Podcast appearances and mentions of michael cembalest

Niels Lunde har besøg af sin chef, Bjarne Corydon, ansvarshavende chefredaktør og adm. direktør på Børsen. De to skyder sæsonen i gang med et bud på erhvervslivets vigtigste udfordringer i 2025. 01.50: Geopolitik: Om en ny alvor. Om sårbarhed. Og om at se på geopolitik med kommercielle briller. 22.37: Økonomi: Ja, inflationen ser ud til at være under kontrol, men forbrugerne er stadig forskrækkede over højere priser. 31.06: Kunstig intelligens: Kunstig intelligens vil forandre vores liv på langt sigt, men nogle konkrete barrierer står i vejen på kort sigt. 40.53: Den grønne omstilling: Krisen i vores grønne industri – er den ”bare” et midlertidigt problem? 52.04: Dansk politik: Her er nøglen til at forstå dansk politik i 2025. I optagelsen omtales to artikler: Professor Rita McGrath, Columbia Business School: ”2025: Are you able to turn navigating uncertainty into an asset?” https://www.ritamcgrath.com/sparks/2025/01/2025-are-you-able-to-turn-navigating-uncertainty-into-an-asset/ Michael Cembalest, J. P. Morgan: “The Alchimists. Outlook 2025”: https://am.jpmorgan.com/us/en/asset-management/institutional/insights/market-insights/eye-on-the-market/outlook-2025/ Producer: Arjuna Alexander Kolkur Sørensen. Få Niels Lundes nyhedsbrev: Tilmelding på borsen.dk/nyhedsbreve.

Happy new year! And what better way to celebrate the freshly torn calendar page than by welcoming one of Derek's favorite writers to the show to tell us what's in store for the 2025 economy. Michael Cembalest is the chairman of market and investment strategy for JPMorgan Asset Management, and the author of the truly spectacular newsletter, 'Eye on the Market.' Today, we start with stocks and describe the truly historic—and historically unprecedented—dominance of the so-called Mag-7 tech giants. Then, we draw the connection between Big Tech's historic run and the surge of AI spending. After a discussion on the history and future of nuclear power in America, we do a pit stop on the European economy, where we evaluate the continent's tradeoff between safety and growth, and move on to China to disentangle that economy's slowdown. Finally, we connect it all back to a Trump agenda that is a fascinating brew of old-fashioned Reaganite deregulation, newfangled crypto enthusiasm, mid-19th century tariff obsession, mid-20th century industrialization policy, and ... a bunch of other ingredients that I think I'll just let Michael tell you about. If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Michael Cembalest Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

On this special episode of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Michael Cembalest to discuss: what Trump's win means for stocks and the economy, how Democrats lost big on inflation, the biggest risks to the market in 2025, and much more! This episode is sponsored by Rocket Money. Visit: http://rocketmoney.com/compound and cancel your unwanted subscriptions today! Sign up for The Compound Newsletter and never miss out! Instagram: https://instagram.com/thecompoundnews Twitter: https://twitter.com/thecompoundnews LinkedIn: https://www.linkedin.com/company/the-compound-media/ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

While the 60/40 portfolio has seen a renewed focus, allocations to private markets continue to play an important role in diversification and growth. In this episode, David Lebovitz, Global Market Strategist, talks with Michael Cembalest, Chairman of Market and Investment Strategy, about the key insights featured in his biennial review of alternative investments, It's Mostly a Paper Moon.    

On episode 129 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Michael Cembalest to discuss: antitrust and mag 7 stocks, the federal debt, the ultimate value trap, chip supply chains, the 2024 election, the long-term ramifications of Covid lockdowns, weight loss drugs, and much more! Thanks to Public for sponsoring this episode. Go to Public.com and activate options trading by March 31st to lock in your lifetime rebate. Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Join host David Rawlings and Michael Cembalest, Chairman of Market and Investment Strategy at J.P. Morgan Asset and Wealth Management, as they discuss the state of the global economy and outlook in 2024. Explore the possibility of a soft landing and market surprises. Dive into topics like the evolving role of regional banks, antitrust risks, global elections' implications on markets and more.      Read Michael's full outlook: https://privatebank.jpmorgan.com/nam/en/insights/latest-and-featured/eotm/outlook     This episode was recorded on January 9, 2024. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm's research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2024 JPMorgan Chase & Company. All rights reserved.

