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Markets are underpricing the risks in front of them. That, at least, is Jamie Dimon's position.
The JPMorgan Chase chief executive said he would not buy stocks or Treasurys at current prices, a stance that sets him against investors who have shown a willingness to look past wars, tariffs, and other shocks.
The case for caution Dimon's comments amount to a rare public declaration against two of the most liquid asset classes in the world.
For a bank chief executive to say he would not buy either stocks or Treasurys at current prices is notable on its own terms.
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