Insights and Research
The State of States, 2018
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.
Michael Cembalest is the Chairman of Market and Investment Strategy for J.P. Morgan Asset Management, a global leader in investment management and private banking with $1.8 trillion of client assets under management worldwide (as of December 30, 2016). 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 Management Investment Committee and a member of the Investment Committee for the J.P. Morgan Retirement Plan for the firm’s more than 250,000 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.
Insights and Research
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.
Insights and Research
Michael reviews the strength of US equity markets in the context of fading fiscal and monetary stimulus, signs of fatigue in US tech stocks, potential ramifications of constitutional and trade concerns as well as the current dynamics in Italy.
Insights and Research
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.
Insights and Research
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.
Insights and Research
In this episode, Michael Cembalest takes a look at the recent tariff announcements in the context of historical tariffs since 1900.
Insights and Research
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
Insights and Research
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.
Insights and Research
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.
Insights and Research
The stakes are high, since the internet has been a key driver of growth and consumer welfare for the last 20 years. What are the implications if Net Neutrality is repealed?
Insights and Research
Today’s easy money from the Fed has not created the same excesses at the high end, but it has made it harder for deep value investors to find inexpensive stocks.
(All sites are in English)