I will try to find the reports again and copy to a future post. Why sfmi holdings if I am spooked? Because the following are even spookier:

1. There are no prospects for substantial gains in other equity investments, quite the contrary in many cases. Sfmi appears to be in the top tier for that possibility.

2. Bonds will inevitably shed face value as interest rates increase in the future, forcing holders to hang on to maturity - who has 20 or 30 years?

3. No return (0.25% per year - yuck) in insured savings vehicles.

4. Initially recommended to me by a successful investor in unusual plays.

My (very unsophisticated) DD on sfmi leads me to believe that the resource is there, so the next questions relate to the ability and will of management to operate in such a way as to enrich stock holders, as well as themselves. This also assumes a level of forthrightness on the part of management, not that I have any reason to think sfmi management is any worse or any better than typical. The convertible bonds stuff is likely from a basher, but nonetheless it is a concern I would like to have addressed by someone more knowledgeable than myself.

I do appreciate the knowledge I have gained about JPMs at this forum, thanks to many knowledgeable posters.

BTW - I have purchased shares from $0.02 to $0.25, and would be selectively adding to my holdings if my day job did not interfere with some moves I would like to have made.