Esteemed JPMorgan Chase strategist Michael Cembalest suggested this week that U.S. President Joe Biden might bow out of the 2024 presidential race before polling day. He indicated that plans might be underway for such an occurrence. Cembalest, the spearhead of the market and investment strategy division at JPMorgan Chase's asset management wing, theorizes Biden, aged 81, could exit the race 'between Super Tuesday and the November election, on grounds of health.' The prominent Super Tuesday, scheduled for March 5, sees primaries being held in a diverse array of states, including the likes of California, Massachusetts, Texas, Vermont, and North Carolina. Historically, the candidate that bags the most Super Tuesday victories typically receives a significant boost, often emerging as the party's nominee. Cembalest underpinned his proposition by referring to Biden's sagging approval ratings, despite boasting about 'roughly 10% job growth following his inauguration.' However, it's worth noting that the job growth is majorly attributed to American citizens re-entering the job market post prolonged COVID shutdowns, a fact Cembalest touched upon in his investor warning. He avoided speculation on who might step into Biden's shoes but suggested that the Democratic National Committee would appoint a 'substitute candidate.' Traditional thinking suggests Vice President Kamala Harris as the likely successor. However, she has encountered substantial disapproval, which raises doubts. According to the renowned political analysis platform, FiveThirtyEight, her disapproval rate is a staggering 55%, higher than even Biden's. So, who else is in the frame for the Democrats?See omnystudio.com/listener for privacy information.

Live from STUDIO G- in the heart of America- I'm STEVE GRUBER- saying the things you wish you could -every day- Fighting for you from the Foxhole of Freedom and defending this great nation— AND looking forward to WINNING Again! This is THE STEVE GRUBER SHOW!   Here are 3 big things you need to know right now—   Number One— We've now learned that Defense Secretary Lloyd Austin has been diagnosed with prostate cancer and had some procedures that— landed him in the hospital—BUT its all being kept secret—even from the President— WHY?   Number Two— Bill Clinton and Gavin Newsome had a secret meeting in Mexico—BUT of course it was caught on tape—and you have to wonder what were they talking about—Jeffrey Epstein and the tapes—or the secret run for President—   Number Three— All of the cloak and dagger moves behind the scenes keep fueling speculation that Joe Biden will not make it to the main event on November 5th 2024—and that he will be replaced sometime in the coming weeks as the Democrat candidate for President—   That is one of the story lines playing out behind the scenes in permanent Washington—its why speculation is swirling about who the Democrats could turn to in case Joe Biden cannot answer the bell—   And to be honest—over just the past few weeks he looks weaker than ever—and everyone knows it—it's likely why California Gavin Newsome is in Mexico meeting with former President Bill Clinton—   Its also why Michigan Governor Gretchen Whitmer has quietly assembled advisors and fund raisers in the shadows that are ready to go on a moments notice—and kick a campaign into high gear within 48 hours if Biden goes out sometime between Super Tuesday and the Democrat Convention in Chicago that is set for later this summer—   In fact, that is among the Ten Surprises being predicted for 2024 by Michael Cembalest—who heads the market and investment strategy unit at JP Morgan Chase—   Cembalest is also predicting a near total rejection of self-driving EV's because of growing safety concerns and blackouts in key swing states—Pennsylvania and Wisconsin before the elections—   And he is not the only prognosticator—warning that Joe Biden will not make it to the finish line—and many more high profile Democrats calling for Biden to step aside like David Axelrod and James Carville, the rajun cajun who has been calling Biden and his open border and Bidenomics a disaster as of late—   Which brings me to someone that has been bantered about as a possible replacement for the senile old man— the former First Lady—   And as I have outlined—she is not the only one on the socialist/globalist side of the ledger who is terrified—and it makes me wonder— just how far will these people go to stop Donald Trump from winning the White House again—   Look, would any of us really be surprised if we woke up tomorrow to learn that President Trump had been gunned down—or targeted by some kind of bomb? Maybe I am just jaded—BUT that would not surprise me in this volatile political environment we are living in right now—where radicals on the left actually believe that in order to save America and American Democracy—they must destroy it—   And the media cohorts that regurgitate that filth almost without regard to whether its true or not—actually fantasize about Donald Trump being murdered—   In fact it happened just yesterday—   With a group of reporters waiting outside a courthouse—for the former President to arrive—    Yeah, you heard it right—members of the press, joking about how they could “get a good shot” and throwing in a couple jokes about JFK in a convertible—   To me it sounds like these people are actually rooting for the worst possible thing to happen—so that the man that scares them most cannot be on the ballot—no matter what it takes to make that happen—   That is truly sick stuff right there—   Of course there are plenty of people in politics—on the bench and in the media that want to get Trump the old fashioned way—by just making stuf up and prosecuting him on bogus charges—like trying to convict him for what he did while in office—during his official capacity as Commander in Chief—   Can you imagine? How could you possibly govern the country—or even a local township—if everything you did in your official capacity could later be questioned—and you could be targeted for prosecution—just for doing your job???   That is what they are trying to pull here—they are trying to prosecute President Trump for being….well, President and having the authority to make Executive decisions—as the Chief Executive— AND then they want the ability to go back and question those decisions and prosecute the man or woman who made the decisions—   NOBODY COULD EVER RUN THE COUNTRY THAT WAY—IT WOULD NOT BE POSSIBLE—AND ITS FLAT OUT DANGEROUS!   Meanwhile, Democrats know the Supreme Court is going to hammer the idea that somehow Donald Trump led an insurrection back on January 6th 2021—I mean they don't even believe that—they just like the idea of repeating that to the point of getting it to stick—   Newsflash, it won't BUT they will keep trying—  Oh, and if you missed it—Ray Epps they guy actually caught on camera trying to lead an insurrection that day—is not getting a single day in jail—NOPE—just one year probation and 100 hours of community service—proving that he was part of an inside job—what else could you possibly believe—when you know that some people are still sitting in jail with no trial at all—that did far less—   Yes, 2024 is going to be a very interesting year—  

