Bloomberg Surveillance · Monday, July 13, 2026
Despite a challenging market, JPMorgan has demonstrated remarkable performance, achieving a 20.98% annual return over the last ten years. Analysts are less surprised by this, noting that the bank was a favorite stock years ago when it traded at a lower multiple, with earnings projected to rise.
“So what they say about you, I gotta ask you is because long ago in Swede and I were younger, and Gerard Cassidy, Tucker, Anthony RL Day and young Stephen out. If you'd said JP Morgan would make twenty point nine to eight percent per year for the last ten years, you would have flunked the exam. And yet there it is how shocked at you are you by the excellence of fortres Steinman.”
“I hate to say, Tom, I'm not that shocked. I mean we we It was one of our favorite stocks six or seven years ago. At the time it was trading at ten times market multiple.”
“Earnings we're heading quite a bit higher. And here we are now it's trading at fifteen times. You guys have been making the case for last twenty minutes on JP Morgan why can't it trade at a market multiple? Why shouldn't it? This is one of the biggest banks in the world. It's got a very diversified business background. It participates in the US economy, the US stock market. Earnings are going higher, and you know, one of the great rules I've learned over time is eat stocks, eat nominal earnings, and nominal learnings are going higher. For JP Morgan, stocks just broken out to a new high. But why can't it go higher?”