Many financial analysts were concerned about a global recession back in February 2016. JPMorgan Chase & Co. (NYSE: JPM) Jamie Dimon had claimed that the market was cheap. He then decided to purchase 500,000 shares of his company’s stock which was on a strong downtrend at the time. Although he never called a bottom, many refer to his purchase as the “Dimon bottom.”
Dimon had purchased shares at an average price of $53.18. JPMorgan Chase had closed at $87.18 on Friday, equivalent of a $34 per share gain or 64 percent. Donald Trump’s victory in the presidential election has sent financial stocks on a bullish outbreak. Share value of JPM is up 24 percent since Election Day.
Dimon’s holds about 6.75 million shares of JPM, which would be equivalent to $359 million back in February 2016, if his profit is $34 per share, then his total profit is about $229.4 million.
In early 2016 there were concerns of a global recession due to a slowdown in China. Financial experts and investors were worried that Deutsche Bank was in trouble while the Federal Reserve seemed hell bent on raising interest rates even with difficulties and political uncertainty in the air.