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JPMorgan's Valuation and Market Rotation toward Financials
JPMorgan joins the $900B club and the valuation is still “cheap”
What happened
On January 5, 2026, $JPM was positioned to close with a market capitalisation above $900B for the 1st time, putting it in a very small group of US companies to ever hit that level.
What stands out: despite the size and performance, JPMorgan’s forward P/E was ~15.3 vs ~22.5 for the S&P 500 (banks historically trade around ~70% of the S&P’s multiple, and JPM is roughly in that range).
Performance context: JPMorgan’s 2025 total return was ~37.3% vs ~17.9% for the S&P 500; 5-year total return ~188.9% vs ~96.2% for the…
The skinny
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