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  "documentTitle": "2020 firm overview",
  "authorId": "JPMorgan",
  "authorName": "JPMorgan Chase & Co.",
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  "notes": "This is a standard disclosure slide providing definitions for CAGR, PTI, NTM PE, and earnings volatility metrics used in previous analysis.",
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      "text": "1. Includes all current constituents of the S&P 500 index that have been publicly traded since 2000 (includes 385 unique companies), grouped by sector. The Financials sector has been further subdivided into Banks and Financials – Other. The data displayed represents the median value of the constituents of each sector\n2. Compound annual growth rate (\"CAGR\") of pre-tax income (\"PTI\") between 2000 and 2019. For companies that have not yet reported full-year 2019 PTI, the 2019 data point has been replaced by the last-twelve month PTI as of 3Q19; source FactSet as of 4Q19\n3. NTM PE = share price / consensus earnings per share (\"EPS\") for the next twelve months (\"NTM\"); source FactSet as of January 31, 2020\n4. Earnings volatility is defined as the r-squared of PTI growth through time. R-squared is a statistical measure that represents the proportion of the variance for a dependent variable that is explained by an independent variable or variables in a regression model. Perfectly equal PTI growth by year equals a score of 100, whereas a perfectly random path for PTI equals a score of 0",
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      "kind": "title",
      "text": "Notes on slide 14 – Banks have offered earnings growth and stability over the long-term – and among banks we have outperformed",
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