JPMorgan's Dimon Says Credit Is a Bad Risk

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00:00Personally, I don't like making forecasts, stuff like that.

00:04I am not a buyer of credit today.

00:08I think credit today is a bad risk.

00:11I think that people who haven't been through major downturns are missing the point about what can happen in credit.

00:17And then there will be a huge opportunity for this company, too.

00:20That's the other thing about downturns.

00:21In a downturn, my experience has always been the good companies benefit from a downturn.

00:26You know, not your short-term profits, but your long-term company.

00:31And you earn your stripes with your clients in a downturn.

00:34I look at the things being up, including trade, trade in general, because not just tariffs,

00:40has created a lot of risk out there.

00:41And we should be prepared for it.

00:43My own view is, you know, where people feel pretty good because you haven't seen an effect of tariffs.

00:50The market came down 10%.

00:52It's back up 10%.

00:53I think that's an extraordinary amount of complacency.

00:56That's my own view.

00:58That when I've seen all these things adding up that are on the fringes of extreme kind of thing,

01:05I don't think we could predict the outcome.

01:07And I think the chance of inflation going up and stagflation is a little bit higher than other people think.

01:13There are too many things out there.

01:15And I think you're going to see the effect.

01:17Even if these low levels, you know, they stay where they are today, that's pretty extreme tariffs.

01:23And you also don't know how every country is going to respond.

01:27And they are responding.

01:28I mean, they're already starting to cut trade deals with other people, et cetera.

01:31And even if you want to bring all that manufacturing back, it takes three to four minimum to build a real manufacturing plant in years.