- Be authentic in how you communicate. - Write as you speak. Do not use fluffy words. - Keep expressing your independent thoughts. - Get the basics right. Apply common sense. - Fight complacency, politics, arrogance and bureaucracy - they kill companies. - Don't wait till you are in trouble to innovate. - You have got to have a budget. - You have to get the numbers right. The accounting can lead you to a wrong answer. You can't compare yourself against forecasts as then you are always very close. - Do the right thing and explain it. No matter if it is good or bad. - Always ask if you can achieve more with the same (or fewer) resources.   - Give mistakes a hard look. Dissect errors to understand root causes, then fix processes without punishing honesty.  - Build a real culture through action. Culture is how we handle people, problems and decisions daily.   - Leading with transparency and accountability is a non-negotiable.  - Encourage open debate, kill the “meeting after the meeting” and let everyone speak up.     - Be disciplined with the basics. - Keep follow up lists - Have great controls - Have full and constant assessments - Slow speed kills. - Dishonest numbers kills.   - Failure to set standards, bad people, bad incentives, disincentives kill companies. - Always compare yourself to the best. - It's better to be a great company with reduced exposure - Champion good expenses - Never stop learning from competitors - Simplify Bureaucracy Relentlessly - Innovate through always testing and learning - over-analysis can crush creativity so experiment in controlled ways. - Get out of the office and into the real world. - Envision your ideal scenario to spot big-picture changes that day-to-day thinking can miss. Ref: - https://www.jpmorganchase.com/ir/annual-report/2024/ar-ceo-letters