The JPMorgan Alums Whose Big Bet on AI Stocks Is Being Put to the Test
The Wall Street Journal · Miriam Gottfried ·
Phil Scott and Jim Atwood struck out on their own last month in an effort to keep their wealth clients’ concentrated portfolios intact
Millions of investors are learning the hard way what it means to have a concentrated stock portfolio. Phil Scott and Jim Atwood are staking their future on it.
The two wealth advisers left JPMorgan Chase and formed an independent firm last month after the bank said their clients’ stock portfolios were too concentrated in shares of some highflying artificial-intelligence stocks.
Some of the advisers’ longtime clients had nearly 20% of their holdings, amounting to tens of millions of dollars or more, in a single stock, among them Nvidia, Broadcom and Dell Technologies. Scott and Atwood didn’t want to diversify, as the bank had requested.
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