Insights Now

Dr. David Kelly and Gabriela Santos, J.P. Morgan Asset Management

Welcome to Insights Now, the podcast channel from JPMorgan Asset Management, hosted by Gabriela Santos, Chief Global Strategist for the Americas, where experts share timely perspectives on asset classes, markets and investment opportunities. The Alternative Realities series, hosted by Aaron Mulvihill, Global Alternatives Strategist, explores the people, stories and strategies shaping the world of alternative investments.

Play

Open in

28 episodes
weekly
Avg 24 min
English

Episodes 28

Newest Oldest Longest

All20 Unplayed20 In progress0 Played0

Counted on this page — what you have heard stays on this device, so it is not something the list can be paged by.

Thursday · 38 min· Video
Alternative Realities: Michael Cembalest on AI, energy and data centers
On today’s episode, we welcome Michael Cembalest, Chairman of Market and Investment Strategy at J.P. Morgan Asset Management. Michael will share his latest perspectives on emerging trends within the energy sector, offer his insights into the evolving landscape of artificial intelligence and data center development and highlight the most compelling opportunities in alternative investments today. As Chairman of Market and Investment Strategy, Michael plays a pivotal role in shaping the firm’s strategic market and investment outlook across its institutional, funds and Private Banking businesses. He is also the author of the acclaimed Eye on the Market publication, renowned for its timely and incisive commentary on investments, markets, economics and more. Resources: For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify
October 19 · 30 min· Video
The 2027 Long-Term Capital Market Assumptions
Long-term investing is entering an era shaped by powerful secular shifts and bold innovation. Our latest annual forecasts expect economic nationalism to redraw the map for strategic industries, while artificial intelligence fuels a historic and transformative capex boom that over the long term we think lifts productivity across sectors. Global capital flows are also expected to be rewired, creating new opportunities and risks for portfolios as markets adapt to these forces. Inflation dynamics, asset class correlations and the role of real assets are all evolving, making diversification – including diversifying by theme – more essential than ever. In this episode, join Gabriela Santos, Chief Market Strategist for the Americas; Stephanie Aliaga, Global Market Strategist and Tim Lintern, Portfolio Manager and Quantitative Researcher, as they share new perspectives from J.P. Morgan Asset Management’s Long-Term Capital Market Assumptions and explore what’s next for investors, and positioning for the structural changes with the greatest impact on relative asset returns. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
October 9 · 17 min· Video
Alternative Realities: AI, redemptions and rate hikes in private credit
Fundraising for closed-end private credit vehicles reached a record high in the second quarter of this year, highlighting the sustained strong interest from investors. This achievement comes during a year of heightened scrutiny for the asset class, with headlines focusing on underwriting concerns, the potential impact of artificial intelligence, disruptions in lending to software companies, and restrictions on withdrawals from certain semi-liquid funds. Against this backdrop, Aaron Mulvihill is joined in today’s episode by Jeff Bracchitta, Head of Private Credit at J.P. Morgan Asset Management. Together, they will discuss how different types of investors are viewing private credit, the possible effects of higher interest rates, and the evolving role of private credit in supporting AI-related capital expenditures. Resources: For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify
October 1 · 23 min· Video
AI safety and the future of the buildout
AI safety is no longer just a technology debate — it's moving markets. The AI build-out continues to drive demand across semiconductors and software, while cybersecurity risks, supply chain constraints and global competition from Chinese models add complexity to an already dynamic theme. In this episode, join Gabriela Santos, Chief Market Strategist for the Americas, and Jason Yum, Research Analyst on the U.S. Equity Growth team, as they discuss how to think about AI as an investment theme and where opportunities are taking shape across the market. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
September 24 · 17 min· Video
Alternative Realities: Modeling better portfolios
In recent years, financial advisors have increasingly adopted model portfolios because they help deliver consistent and scalable portfolio management capabilities, while freeing up more time to spend with clients. As more alternative products become available for private wealth clients, alternatives are starting to become an option that advisors can choose to incorporate into these model portfolios, raising the need for investor education across the board. On today’s episode, Aaron Mulvihill is joined by John Speer, Portfolio Manager, to discuss how alternative assets are being used in model portfolios, how liquidity is managed when using alternatives in models, and what the future of alternatives in models might look like. Resources: For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify
September 17 · 25 min· Video
How might midterm elections move markets?
Political shifts and economic uncertainty are in the spotlight as midterm elections approach, but the real story unfolds beyond the ballot. From market swings and inflation to fundraising battles and redistricting, the landscape is changing fast. Global trade, AI adoption, and supply chain rewiring are shaping how investors and advisors think about opportunities and risks. With divided government likely, policy fundamentals and regulatory challenges take center stage, making it more important than ever to stay nimble and informed. In this episode, join Gabriela Santos, Chief Market Strategist for the Americas, and Meera Pandit, Global Market Strategist, as they break down what’s ahead for portfolios and the broader economy. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
