2016年5月6日 / 240次阅读
JPMorgan Chase，摩根大通银行，是美国的一家非常优秀的金融机构，其CEO Jamie Dimon也多次得到巴菲特的赞赏。巴菲特甚至在2011年的给投资者的信中，建议大家去阅读Jamie Dimon在摩根大通银行的年报中，写给投资者的信。巴菲特是这么说的：
I think Jamie Dimon writes the best annual letter in corporate America. Every viewer will learn a lot by reading his annual report. He thinks well and he writes extremely well and he works a lot on his report.
Flash forward to Berkshire Hathaway's most recent shareholder meeting, and we finally have a much better appreciation for what Buffett means by this. "I regard very large derivative positions as dangerous," he said last weekend in Omaha, Nebraska.
Some of these things get so complicated they're very hard to evaluate ... I know one that's so mismarked it would blow your mind, and the auditors I don't think are necessarily capable of holding that behavior in check.
This is why Buffett told Berkshire shareholders that, "if you take the 50 largest banks in the world, we wouldn't even think about probably 45 of them."（全世界最大的50家银行，有45家我们都不会考虑）
How does JPMorgan Chase measure up in this regard? It has a larger portfolio of derivatives than any other bank in the country. With $50.7 trillion in notional derivatives exposure, it comfortably outpaces the runner-up Citigroup's $48 trillion portfolio. Bank of America comes in third at $42.2 trillion. And Buffett's favorite Wells Fargo ranks fourth with only $5.7 trillion worth of notional derivatives exposure.（摩根大通大约有50.7万亿衍生品敞口，花旗银行有48万亿衍生品组合，美国银行有42.2万亿，而巴菲特最爱的富国银行只有大约5.7万亿的衍生品敞口）
Thus, one way to explain JPMorgan Chase's absence from Berkshire's portfolio is because the bank's derivatives portfolio is simply too big for Buffett.
"I'll let you in on a little secret," the 85-year-old billionaire told CNBC's Andrew Ross Sorkin four years ago. "I own some shares of JPMorgan. Personally."
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