Insights
Information is abundant, but it’s not always clear what to do with it. A true professional perspective can cut through the noise and make a real difference. We share insights on how news and trends may impact your life, such as where to find emerging investment opportunities, how to talk to your family about wealth, the latest in cybersecurity and more. Explore ideas from J.P. Morgan’s world-class economists, strategists and investment specialists.

Investment Strategy
Eye on the Market Outlook 2023: The End of the Affair
The affair with the market catalysts of the last decade is over now, and a new era of investing begins.
- Michael Cembalest

Economy & Markets
Holiday Eye on the Market: Non-Fungible Trainwreck
First, a gift for our clients: a 2022-themed non-fungible token for your digital collection embedded in the Eye on the Market. …
- Michael Cembalest

Economy & Markets
Holiday Eye on the Market: Non-Fungible Trainwreck No…
First, a gift for our clients: a 2022-themed non-fungible token for your digital collection embedded in the Eye on the Market. …
- Michael Cembalest

Investment Strategy
Eye on the Market Outlook 2023: The End of the Affair
The affair with the market catalysts of the last decade is over now, and a new era of investing begins.
- Michael Cembalest

Economy & Markets
Holiday Eye on the Market: Non-Fungible Trainwreck
First, a gift for our clients: a 2022-themed non-fungible token for your digital collection embedded in the Eye on the Market. …
- Michael Cembalest

Economy & Markets
Holiday Eye on the Market: Non-Fungible Trainwreck No…
First, a gift for our clients: a 2022-themed non-fungible token for your digital collection embedded in the Eye on the Market. …
- Michael Cembalest

Economy & Markets
The Agony & The Ecstasy
The risks and rewards of a concentrated stock position.
- Michael Cembalest

Economy & Markets
Little Red Wagon
A preliminary read on midterm election results given the context of prevailing market and economic conditions.
- Michael Cembalest

Economy & Markets
A CH₄, HR4346 and mRNA-1273 Thanksgiving
A Thanksgiving list of things I am thankful for. My list this year: CH₄, HR4346 and mRNA-1273.
- Michael Cembalest

Economy & Markets
Reruns
Three reruns for investors: equity declines, Thucydides Trap update, and the Pitcairn Problem.
- Michael Cembalest

Economy & Markets
Reruns No Custom Code
Three reruns for investors: equity declines, Thucydides Trap update, and the Pitcairn Problem.
- Michael Cembalest
Economy & Markets
Arrested Development
Three topics this week: the repricing of risky credit, labor markets and a COVID recap. While equities are pricing in a much…
- Michael Cembalest

Economy & Markets
On CPI, S&P, GHG and the IRS
Three topics in this month’s Eye on the Market. First, an update on the Fed, inflation and corporate profits since we believe…
- Michael Cembalest
Economy & Markets
The second gear of the Manchin-Schumer bill
While the Manchin-Schumer bill (if passed) would almost certainly accelerate the US energy transition, nothing like a CBO…
- Michael Cembalest

Policy & Law
The second gear of the Manchin-Schumer bill
While the Manchin-Schumer bill (if passed) would almost certainly accelerate the US energy transition, nothing like a CBO…
- Michael Cembalest


