Major corporation CEOs are legally required to file annual reports with the Securities and Exchange Commission, but some CEOs go beyond regulatory requirements by publishing detailed letters directly to shareholders analyzing economic, political, and social conditions. Warren Buffett's letters at Berkshire Hathaway and Jamie Dimon's letters at JPMorgan Chase are considered some of the most closely watched documents in American finance because they represent the views of executives managing enormous pools of capital. Dimon's annual letter has grown from a corporate formality into a public policy document, he addresses monetary policy, geopolitics, bank regulation, and technology trends at a level of specificity that functions as an unofficial economic brief to institutional investors, regulators, and policymakers. When Dimon warns of stagflation, markets react.