JPMorgan Chase & Co.

Investment Thesis

JPMorgan is the best-run large bank in the world, and we are initiating with a SELL. Nothing here disputes the franchise; the rating is about price and the durability of the return, not quality. Q2 2026 was extraordinary, up 28% on revenue and 41% on net income, but USD 4.2 billion of after-tax one-off gains flattered the headline, and a 29% ROTCE is not the through-cycle rate. At 3.2x tangible book, the stock already prices in the peak.