September 3 · 23 min· Video
Alternative Realities: The impact of AI on the future of investing
As enterprise adoption of AI accelerates, it’s increasingly important for organizations to implement these tools thoughtfully and safely. At the same time, harnessing the full capabilities of large language models can unlock efficiencies and boost productivity. That’s why more companies are investing not just in models and tokens, but in dedicated teams to support AI implementation across their businesses. On today’s episode, Aaron Mulvihill, Global Alternatives Strategist, is joined by Dillon Edwards, AI Strategist at J.P. Morgan Asset Management. Together, they discuss the security measures and guardrails needed for responsible AI adoption, how Dillon expects AI to be utilized within the asset management industry, and what the future might hold for junior talent entering the workforce today. Resources: For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify
August 27 · 25 min· Video
The 2008 Great Financial Crisis
The Global Financial Crisis of 2008 stands as one of the most consequential events in modern market history, reshaping economies and investment thinking worldwide. This conversation traces the roots of the crisis—from the housing bubble and lax lending standards to the complex web of derivatives and leverage that amplified risk across the financial system. In the last episode of Moments in Market History, Dr. David Kelly and Grant Papa examine the pivotal moments, regulatory responses and the difficult decisions that shaped the recovery, highlighting the lessons learned about risk, regulation and resilience for investors today. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
August 20 · 21 min· Video
The Late-1990s Dot-Com Bubble
The dot-com bubble marked a turning point in market history, fueled by the promise of internet technology and a wave of investor enthusiasm. Optimism, easy access to information and a booming economy set the stage for soaring IPOs and rapid market growth—even when fundamentals were hard to pin down. The parallels to today’s AI-driven market underscore the importance of applying lessons from the past to navigate innovation with clarity and discipline. In this episode, join Dr. David Kelly, Chief Global Strategist, and Katie Korngiebel, Research Analyst, as they reflect on the rise and fall of the dot-com era and share lessons learned that apply to today’s evolving markets. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
August 13 · 16 min· Video
The 1998 Collapse of Long-Term Capital Management
The collapse of Long-Term Capital Management in 1998 revealed how even the most sophisticated strategies can unravel under extreme market stress. This episode explores the rise and fall of the hedge fund, the role of quantitative models and leverage, and the ripple effects across the global financial system. Connections to today’s market environment highlight ongoing challenges in risk management and liquidity, while offering perspective on how investors can approach uncertainty. Join Dr. David Kelly, Chief Global Strategist, and Noble Cooper, Research Analyst, as they revisit the story of Long-Term Capital Management and share insights for navigating today’s complex markets. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
August 6 · 18 min· Video
The 1987 Stock Market Crash
The 1987 Stock Market Crash—known as Black Monday—stands as a defining moment in financial history, marked by a single-day decline of over 22% in the Dow Jones Industrial Average. This episode unpacks the forces that set the stage for such an unprecedented event, from the exuberance of the 1980s bull market to the rapid proliferation of portfolio insurance. Parallels to today’s market environment highlight both new risks and reassuring differences, reinforcing the value of a long-term perspective. Join Dr. David Kelly, Chief Global Strategist, and Diago Mosqueira, Research Analyst, as they revisit Black Monday and share insights for navigating today’s complex markets. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
July 30 · 19 min· Video
The 1929 Stock Market Crash
Speculative excess, technological innovation and the optimism of a new era converged in the Roaring Twenties, setting the stage for one of history’s most dramatic market events. The 1929 stock market crash revealed how exuberance and leverage can reshape—and ultimately destabilize—financial markets. This conversation explores the forces that fueled the boom, the mechanisms that amplified risk and the lessons that continue to resonate in today’s investment landscape. In this episode, join Dr. David Kelly, Chief Global Strategist, and Katie Korngiebel, Research Analyst, as they examine the enduring impact of the 1929 stock market crash and the insights it offers for navigating modern market cycles. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
July 23 · 14 min· Video
Moments in market history
A century of market history reveals patterns of optimism, risk and resilience that continue to shape investment decisions today. This special summer series examines landmark events—from the 1929 crash to the Global Financial Crisis—to illuminate the forces behind market upheavals and the lessons they offer for modern investors. The conversation also highlights how long-term perspective and disciplined strategy can help investors navigate volatility and avoid common pitfalls. In this episode, join Gabriela Santos, Chief Market Strategist for the Americas, and Dr. David Kelly, Chief Global Strategist, as they introduce some of the turning points that have shaped markets throughout history. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
July 16 · 25 min· Video
Alternative Realities: The case for distressed debt investing in private credit
