JP Morgan boss James ‘Jamie’ Dimon says he is not unduly worried about market volatility.
“For a country and company, you have to build, serve people, do a great job and the volatility will take care of itself,” he said in an interview to CNBC-TV18, adding that JP Morgan was investing for the future in India.
Dimon does not see any impending meltdown in global markets, despite investor concerns that negative interest rates in some parts of the world indicated a recession ahead.
Below is the transcript of Jamie Dimon’s interview to Latha Venkatesh on CNBC-TV18.
Q: You have had a series of meetings with a lot of Indian leaders, what is the sense you are getting? Is the India story still ticking? Is it one of your favoured places of investments?
A: We love India. We have been here since 1945 and this conference is a testimony to the growth of India. We are going to have hundreds of companies here, hundreds of investors from around the world. This is our first equity conference, but this kind of conferences do nothing but grow over time. And for the Indian people, you have the fastest growing economy in the world, some fabulous companies, great education and a Prime Minister who is making all the right moves to make this is a great country.
Q: It is true that the Indian Prime Minister is working very hard and so is the Indian unit of Ministers. But the global flows have been extremely volatile. On the one hand, you have negative rates which seems to indicate recessionary economy and on the other hand, you have valuations in the US and in India at near all-time highs. Should we expect some kind of an apocalypse or a meltdown around the corner?
A: I do not spend that much time worrying about market volatility and things like that. For a country and company, you have to build, serve people, do a great job and the volatility will take care of itself. So, I am very optimistic in the long-run. In the short-run there are always going to be things that concern you, but do not overdo them. Invest in the future like we have been investing here.
Q: But a near-term apocalypse is not your base case, no meltdown?