Eye On The Market Eye on the Market: Five easy pieces

Michael Cembalest

Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management

Updated Feb 08, 2024 |
1 min read

By: Michael Cembalest, Chairman of Market and Investment Strategy for J.P. Morgan Asset and Wealth Management

 

In the latest Eye on the Market, Michael Cembalest, Chairman of Market and Investment Strategy at J.P. Morgan Asset and Wealth Management, takes a closer look at five factors that are shaping the markets this year. There is plenty to unpack in Eye on the Market: Five Easy Pieces.

 

  • Magnificent 7 stocks keep rolling, driving market concentration to its highest level since 1972
  • The improving performance of free open source large language models and implications for closed model revenue moats
  • The No Labels movement risks triggering a 12th Amendment Contingent Election if it wins electors in a few states
  • The Armageddonists: an update on one of my guilty pleasures
  • Bottom-fishing in Chinese equities and parallels to the 2008 TARP bill in the U.S.

 

Read the full report here (PDF).

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Michael Cembalest

Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management

Michael Cembalest is the Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management, a global leader in investment management and private banking with $4 trillion of client assets under management worldwide ...More

Michael Cembalest is the Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management, a global leader in investment management and private banking with $4 trillion of client assets under management worldwide as of January 15, 2025. He is responsible for leading the strategic market and investment insights across the firm’s Institutional, Funds and Private Banking businesses.

 

Mr. Cembalest is also a member of the J.P. Morgan Asset & Wealth Management Investment Committee and previously served on the Investment Committee for the J.P. Morgan Retirement Plan for the firm’s more than 256,000 employees.

 

Mr. Cembalest was most recently Chief Investment Officer for the firm’s Global Private Bank, a role he held for eight years. He was previously head of a fixed income division of Investment Management, with responsibility for high grade, high yield, emerging markets and municipal bonds.

 

Before joining Asset Management, Mr. Cembalest served as head strategist for Emerging Markets Fixed Income at J.P. Morgan Securities. Mr. Cembalest joined J.P. Morgan in 1987 as a member of the firm’s Corporate Finance division.

 

Mr. Cembalest earned an M.A. from the Columbia School of International and Public Affairs in 1986 and a B.A. from Tufts University in 1984.

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