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Prof G Markets

The Sell America Thesis — ft. JPMorgan’s Michael Cembalest

Thu, 08 May 2025

Description

Scott and Ed discuss Trump’s tariffs on films produced outside the U.S., OpenAI scrapping its plans to become a for-profit company, and Warren Buffett’s decision to step down as CEO of Berkshire Hathaway. Then Michael Cembalest, the Chairman of Market and Investment Strategy for JPMorgan Asset & Wealth Management, joins the show to unpack how macroeconomic shifts are shaping his investment outlook. He discusses whether current conditions point to looming stagflation, offers practical advice for navigating today’s volatility, and shares why he’s still optimistic that markets could normalize.  Subscribe to the Prof G Markets newsletter  Order "The Algebra of Wealth," out now Subscribe to No Mercy / No Malice Follow the podcast across socials @profgpod: Instagram Threads X Reddit Follow Scott on Instagram Follow Ed on Instagram and X Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Full Episode

0.828 - 21.049 Kenny Beecham

Support for the show comes from Public.com. If you're serious about investing, you need to know about Public.com. That's where you can invest in everything, stocks, options, bonds, and more. And even under 6% or higher yield that you can lock in with a bond account. Visit Public.com slash PropG and get up to $10,000 when you transfer your old portfolio. That's Public.com slash PropG.

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21.389 - 42.703 Kenny Beecham

Prof G. Paid for by Public Investing. All investing involves the risk of loss, including loss of principal. Brokered services for U.S. listed registered securities, options, and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA, and SIPC. Complete disclosures available at public.com slash disclosures. I should also disclose I am an investor in public.

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46.519 - 71.378 Unknown

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76.052 - 95.525 Kenny Beecham

What's up, y'all? It's Kenny Beecham. We are currently watching the best playoff basketball since I can't even remember when. This is what we've been waiting for all season long. And on my show, Small Ball, I'll be breaking down the series matchups, major performances, in-game coaching decisions, and game strategy and so much more for the most exciting time of the NBA calendar.

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95.946 - 102.03 Kenny Beecham

New episodes through the playoffs available on YouTube and wherever you get your podcasts. Subscribe to Small Ball with Kenny Beecham so you don't miss a thing.

103.154 - 120.26 Kenny Beecham

Today's number, $75,000. That's how much a ticket to the Met Gala costs, but you have to get invited first. Ed, I don't know if you saw the poll in Vogue that showed that 29% of women have never masturbated. In the same poll, it showed that 29% of men masturbated over the poll.

123.028 - 131.011 Scott

I don't know why that's so funny. I'm in Hamburg, Ed. How are you? How are you? Welcome to Rob G. Marcus. It's not even that funny.

142.128 - 143.729 Scott

Not even that funny. I think you're just in a good mood.

143.829 - 145.27 Kenny Beecham

Last week, I went to my own gala.

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