Jamie Dimon, chairman and CEO of JPMorgan Chase, said he would not buy bonds or stocks at current levels, warning that risks are bigger than investors expect. In a podcast interview published July 20, 2026, Dimon told The Master Investor Podcast that he would “not be a buyer” of long-dated government bonds, drawing parallels to the inflationary spiral of the 1970s and cautioning that investors may be underestimating risks posed by record government deficits and rising interest rates.
Dimon also said he would not buy the broad S&P 500 at present valuations. His skepticism on equities stems partly from doubts about artificial intelligence’s payoff timeline. “Will it pay off? Probably. Will it pay off the way you expect, and in the timetable you expect? Definitely not,” Dimon said, according to the podcast description.
These remarks came just six days after Dimon delivered JPMorgan’s second-quarter earnings on July 14, when he struck a similarly cautious tone despite the bank posting record results. On the earnings call, Dimon said the market environment was “getting close to as good as it gets” and warned that risk is “shifting below the surface like tectonic plates,” citing geopolitical tensions, sticky inflation, and global fiscal deficits as mounting concerns.
JPMorgan reported net income of $21.2 billion for the quarter, or $7.70 per share, driven in part by a $4.6 billion gain on the bank’s Visa stake. Core profit, excluding one-time items, reached $16.9 billion, or $6.14 per share, well above Wall Street’s $5.80 estimate, according to Fortune.
Dimon’s warnings reflect a pattern of caution that stretches back months. In late May, he told a gathering of global business leaders that markets were “gung ho” with exuberance reminiscent of periods preceding major crashes—1972, 1986, 2000, and 2007. That same market activity of buoyant investors has powered JPMorgan and other banks’ strong quarterly results, as elevated trading and dealmaking activity generate fees. The tension in Dimon’s messaging underscores a reality facing Wall Street’s biggest players: the same investor enthusiasm that can raise fears of an overheated market also produces profits for the banks.
Sources
- The Master Investor Podcast with Wilfred Frost — Podcast interview with Jamie Dimon published July 20, 2026; Dimon’s statements on bonds, stocks, and AI payoff expectations
- Fortune — July 14, 2026 article on JPMorgan earnings; Dimon’s “as good as it gets” quote and warnings on risks; Q2 2026 earnings figures
- Fortune — June 4, 2026 article; Dimon’s May 2026 remarks on market exuberance and historical crash parallels