Economy & Markets
Independence Days
Topics: A revised map of the United States; investing in equities before a recession; Russia’s natural gas squeeze on Europe…
- Michael Cembalest
Economy & Markets
Dearly beloved
Dearly Beloved: some comments on Jamie’s hurricane reference last week regarding the US economy, and a eulogy for unprofitable…
- Michael Cembalest
Economy & Markets
Dearly beloved No Custom Code
Dearly Beloved: some comments on Jamie’s hurricane reference last week regarding the US economy, and a eulogy for unprofitable…
- Michael Cembalest
Economy & Markets
Bear Market Barometers
The slowdown induced by central bank tightening is just starting. You can be patient when adding risk to portfolios; earnings…
- Michael Cembalest
Economy & Markets
12th Annual Energy Paper
We examine the energy landscape in 2022, including the energy crisis in Europe, deep decarbonization plans through…
- Michael Cembalest
Economy & Markets
The Tide Goes Out: Growth Trade Aftermath
Growth Trade Aftermath: asset allocation, equity mutual funds and hedge funds after the selloff
- Michael Cembalest
Economy & Markets
Surveying the Damage
Surveying the Damage: Russia’s recurring war on Ukraine, equity market declines and the opportunity for bottom-fishing investor…
- Michael Cembalest
Economy & Markets
China and the Russian invasion of Ukraine
China and the Russian invasion of Ukraine; full steam ahead for the Fed; the paths not taken.
- Michael Cembalest
Economy & Markets
Russia/Ukraine update: energy implications
The brief note covers the price Europe is now paying for allowing its energy reliance on Russia to reach extreme levels, and th…
- Michael Cembalest
Economy & Markets
Risk unwind, supply chains and the Ukraine
Tracking the market risk unwind; Supply chain update; Ukraine; Invasion of the COVID Body Snatchers.
- Michael Cembalest
Economy & Markets
The Maltese Falcoin
On cryptocurrencies and the blockchain
- Michael Cembalest
Economy & Markets
Eye on the Market Outlook 2022 – Reflation: Endgame
A look at the consequences of reflation for equity markets that are already pricing in plenty of good news.
- Michael Cembalest
Economy & Markets
Manchin and the reconciliation bill
You have all seen the news articles by now. The short version: Pelosi encouraged House Democrats to pass a bill that Manchin…
- Michael Cembalest
Economy & Markets
2021 Holiday Eye on the Market: The Middle Ages
On equity markets, the Lombards, SPAC investors, Bone-setters, George Washington, COVID bots and Omicron
- Michael Cembalest
Economy & Markets
Thanksgiving Eye on the Market: “The Thing”
Some things just cannot be talked about. So in this year’s Thanksgiving piece, I wrote about something else.
- Michael Cembalest
Economy & Markets
Help Wanted
Topics: Labor shortages, the issue of Taiwan and an update on the most over-indebted US states
- Michael Cembalest
Economy & Markets
EOTM Template
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- Michael Cembalest
Economy & Markets
The Thing-Color Test
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- Michael Cembalest
Economy & Markets
The Thing-temporary test
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- Michael Cembalest
Economy & Markets
Dude, Where’s My Stuff?
The global supply chain mess will require increased vaccination and acquired immunity, semiconductor capacity expansion and the…
- Michael Cembalest
Economy & Markets
Your Fall 2021 syllabus
Greetings students. We look forward to seeing you back on campus. Your Fall 2021 syllabus is attached. Syllabus update: Biology…
- Michael Cembalest
Economy & Markets
Your Fall 2021 syllabus
Greetings students. We look forward to seeing you back on campus. Your Fall 2021 syllabus is attached. Syllabus update: Biology…
- Michael Cembalest
Economy & Markets
Spaccine hesitancy
Topics: if people avoided SPACs instead of avoiding COVID vaccines, the US would be both wealthier and closer to herd immunity…
- Michael Cembalest
Economy & Markets
Red Med Redemption
Red Med Redemption: A visual depiction of politics, ideology, vaccine resistance and the Delta variant. Other topics: US…
- Michael Cembalest
Economy & Markets
Thy Brother's Keeper
Topics: Delta variant; the Fed as firefighter and arsonist; US-China economic divorce picks up steam; and a unified theory of…
- Michael Cembalest
Economy & Markets
Thy Brother's Keeper
Topics: Delta variant; the Fed as firefighter and arsonist; US-China economic divorce picks up steam; and a unified theory of…
- Michael Cembalest
Economy & Markets
Thy Brother's Keeper
Topics: Delta variant; the Fed as firefighter and arsonist; US-China economic divorce picks up steam; and a unified theory of…
- Michael Cembalest
Economy & Markets
Food Fight: 2021 private equity update
Every two years, we take a close look at the performance of the private equity industry given its rising share of institutional…
- Michael Cembalest
Economy & Markets
An investor's look at the China recovery
Topics: An investor’s look at China’s recovery, the Sinopharm vaccine and the importance of scientific methods
- Michael Cembalest
Economy & Markets
Inflation. Duh!
This Eye on the Market addresses questions we’re receiving on markets, inflation, rates and capital gains taxes, and concludes…
- Michael Cembalest
Economy & Markets
Eleventh Annual Energy Paper 2021
We examine when and how renewable energy transitions might result in permanent reductions in CO₂ emissions.
- Michael Cembalest
Economy & Markets
Eleventh Annual Energy Paper 2021
We examine when and how renewable energy transitions might result in permanent reductions in CO₂ emissions.
- Michael Cembalest
Economy & Markets
Absolute Value
Biden goes for broke on growth, driving coincident and leading indicators to all-time highs; the Value recovery and where it…
- Michael Cembalest
Economy & Markets
The Smalligarchy
How the narrowest political margins in decades could deliver one of the biggest taxation and spending increases in the post-war…
- Michael Cembalest
Economy & Markets
Interest rate pretzels and the Zoom shock on real estate
If long-term US interest rates stay below 2%, that’s a great sign for equity investors. But if they don’t…it’s amazing to see…
- Michael Cembalest

