January 28, 2025 (NO COMMENTS)

In early October last year, Luciano Santos, JP Morgan Asset Management’s chief risk officer, convened a snap 20-minute meeting with several of the firm’s chief investment officers, two of its portfolio managers, the operations head and the firm’s chief administrative officer.

Israel had launched an incursion into Lebanon in the preceding days and Iran had retaliated with missile strikes. The meeting was to share views on why markets were reacting so little to events.

It’s the kind of ad hoc discus