Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We'll say it plainly up front: JPMorgan Chase is the finest large banking franchise the world has ever produced, run by the best bank manager of his generation. If you forced us to own one bank for the next twenty years and locked the ownership certificate in a drawer, this would be the one. And yet we are not buyers at $347. The stock sits at an all-time high, two days after reporting the most profitable quarter in the history of American banking. It trades at roughly 3.1 times tangible book value — a multiple this company has never sustained in its modern history — and nearly 15 times earnings that its own chief executive describes as "close to as good as it gets." When the man running the place tells you the environment is about as favorable as it can be, the sensible response is not to pay a record multiple on those record earnings.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-07-23), 8-K (2026-07-23), 8-K (2026-07-14).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation