
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