Patrick Bet-David, Adam Sosnick, Tom Ellsworth, and Vincent Oshana discuss the Wall Street Journal report that Elon Musk's drug abuse is concerning Tesla shareholders, Pat McAfee calls out an ESPN executive for sabotaging his show, and JP Morgan's Michael Cembalest predicting that Joe Biden will drop out of the 2024 Presidential election. 9:07 - Offices around America hit a new vacancy record. 17:59 - Americans are racking up more "phantom debt" using Buy Now Pay Later loans 30:02 - Lululemon hits back at founder's anti-DEI comments, says they "do not reflect our company views" 38:38 - Elon Musk accused of drug use that worries boards of Space X and Tesla. 55:24 - Alaska Airlines plane has door blown off during flight. 1:05:42 - Pat McAfee claims ESPN executive is trying to sabotage his The Pat McAfee Show. 1:29:19 - Watchdog group finds 81% of all political late-night show jokes in 2023 targeted conservatives. 1:35:13 - Jo Koy bombs as the host of the Golden Globes ceremony. 1:38:24 - Rumors that Ron DeSantis will drop out of the 2024 Presidential Race following a loss at the Iowa Caucuses. 1:46:30 - JP Morgan predicts Joe Biden to drop out of the 2024 Presidential race. Protect yourself against Central Bank control with - American Hartford Gold: https://bit.ly/3QzMjHd Purchase Patrick's new book "Choose Your Enemies Wisely": https://bit.ly/41bTtGD Register to win a Valuetainment Boss Set (valued at over $350): https://bit.ly/41PrSLW Get a free "Future Looks Bright" Hat & T-Shirt: Purchase two "Future Looks Bright" Hats and one "Future Looks Bright" T-Shirt & use the promo code "pbdpodcast2024" at checkout! Connect one-on-one with the right expert to get the answers you need with Minnect: https://bit.ly/3MC9IXE Get best-in-class business advice with Bet-David Consulting: https://bit.ly/40oUafz Visit VT.com for the latest news and insights from the world of politics, business and entertainment: https://bit.ly/472R3Mz Visit Valuetainment University for the best courses online for entrepreneurs: https://bit.ly/47gKVA0 Text “PODCAST” to 310-340-1132 to get the latest updates in real-time! SUBSCRIBE TO:  @VALUETAINMENT   @vtsoscast   @ValuetainmentComedy   @bizdocpodcast   @theunusualsuspectspodcast  Want to be clear on your next 5 business moves? https://bit.ly/3Qzrj3m Join the channel to get exclusive access to perks: https://bit.ly/3Q9rSQL Download the podcasts on all your favorite platforms https://bit.ly/3sFAW4N Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida. --- Support this podcast: https://podcasters.spotify.com/pod/show/pbdpodcast/support

