@PythiaR @soonervaluecap @MarAzul_90 Buffett's comment implies a bit more compounding than $JPM can actually achieve, however. GSIB score &amp; Fed not changing co-efficients constrain B/S growth, hence JPM distributing nearly all net income, so compounding depends on buybacks which are less powerful at higher P/TBV. https://t.co/VnLMbDusGn