Economy & Markets
The Agony & The Ecstasy EMEA edition: The risks and…
The growth of wealth does not come without risks. As industries evolve and change, some firms have adapted and thrived, while…
- Michael Cembalest

Economy & Markets
OLD The Agony & The Ecstasy
We look at 40 years of stock performance and explore the risks and rewards of a concentrated stock position.
- Michael Cembalest
Economy & Markets
Very short stories
Short stories on the global recovery, plummeting COVID infections, Larry Summers & the bond market, SPAC sponsors, renewable…
- Michael Cembalest
Economy & Markets
Hydraulic Spacking
In this month’s note, we look at the SPAC capital raising boom and Biden’s early stage energy policies.
- Michael Cembalest
Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
- Michael Cembalest
Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
- Michael Cembalest
Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
- Michael Cembalest
Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
- Michael Cembalest
Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
- Michael Cembalest
Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
- Michael Cembalest
Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
- Michael Cembalest
Economy & Markets
Eye on the Market Outlook 2021
Our views on what will drive markets and the economy in 2021, as well as the challenges we face that stimulus and vaccines can’…
- Michael Cembalest
Economy & Markets
Holiday Eye on the Market: The Winter of Our Discontent
The belief in election illegitimacy is spreading faster than COVID. With field reporting from Alexander Fleming, Rutherford B…
- Michael Cembalest
Economy & Markets
Holiday Eye on the Market: The Winter of Our Discontent
The belief in election illegitimacy is spreading faster than COVID. With field reporting from Alexander Fleming, Rutherford B…
- Michael Cembalest
Economy & Markets
Holiday Eye on the Market: The Winter of Our Discontent
The belief in election illegitimacy is spreading faster than COVID. With field reporting from Alexander Fleming, Rutherford B…
- Michael Cembalest
Economy & Markets
Holiday Eye on the Market: The Winter of Our Discontent
The belief in election illegitimacy is spreading faster than COVID. With field reporting from Alexander Fleming, Rutherford B…
- Michael Cembalest
Economy & Markets
Holiday Eye on the Market: The Winter of Our Discontent
The belief in election illegitimacy is spreading faster than COVID. With field reporting from Alexander Fleming, Rutherford B…
- Michael Cembalest
Economy & Markets
Holiday Eye on the Market: The Winter of Our Discontent
The belief in election illegitimacy is spreading faster than COVID. With field reporting from Alexander Fleming, Rutherford B…
- Michael Cembalest
Economy & Markets
Holiday Eye on the Market: The Winter of Our Discontent
The belief in election illegitimacy is spreading faster than COVID. With field reporting from Alexander Fleming, Rutherford B…
- Michael Cembalest
Economy & Markets
The Armageddonists, Revisited
The Armageddonists were not rescued from underperformance purgatory by COVID, and markets are at all-time highs again with…
- Michael Cembalest
Economy & Markets
The Armageddonists, Revisited
The Armageddonists were not rescued from underperformance purgatory by COVID, and markets are at all-time highs again with…
- Michael Cembalest
Economy & Markets
The Armageddonists, Revisited
The Armageddonists were not rescued from underperformance purgatory by COVID, and markets are at all-time highs again with…
- Michael Cembalest
Economy & Markets
The Armageddonists, Revisited
The Armageddonists were not rescued from underperformance purgatory by COVID, and markets are at all-time highs again with…
- Michael Cembalest
Economy & Markets
The Armageddonists, Revisited
The Armageddonists were not rescued from underperformance purgatory by COVID, and markets are at all-time highs again with…
- Michael Cembalest
Economy & Markets
The Armageddonists, Revisited
The Armageddonists were not rescued from underperformance purgatory by COVID, and markets are at all-time highs again with…
- Michael Cembalest
Economy & Markets
The Armageddonists, Revisited
The Armageddonists were not rescued from underperformance purgatory by COVID, and markets are at all-time highs again with…
- Michael Cembalest
Economy & Markets
Quiet Flows the Don
For the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds.
- Michael Cembalest
Economy & Markets
Quiet Flows the Don
For the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds.
- Michael Cembalest
Economy & Markets
Quiet Flows the Don
For the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds.
- Michael Cembalest
Economy & Markets
Quiet Flows the Don
For the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds.
- Michael Cembalest
Economy & Markets
Quiet Flows the Don
For the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds.
- Michael Cembalest
Economy & Markets
Quiet Flows the Don
For the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds.
