Descriptive Transcript

Side note:

Soft country music plays.

Logo:

This video opens with the J.P.Morgan logo in the upper left-hand corner as a title appears:

Text on screen:

'Thriving: Conversations with bankers.'

On screen:

A question appears over black:

Text on screen:

'What should business owners know about today's capital markets?'

On screen:

A man in a dress shirt and blazer speaks on a panel.

Text on screen:

Identifying text appears: 'Keith Canton, Head of Americas Equity Capital Markets, J.P. Morgan.'

Keith Canton:

Capital is getting raised, which is the good news. You know, when you think about what types of companies are gonna have access to capital, these are bigger companies, they’ve got a history of consistent profits, and they’re gonna be around for a long time. They’ve got a real durability.

On screen:

Now, a man with glasses speaks on the panel.

Text on screen:

Identifying text reads: 'Alton McDowell, Head of Disruptive Commerce and Internet Group, Middle Markets Banking, J.P. Morgan.'

Alton McDowell:

Liquidity's harder. There is a much more precise, robust view of, “Is this gonna pay me back? When will it pay back? Am I profitable? Growth is important, but it’s not growth now at any cost; it’s growth at a reasonable cost.”

Text on screen:

His quote appears in a blue text box: 'Growth is important, but it's not growth now at any cost; it's growth at a reasonable cost.'

On screen:

Another panelist in a suit and glasses chimes in.

Text on screen:

'Rodney M. Miller Sr., Vice Chair of Mergers and Acquisitions, J.P. Morgan Securities.'

Rodney M. Miller Sr:

Keith actually said something in his remarks that I wanna double down on, and that was the importance of scale.
Tiffany Johnson Lewis:

Yes.
Rodney M. Miller Sr:

I think it is very, very difficult to be large and not have scale. But there can be ways to be very, very successful for companies that quote “don't have it.”

Alton McDowell:

You can tell from client's perspective the risk appetite has clearly changed. There was all this resistance. “I don’t want it to down round, down round, down round.” People are like, “I’ll take a down round to get the liquidity.” So you definitely have seen that change about how founders and people who are running businesses are operating.

On screen:

Another panelist in black with gold earrings gestures as she speaks.

Text on screen:

'Tiffany Johnson Lewis, Head of Private Infrastructure Investing and Head of Diverse Manager Investing, J.P. Morgan Wealth Management.'

Tiffany Johnson Lewis:

You have a lot of choice, a lot of choice. Companies are staying private longer because they don’t wanna deal with the morass of figuring out the valuation and figuring out that it’s a significantly haircut. And so, they’re feeling like they can capture more value and keep and retain more value within the private markets.

On screen:

Keith speaks as a wider view shows the four panelists and a moderator sitting against a gray backdrop emblazoned with J.P. Morgan.

Keith Canton:

The biggest challenge there is uncertainty. If you can’t price something appropriately, you can’t price the risk, it’s really hard to make your investment, right? The number one thing we’re looking for is stability.

Rodney M. Miller Sr:

There's less capital to fund businesses and it’s more expensive. Doesn’t mean it’s not there.

On screen:

His quote appears in a blue text box: 'There's less capital to fund businesses and it's more expensive. It doesn't mean it's not there.' Seen from below, clouds move over towering buildings in time-lapse, and a stock market ticker cycles through numbers.

Rodney M. Miller Sr:

This is a market where if you think you need to raise a dollar and you can raise $1.20, take the $1.20.

Alton McDowell:

No company goes bankrupt by having too much money and finance when you can, not when you have to. ‘Cause I promise you if you have to finance, either two things are gonna happen: you will hate the price, or it may not even be available.

Rodney M. Miller Sr:

There's this overtaxing around the bath, there’s a lot of capital out there, stay positive. There’re good things that are coming.

On screen:

As Tiffany Johnson Lewis speaks, clips show two businesswomen meeting in a modern industrial-style office, reviewing charts and graphs on a laptop. Others meet in a conference room.

Tiffany Johnson Lewis:

Start conversations; it’s a relationship business. I know a lot of managers are like, “You don’t have capital for me today and you can’t write a check like it’s not worth the conversation.” It is worth the conversation; you have to build in the relationship and spend time there expanding those conversations.

Logo:

A logo appears over white: 'J.P.Morgan.

Text on screen:

'jpmorgan.com/CB-diversebusinesses.'

Side note:

Legal disclosures.

Text on screen:

Chase, J.P. Morgan, JPMorgan, JPMorgan Chase, and Story by J.P. Morgan are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide (collectively, “JPMC”, “We”, “Our” or “Us”, as the context may require).

The material contained in this video is intended as general market commentary and does not constitute legal, tax, investment, accounting, financial, business, real estate, or any other advice, and should not be relied upon as such. The views, opinions, estimates and strategies expressed in this video are those of JPMC, or other featured speakers, and may differ from those of Commercial Banking or other JPMC employees and affiliates. This video in no way constitutes an offer or commitment to provide a particular product or service. Products and services offered by JPMC and its affiliates are subject to applicable laws and regulations, as well as our service terms and policies. Not all products and services are available in all geographic areas or to all customers. Credit is subject to approval. Rates and programs are subject to change; certain restrictions apply.

This content does not constitute J.P. Morgan research and should not be treated as such. Any views expressed are often based on current market conditions and are subject to change without notice. Any statistics referenced have been obtained from external sources deemed to be reliable, but we do not guarantee their accuracy or completeness. In no event shall JPMorgan Chase nor any of its directors, officers, employees or agents be liable for any use of, for any decision made or action taken in reliance upon, or for any inaccuracies or errors in or omissions from, the information in this video.

Copyright 2024 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.

END