Dimon is questioning whether today’s valuations offer sufficient upside against geopolitical, inflation, and government-debt risks that may take longer to materialize. “I would not be a buyer,” Dimon said, adding that geopolitical and fiscal risks were “probably bigger than other people think.” The JPMorgan caseThe contrasting calls arrive as elevated prices and trading volumes are directly strengthening JPMorgan’s financial results. Dimon acknowledged the benefit during JPMorgan’s earnings call, describing a “very healthy, active, exuberant market with very high prices and very high volumes, and we benefit from that.” Dimon is warning that those same gains have reduced the compensation available to investors if inflation, deficits, or geopolitical conditions deteriorate.