- Michael Cembalest
Economy & Markets
Quiet Flows the Don
For the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds.
- Michael Cembalest
Economy & Markets
Special EOTM Election update: Pennsylvania, absentee…
During the President’s speech on Thursday, he made it clear that the next step in the process will be a wave of GOP litigation…
- Michael Cembalest
Economy & Markets
Special EOTM Election update: Pennsylvania, absentee…
During the President’s speech on Thursday, he made it clear that the next step in the process will be a wave of GOP litigation…
- Michael Cembalest
Economy & Markets
Special EOTM Election update: Pennsylvania, absentee…
During the President’s speech on Thursday, he made it clear that the next step in the process will be a wave of GOP litigation…
- Michael Cembalest
Economy & Markets
Special EOTM Election update: Pennsylvania, absentee…
During the President’s speech on Thursday, he made it clear that the next step in the process will be a wave of GOP litigation…
- Michael Cembalest
Economy & Markets
Special EOTM Election update: Pennsylvania, absentee…
During the President’s speech on Thursday, he made it clear that the next step in the process will be a wave of GOP litigation…
- Michael Cembalest
Economy & Markets
Special EOTM Election update: Pennsylvania, absentee…
During the President’s speech on Thursday, he made it clear that the next step in the process will be a wave of GOP litigation…
- Michael Cembalest
Economy & Markets
Special EOTM Election update: Pennsylvania, absentee…
During the President’s speech on Thursday, he made it clear that the next step in the process will be a wave of GOP litigation…
- Michael Cembalest
Economy & Markets
Court Marshall: Election aftermath and implications
As the election outcome increasingly looks like a split decision (President Biden with a GOP Senate), we’re preparing for…
- Michael Cembalest
Economy & Markets
Court Marshall: Election aftermath and implications
As the election outcome increasingly looks like a split decision (President Biden with a GOP Senate), we’re preparing for…
- Michael Cembalest
Economy & Markets
Court Marshall: Election aftermath and implications
As the election outcome increasingly looks like a split decision (President Biden with a GOP Senate), we’re preparing for…
- Michael Cembalest
Economy & Markets
Court Marshall: Election aftermath and implications
As the election outcome increasingly looks like a split decision (President Biden with a GOP Senate), we’re preparing for…
- Michael Cembalest
Economy & Markets
Court Marshall: Election aftermath and implications
As the election outcome increasingly looks like a split decision (President Biden with a GOP Senate), we’re preparing for…
- Michael Cembalest
Economy & Markets
Court Marshall: Election aftermath and implications
As the election outcome increasingly looks like a split decision (President Biden with a GOP Senate), we’re preparing for…
- Michael Cembalest
Economy & Markets
Court Marshall: Election aftermath and implications
As the election outcome increasingly looks like a split decision (President Biden with a GOP Senate), we’re preparing for…
- Michael Cembalest
Economy & Markets
The United States vs Google, and Europe vs COVID
We’ve all been focused on the election recently, but there are other topics worth covering since they will affect markets…
- Michael Cembalest
Economy & Markets
The United States vs Google, and Europe vs COVID
We’ve all been focused on the election recently, but there are other topics worth covering since they will affect markets…
- Michael Cembalest
Economy & Markets
The United States vs Google, and Europe vs COVID
We’ve all been focused on the election recently, but there are other topics worth covering since they will affect markets…
- Michael Cembalest
Economy & Markets
The United States vs Google, and Europe vs COVID
We’ve all been focused on the election recently, but there are other topics worth covering since they will affect markets…
- Michael Cembalest
Economy & Markets
The United States vs Google, and Europe vs COVID
We’ve all been focused on the election recently, but there are other topics worth covering since they will affect markets…
- Michael Cembalest
Economy & Markets
The United States vs Google, and Europe vs COVID
We’ve all been focused on the election recently, but there are other topics worth covering since they will affect markets…
- Michael Cembalest
Economy & Markets
The United States vs Google, and Europe vs COVID
We’ve all been focused on the election recently, but there are other topics worth covering since they will affect markets…
- Michael Cembalest
Economy & Markets
Buckle Up!
Pre-election processing of absentee ballots; a COVID Rorschach test; Trump and Biden deficit explosions; Equity market impacts.
- Michael Cembalest
Economy & Markets
Buckle Up!
Pre-election processing of absentee ballots; a COVID Rorschach test; Trump and Biden deficit explosions; Equity market impacts.
- Michael Cembalest