First, know that I am not especially savvy about financial instruments. I sort of understand puts and calls, but not some of the financial instruments that are all over the news. And you can read lots of articles from people who think these people or those people are responsible for the mess. And some that civilization is coming to an end in deflation or hyperinflation.

Second, know that I am not a stockholder in JPMorgan Chase, although I do have one of their credit cards.

But I read this (long) letter from the CEO of JPMorgan Chase to his shareholders and came away feeling like it was one of the more honest assessments I’ve read in a while. The part that interested me starts on page nine. I think I will come back to it in a year or two and see how Mr. Dimon’s analysis has held up.