Jamie Dimon Warning About Recession - “ABC’s of Decay”

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🗓️ 6 September 2022

⏱️ 4 minutes

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Summary

In today's video, Patrick Bet-David discusses what you should fear more than a recession.

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Transcript

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0:00.0	So everywhere we see is market crash or recession coming, right? The other day they said 97% of
0:04.6	fortune 500 CEOs are convinced were either in recession or it's coming. So but what is scarier than
0:10.2	recession and market crash, I'm going to share with that here today. And by the way, if you get value
0:14.3	out of it, give it a thumbs up and subscribe to the channel. So last week, I'm at my annual convention,
0:18.9	okay? And I'm interviewing my new partner, Brian Adams, who's a CEO and founder of integrity
0:23.7	marketing group. It's the biggest insurance company that nobody knows about. And we're having
0:28.5	this conversation and he says he was having dinner with Jamie Diamond, okay? And during dinner
0:33.5	with Jamie Diamond, he says, hey, so Jamie, what are the, what are the things you're most concerned
0:38.0	about right now with today's economy recession, market crash, all the stuff that's going on?
0:42.3	He says the ABCs of the K, okay? The ABCs of the K, which is what? arrogance, bureaucracy,
0:50.0	complacency. He didn't say bonds, he didn't say rates, he didn't say China, he didn't say Russia,
0:55.7	he didn't say politics, he didn't say he said arrogance, bureaucracy, complacency. So why,
1:00.7	why is that the bigger concern? By the way, the ABCs of the Ks also something that Bob has been
1:05.0	talking about for decades, arrogance, bureaucracy, and complacency. So let's bring it to you. All right.
1:11.4	So go through each one of them, arrogance. When people make a lot of money, they tend to get
1:15.2	little to cocky. They get arrogant. You know, I'm bulletproof. There's nothing that can happen to me.
1:20.5	I'm so great. Everybody tells me I'm so great. I just read a story yesterday, a company called
1:25.7	First Guarantee, I believe it's a mortgage company. Last year in 2021, they had their biggest
1:30.6	year ever, okay? They did $12 billion of loans. Last year, they hired that 600 employees.
1:39.4	They just fired 471 people in May and they went out of business in June. So last year, they're like,
1:45.6	this at their meetings, guys were on top of the world. This year, they found bankruptcy.
1:50.6	Stories being written about all over in Bloomberg, arrogance gets you to not see your blind spots.
	...

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