In today's live edition of the Trish Regan Show, Trish reports on JP Morgan's prediction that Joe Biden will drop out of the Presidential 2024 race due to 'health' issues. According to Michael Cembalest, Chariman of Market and Investment Strategy for JP Morgan Assets & Wealth Management, "President Biden withdraws sometime between Super Tuesday and the November election, citing health reasons. Biden passes the torch," he writes, "to a replacement candidate named by the Democratic National Committee." SUBSCRIBE to my YOUTUBE for daily videos from the Trish Regan Show Subscribe to my whole audio show on Apple Podcasts: https://apple.co/3ZHdJOk Check out my Live Free merch! https://trishregan.shop/ Follow me on: Instagram: https://www.instagram.com/trish_regan/ Twitter: https://twitter.com/trish_regan Facebook: https://www.facebook.com/RealTrishReganSupport the show: https://trishregan.shop/See omnystudio.com/listener for privacy information.

Is the U.S. labour market finally crashing? What will it take to kill the U.S. economy? We ask Michael Cembalest of J.P. Morgan who explains The Rasputin Effect. We also cover the outlook for fiscal policy, interest rates and the short- and longterm effects of the Chips Act and IRA in this great interview. And of course - we give our take on how to allocate given all of this.Use the exclusive offer Macro30 to get 30% off your subscription at www.stenoresearch.com Hosts: Andreas Steno and Emil MøllerGuest: Michael Cembalest

On episode 101 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Michael Cembalest to discuss the economy, AI stocks, the worst experiment in capital markets, the biggest risks to the market, the 2024 election, and much more! This episode is sponsored by by Horizon kinetics Medical ETF, which primarily invests in pharmaceuticals and biologics. To learn more, visit: https://horizonkinetics.com/app/uploads/Kinetics-Medical-ETF-1Q23.pdf Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/

Join host David Rawlings in a conversation with Michael Cembalest, Chairman of Market and Investment Strategy of J.P. Morgan Asset and Wealth Management, as they analyze the latest economic trends, including the U.S. economy, deglobalization implications, currency diversification, decarbonization transition and more. Hear Michael's insights on the opportunities and challenges in today's dynamic global landscape.  This episode was recorded on May 31, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm's research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

A technique that Brad Salzer, President of Redstone Funding LLC, acquiring and restructuring sub-performing commercial mortgage debt, has definitely mastered over the course of three decades successfully developing real property, resolving distressed mortgage debt and repositioning and selling foreclosed assets in the commercial real estate arena.  Brad started in what he calls the underbelly of real estate finance more than thirty years ago, using private equity to get assets off the books in an efficient stealth mode while intentionally structuring win-win-win scenarios for the lender, the borrower and the selling institution.   His position is that we're due for a change, so as much as we'd like to see the interest rates go down, the shift to rate increases may be here to stay. And this current downturn is because free money and cash flow inevitably brings a day of reckoning. It's time. He agrees with what Michael Cembalest said earlier this year, this is the end of the affair.  To connect further with Brad or for more information on Redstone Funding, please visit redstoneinvestments.com.To learn more, visit:https://billbymel.com/Listen to more episodes on Mission Matters:https://missionmatters.com/author/bill-bymel/

In Episode 10 of The Energy Question With David Blackmon, David's special guest is Michael Cembalest, Chief Investment Officer at JP Morgan Asset Management. Every year, Michael creates and publishes a comprehensive report on the global energy space as a service to investors. This year's report is titled "The Elephants in the Room," a 49-page opus that provides an excellent overview of that is happening related to energy and the energy transition across the globe. The report is also publicly available and can be found at this link: https://assets.jpmprivatebank.com/con...We were only able to scratch the surface of the report's content during our half-hour interview. Enjoy.

Episode 30: Opening Up US Energy with guest Michael Cembalest

Tune in to hear Dr. David Kelly and Michael Cembalest, two of J.P. Morgan's most respected thought leaders, discuss the most pressing questions for investors as we head into the second half of 2021.

