PMorgan has made one of its most significant external hires ever — bringing on Todd Combs, a long-time deputy to Warren Buffett — to accelerate its $1.5 trillion, 10-year national security investment strategy.
Combs will lead a team deploying $10B+ of JPMorgan’s own capital into U.S. strategic industries, reporting directly to CEO Jamie Dimon. Investment areas include technology, defense, rare earths, robotics, and medicines, with a focus on small and mid-sized companies.
Analysts say Combs’ experience “sitting at Buffett’s knee” gives him a unique long-term investment lens critical for this role.
🔹 How the Strategy Took Shape
Dimon launched the initiative after his national bus tour this summer, where he heard firsthand from suppliers facing uncertainty in defense-related supply chains. JPMorgan’s goal is to strengthen U.S. industrial resilience by providing financing and equity support to companies critical to national security.
The bank has already begun deploying capital, including an investment in Perpetua Resources, which recently raised $255M.
🔹 Why Combs?
- Former head of GEICO (Berkshire-backed)
- Sat on JPMorgan’s board
- Joined Berkshire in 2010 after running his hedge fund
- Highly regarded for his long-term investment track record
Dimon called Combs “one of the greatest investors and leaders” he has known.
🔹 Strategic Context
JPMorgan stresses that American economic security is tied to reducing dependence on China for rare earths, semiconductors, and pharmaceutical ingredients. The bank will support sectors essential to U.S. competitiveness and supply chain independence.
JPMorgan recently acted as lender and advisor to MP Materials, arranging $1B for a government-backed effort to boost rare earth magnet production.
The exact breakdown of the $1.5T commitment — between loans, equity, and advisory — is still being determined.