JPMorgan Chase CEO Jamie Dimon defended capitalism, lower corporate taxes, and stock buybacks while highlighting the bank’s “fortress balance sheet” in his annual letter to shareholders on April 4.

In a wide-ranging letter running to nearly 50 pages, Dimon defended capitalism as the “most successful economic system the world has ever seen”. At a time when socialism is finding adherents on the Democratic left in the US, Dimon took aim at it.