Michael Cembalest’s views on what will drive markets and the economy in 2021, as well as the challenges we face that stimulus and vaccines can’t solve.

A close look at the Progressive Agenda, China’s deteriorating welcome mat in DC and US Tech IPOs.   *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. https://jpmorgan.com/disclaimer-eotm © 2019 JPMorgan Chase & Co.

The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels. The other food fight: leveraged loan issuers vs buyers. Issuers are winning this fight hands down due to the erosion of covenants. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. https://jpmorgan.com/disclaimer-eotm © 2019 JPMorgan Chase & Co.

Michael went on a search for Democratic Socialism in the real world, and ended up halfway around the globe from where he began. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. https://jpmorgan.com/disclaimer-eotm © 2019 JPMorgan Chase & Co.

Trump has been telling us who he is all along; I should have listened. A story in pictures.*Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use.  https://jpmorgan.com/disclaimer-eotm  © 2019 JPMorgan Chase & Co.

Michael discusses US-China trade war in context, the outlook for prescription drug price legislation, and an updated ideological scorecard for 2020 Presidential candidates. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use.  jpmorgan.com/disclaimer-eotm © 2019 JPMorgan Chase & Co.

The Fed halted tightening and propelled equities to their fastest recovery ever following a bear market. This decision was made despite the lowest unemployment rate in 40 years. Does that make sense? Also, a possible deal with China. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use.  jpmorgan.com/disclaimer-eotm © 2019 JPMorgan Chase & Co.

Michael discusses this year’s Eye on the Market Energy paper. Topics include the unattainable objectives of the Green New Deal, an overview of the world’s de-carbonization challenges, Germany’s energy transition and Trump’s War on Science. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2019 JPMorgan Chase & Co.

Michael discusses how short covering, rather than real money, has driven the fastest recovery on record following a bear market, and looks ahead at slowing earnings growth. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2019 JPMorgan Chase & Co.

For the first time in 20 years, markets will have to survive without support from central banks. While we expect US GDP and profits to continue to rise in 2019, unresolved trade issues, slowing global growth and a move by the Trump administration away from its 2017 market-friendly policies are likely to cap a post-correction rebound. All things considered, it looks like a volatile, positive single-digit year for diversified portfolios in 2019. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2019 JPMorgan Chase & Co.

In this year’s Holiday Eye on the Market, Michael records a note to his spouse on her father, the 2020 US Presidential election, and what might be the widest ideological divide in 100 years. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

In today’s special issue Eye on the Market, Michael takes a close look at the question of rising committed and unspent capital in private equity, and implications for investors. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

In this month’s podcast, Michael looks at the midterms: GOP gains in the Senate, an historic loss in the House given economic and market conditions, and what it means for investors. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

A brief note on the latest price action in equity markets, how business cycles end, and how markets are being left to fend for themselves without central bank intervention for the first time in 20 years. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

In this Eye on the Market, Michael provides an update on the credit risk of US states based on their unfunded pension and retiree healthcare obligations. Please see the podcast video or visit jpmorgan.com/eotm for the slide referenced. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

Michael Cembalest discusses his latest Eye on the Market: America, First. Michael reviews the strength of US equity markets so far this year in the context of fading fiscal and monetary stimulus, signs of fatigue in US tech stocks and potential ramifications of constitutional and trade concerns. Other topics include current dynamics in Italy and the US commercial real estate market. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

Michael Cembalest discusses his latest Eye on the Market, The song remains the same. Michael reviews current market dynamics, walks through four investment strategies that have performed well over multiple cycles as this one enters its latter stages, and shares his thoughts on the Helsinki summit. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

Michael recaps the self-inflicted wounds of the Section 301 tariffs, and recaps his meetings in DC with a group of Congressmen to discuss debt, deficits and financial markets. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

In this episode, Michael Cembalest takes a look at the recent tariff announcements in the context of historical tariffs since 1900. While the tariffs are substantial for the industries affected, Michael explains why they may not move the needle for overall consumer prices or corporate profits. Please see the podcast video or visit jpmorgan.com/eotm for the slide referenced. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest's judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

In this episode, Michael Cembalest takes a look at the recent tariff announcements in the context of historical tariffs since 1900. While the tariffs are substantial for the industries affected, Michael explains why they may not move the needle for overall consumer prices or corporate profits. Please see the podcast video or visit jpmorgan.com/eotm for the slide referenced. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

