Michael Cembalest Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management
Featured Research

Mr. Toad's Wild Ride: The impact of underperforming 2020 and 2021 US IPOs
For IPO investors, some of the substantial gains from the prior decade were wiped out by a flurry of poorly performing IPOs that were issued in 2020 and 2021. There are several bright spots, including the strong performance of software and internet IPOs even when including 2020/2021 vintages. In this special issue Eye on the Market, we look at the wild ride of IPO performance, the SPAC disaster, IPO flipping, insider lock-up expirations, striking findings on IPO performance erosion in healthcare and some data on financial sponsors with the best performing IPOs.
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Economy & Markets
Mr. Toad's Wild Ride: The impact of underperforming 2020…
The impact of underperforming 2020 and 2021 US IPOs.
Jul 18, 2023

Economy & Markets
Too Long at the Fair
Time to retire the US/Emerging Markets barbell for a while.
May 23, 2023


Economy & Markets
13th Annual Energy Paper
Renewables are growing but don’t always behave the way you want them to.
Mar 28, 2023

Economy & Markets
Silicon Valley Bank failure
One of these things is not like the other, and that thing is Silicon Valley Bank.
Mar 10, 2023

Economy & Markets
Winter Heating
US economy stays warm, large language model battles get hot.
Feb 21, 2023

Economy & Markets
American Gothic
The Federal debt and how the Visigoths may try to break the system if no one fixes it.
Jan 24, 2023




Economy & Markets
Reruns
Three reruns for investors: equity declines, Thucydides Trap update, and the Pitcairn Problem.
Oct 19, 2022

Economy & Markets
Help Wanted
Topics: Labor shortages, the issue of Taiwan and an update on the most over-indebted US states
Oct 20, 2021


Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
Jan 19, 2021






Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
Jan 19, 2021

Economy & Markets
COVID: stimulus and valuations
Stimulus impact on credit and equity valuations; history of market bottoms.
Sep 18, 2020
Economy & Markets
Fear of Flying
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
Jan 19, 2021

Economy & Markets
Pascal's Wager
Our annual energy paper, focusing on the energy transitions needed to meet climate goals.
Apr 21, 2018
About the Eye on the Market
Michael Cembalest is the Chairman of Market and Investment Strategy at JP Morgan Asset Management. Since 2005, Michael has been the author of the Eye on the Market in 2005, which covers a wide range of topics across markets, investments, economics, politics, energy, municipal finance and more.