About this episode

Michael Cembalest discusses market insights, AI, and the potential crash in US Treasuries.

Michael Cembalest chairs the Market and Investment Strategy group at JP Morgan Asset and Wealth Management and effectively oversees $4tn AUM. He is responsible for market and investment insights across the asset management business and has produced the famous Eye on the Market publication for over 20 years now. We discuss AI, which formed the bulk of his most recent annual edition, why he believes Open AI is a weak link and why he thinks the Treasury market will have a crash, but not yet. Cembalest is known for his charts and he picks both his favourite and his least favourite charts. Michael is one of the most in-depth macro analysts I have met and it’s his depth as well as his breadth of knowledge which is truly impressive. We recorded in JP Morgan’s amazing new office in New York, check out the photos in the show notes . Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios. You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can…

People in this episode

Host: Stephen Clapham

Guest: Michael Cembalest

Topics covered

• markets
• AI
• US Treasuries
• investment strategy
• macro analysis

Keywords

• CIO
• investment strategy
• macro analysis
• US Treasuries
• AI

Mentioned in this episode

Organizations: JP Morgan Asset and Wealth Management, Open AI

Places: New York

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