@PythiaR @soonervaluecap @MarAzul_90 Good points on this thread. 13% sounds reasonable though I am guessing 16%. Pre-Covid mgmt target was 17% &amp; $JPM was doing low-to-mid-teens quite consistently even before 2017 US tax cuts. Clearly it would depend on severity of downturn &amp; how long "free" money from the Fed lasts. https://t.co/XQs1UNG4ZM