Michael Cembalest discusses his latest Eye on the Market. Topics include the underappreciated risks of Chinese retaliation against US companies doing business in China, and how a full-blown trade war and military conflict are far from inevitable given the greater economic linkages between the US and China compared to adversaries of the last 100 years. Also, some thoughts on emerging markets, Turkey and serial defaulter Argentina. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

Michael Cembalest takes a unique look at US states, cities, and counties using his signature comprehensive debt ratio. While municipalities have time to address underfunded obligations, some face difficult trade-offs. Legal precedent shows that bondholder losses exceed pensioner write-downs. Given complacent conditions in credit markets, this is a good time to review muni diversification. Read more: jpmorgan.com/jpmpdf/1320745513818.pdf *Please note this PDF is publicly available and issued through our Private Bank business. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

Michael Cembalest discusses his latest Eye on the Market, The Late Show. He considers why despite strong US earnings growth and global expansion, equity markets remain flattish in 2018. He tackles the drivers of somewhat muted equity returns by focusing on late-cycle investing, the Fed, and the factors affecting the path of interest rates (labor markets and the expanding budget deficit). Michael also discusses his views on the oil price recovery since 2016. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 J.P. Morgan Chase & Co.

Michael Cembalest is the Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management, a global industry leader with $2 trillion of client assets under management. Michael is also a member of the Investment Committee for J.P. Morgan Asset & Wealth Management and the Investment Committee for the J.P. Morgan Retirement Plan that covers the firm’s 250,000 employees. Before taking on his current seat in 2012, he spent eight years as Chief Investment Officer of J.P. Morgan’s powerhouse Global Private Bank. Prior to his work on the buy side, Michael worked on the sell side at J.P. Morgan Securities as head strategist for Emerging Markets Fixed Income. He started his thirty-year tenure at the firm as a member of the Corporate Finance division. Our wide-ranging conversation begins with Michael’s early career that included watching a financial crisis unfold in the late '80s and side-stepping another in the late '90s, and turns to his role as CIO of a large, global private bank. We discuss differences in asset allocation and implementation between private clients and institutions and along the way come across his evaluation of Bernie Madoff, the creation of his strategy piece - Eye on the Market, the chart that everyone hates, the impact of politics, government debt, and energy on the markets, and views about active management. Lastly, you won’t want to miss an amazing story Michael tells in answer to a new closing question. Learn More Join Ted's mailing list at CapitalAllocatorsPodcast.com Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast   Show Notes 3:14 – Michael’s start at J.P. Morgan 4:12 -  The creation of the first Brady Bond 6:14 – How did starting his career during a crisis impact his views on the world 8:10 – Early career roles 10:07 – Transition to the buy side 16:30 – Differences in managing money for a public company from managing money as an independent asset manager 17:25 – Transition to CIO 18:30 – First steps in changing the private bank investment structure from a closed model 22:21 – Overseeing a diverse group of clients 29:15 – How does he stay informed about everything impacting the markets 27:54 – Assessing Bernie Madoff 28:19 – Hedge funds and the tax difference they provide 30:28 – Differences in how Michael views various asset classes between taxable and tax-exempt pools 31:40 – Shift to strategy work and writing 34:09 – How does Michael describe Eye on the Market 35:20 – Domestic politics and geopolitical impact on the markets 38:52 - Looking at the high corporate profit landscape against the enormous debts of governments, nationally and locally 42:31 - Any way out of the debt problems we are seeing at state and local government level 47:31 – Entitlement spending in other countries 48:33 – Research on energy and consumption 51:44 – Use of technology to distribute his research 53:43 – Thoughts on active management 56:30 – Closing questions

Michael Cembalest discusses his annual energy paper, Pascal’s Wager, the argument that belief makes more sense than disbelief when the worst outcome is a total loss. He tackles the reality behind climate goals & decarbonization, electric vehicles, academics’ view on the renewable energy future, & a twist on the US Electoral College. Michael is joined by Matt LeBlanc, CIO of JP Morgan Asset Management’s Infrastructure Group. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.

Michael Cembalest explores ways in which the current administration could negatively impact financial markets in the midst of an environment of generally rising growth, profits and capital spending with guest speaker, Jack Bartling, an international affairs specialist. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase & Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase & Co.