JPMorgan CEO Jamie Dimon is telling ordinary investors to stay away from stocks and bonds right when his own bank is pulling in massive profits from the market exuberance he's publicly warning about.

The head of the world's largest bank by market cap says markets aren't pricing in geopolitical chaos, runaway deficits, and sticky inflation. But while Dimon counsels caution from the sidelines, JPMorgan is feasting on the action — surging trading revenue, investment banking fees, and an environment Dimon himself called "as good as it gets" for banks.

Dimon laid out three risks in a Monday interview on The Master Investor podcast. First, inflation running hotter than expected — he said even if inflation hits the Fed's 2% target, the 10-year Treasury should sit at 4% to 4.5%, and short rates around 3.25% to 3.5%. Second, geopolitical threats: wars in Ukraine and the Middle East, tensions with China and Iran, and the risk that energy prices spike and feed broader inflation. Third, mounting deficits that will eventually "become a problem."

On that last point, the numbers are stark. Fortune reported the national debt has surpassed $39 trillion, with interest payments running $24 billion a week. The U.S. debt-to-GDP ratio sits around 120% — a level Dimon noted you'd normally only see "like a great recession or a depression or to have a war." Both parties spent us here. Nobody in Washington is stopping.

Dimon said he wants policymakers to "deal with it maturely and sit down." Then he admitted what everyone already knows: "My guess is that's what's going to happen" — meaning they'll wait until crisis forces their hand. That's the bipartisan failure in plain English.

Here's what Fortune spelled out clearly but the other outlets soft-pedaled: those long-term Treasury yields Dimon says should be higher? They're the benchmark for what you pay on your mortgage, your car loan, your credit card. When bond vigilantes come demanding higher rates to finance government debt, the bill lands on Main Street.

CNBC noted that Dimon "often warns the public about economic risks." What CNBC didn't explore is what happens when ordinary people listen and stay out of markets that keep climbing — they miss gains while Wall Street captures them. Business Insider quoted Dimon calling the bank environment "as good as it gets" and moved on without examining the tension.

Dimon drew a parallel to the 1970s, when inflation peaked at 12%. He warned that "what's not baked in is what actually happens" when a disruptive shock hits. On AI, he compared the current spending boom to the early internet — big money, eventual payoff, but early winners like Yahoo and Netscape faded while Google emerged later. "Will it pay off the way you expect and the timetable you expect? Definitely not."

The S&P 500 has returned nearly 10% this year. Consumers are still spending. Inflation has moderated. The market has shrugged off wars, tariffs, and every other warning. JPMorgan and its peers just posted blockbuster quarterly results.

Dimon says he wouldn't buy stocks or bonds at these prices. Fair enough — it's his money. But the man running the bank that profits most from this exuberance is the same man telling you to be afraid. The question isn't whether the risks are real. It's who gets positioned before they materialize — and who gets left holding the bag.