Many investors, particularly those new to the asset class, equate private credit with direct lending. However, private credit encompasses a much broader space than just direct lending. This year, amid concerns over software exposure and rising credit stress in direct lending, we have seen increased interest in other strategies. In particular, distressed and special situations credit strategies, a large and established segment of the market, are gaining popularity. On today’s episode, Aaron Mulvihill is joined by Brad Demong, Co-Chief Investment Officer of the Global Special Situations Group at J.P. Morgan Asset Management. They discuss why interest in distressed and special situations credit strategies has grown, how the private credit market has repriced following dislocations earlier this year and how the current private equity landscape is creating opportunities for distressed and special situations investors. Resources: For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify
July 9 · 25 min· Video
Alternative Realities: How do you boost returns in a concentrated market?
As equity markets become increasingly concentrated, investors are seeking strategies to diversify their exposures. Long-short strategies are one way to achieve this diversification while potentially capturing higher returns by building a portfolio that seeks to overweight winning stocks and short losing stocks. On today’s episode, Aaron Mulvihill is joined by Susan Bao, Portfolio Manager for the U.S. Equity Group, as they discuss the history of long-short strategies, why today’s environment has brought renewed interest in these strategies and where these types of strategies fit within investor portfolios. Resources: For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify
June 25 · 29 min
2026 Mid-Year Outlook: Crosscurrents and Divergence Amidst an Increasing AI Surge
At the year’s midpoint, investors face a landscape shaped by surging AI investment, geopolitical uncertainty and diverging economic fortunes. The AI boom is powering exceptional growth in technology and semiconductors, while higher energy prices and global tensions add complexity to inflation and consumer sentiment. Shifting central bank policies and evolving global trends are redefining the outlook for fixed income, international equities and alternative assets. In this episode, join Gabriela Santos, Chief Market Strategist for the Americas, and Dr. David Kelly, Chief Global Strategist, as they present their mid-year outlook and share timely insights for navigating today’s market crosscurrents. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
June 11 · 23 min
Alternative Realities: Absolute return strategies & trouble in private credit?
With inflation expectations on the rise, volatility has returned and stocks and bonds are increasingly moving together. This is driving interest in uncorrelated and absolute return strategies that can generate returns regardless of what’s happening with broader market beta or the economy. On today’s episode, Aaron Mulvihill is joined by Bill Eigen, Head of the Absolute Return and Opportunistic Fixed Income team, to discuss where an absolute return strategy fits in portfolios, areas of opportunity Bill is seeing in the market and thoughts on where we are in today’s credit cycle—including private credit. Watch the video version on YouTube. Resources: For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify
June 4 · 30 min
Making sense of geopolitical risk
Geopolitical volatility is reshaping the global economic landscape, influencing everything from energy markets and trade flows to technological innovation and security strategies. As events in Iran, Ukraine and China drive profound shifts across markets, investors are challenged to adapt to a world where resilience and strategic foresight are more critical than ever. Heightened defense spending, evolving supply chains, and new approaches to international cooperation are redefining opportunities and risks, demanding a sophisticated understanding of the forces at play. In this episode, Gabriela Santos, Chief Market Strategist for the Americas at J.P. Morgan Asset Management, is joined by Derek Chollet, Head of the JPMorganChase Center for Geopolitics, to share his perspectives on the geopolitical forces shaping today’s markets and tomorrow’s investment decisions. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
May 29 · 20 min
Saving smarter for college
College costs have soared well beyond inflation, making education planning a critical challenge for families and advisors. With public and private tuition rising faster than household incomes, the conversation has shifted from simply saving to strategically investing for education. Choosing the right vehicle—like a 529 plan—can make a meaningful difference, offering tax-deferred growth, tax-free withdrawals, and state-level benefits. This episode examines common misconceptions, the impact of procrastination and the realities of scholarships to provide a practical lens for advisors and parents seeking clarity in a changing environment. In this episode, join Gabriela Santos, Chief Market Strategist for the Americas, and Tricia Scarlata, Head of Education Savings at J.P. Morgan Asset Management, as they share actionable perspectives and personal experiences on building smarter education savings plans. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
May 21 · 20 min
Alternative Realities: Inside JPMorganChase’s $1.5 trillion security and resiliency initiative
Last year, JPMorganChase announced the launch of the Security and Resiliency Initiative, a 10-year, $1.5 trillion plan to facilitate, finance and invest in industries critical to national security. With an initial $10 billion in direct equity investments, the initiative aims to help select companies accelerate growth, drive innovation and strengthen strategic manufacturing. As Jamie Dimon, Chairman and CEO of JPMorganChase, put it, “It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing – all of which are essential for our national security.” In this episode, Aaron Mulvihill is joined by Jay Horine, Global Head of the Security and Resiliency Initiative, to discuss the priority areas that the initiative will be focusing on and the role that private companies play in making innovation happen. Watch the video version on YouTube. Resources: For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify

Showing 1–20 of 28 episodes