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WSJ.com 'Intelligent Investor' columnist Jason Zweig pulls up a chair on Mean Street to explain how J.P. Morgan violated a simply rule in its $2 billion trading loss: You must not fool yourself. Photo: Reuters.
Forget the "Dimon principle." Investors should follow the Feynman principle.
When J.P. Morgan Chase's chief executive, James Dimon, disclosed a $2 billion trading loss during a hastily organized conference call on Thursday, he said: "This trading may not violate the Volcker rule, but it violates the Dimon principle."
Mr. Dimon didn't say what the Dimon principle is, and a spokesman for the nation's largest bank by assets didn't respond to requests for comment.
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