{"podcast":{"title":"Behind the Balance Sheet","slug":"behind-the-balance-sheet-4149344","podcast_index_feed_id":4149344,"rss_url":"https://anchor.fm/s/5f616d54/podcast/rss","website_url":"https://www.behindthebalancesheet.com/podcasts","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/15902205/15902205-1655063157556-0a40669aa7a08.jpg","author":"Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities","episode_count":66,"summary":"We deconstruct the performance of world beating investors. A former Tiger Cub hedge fund partner interviews top hedge fund & long only managers & leading commentators. Past guests include John Armitage, Mario Gabelli & Bill Nygren. We explore how professionals analyse & value businesses, capital cycles, forensic accounting, pick stocks, construct portfolios, generate alpha & manage risk. For private investors, analysts, PMs & students who want serious financial education, sharper investing insights & to master equity research, fundamental analysis & value investing. https://bit.ly/btbspod","last_synced_at":null,"page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344"},"episode":{"title":"#58 The Chart Guy - $4tn CIO Michael Cembalest on markets, AI and the impending rout in US Treasuries","slug":"58-the-chart-guy-4tn-cio-michael-cembalest-on-markets-ai-and-the-impending-rout-in-us-treasuries","published_at":"2026-04-16T05:12:00+00:00","page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344/58-the-chart-guy-4tn-cio-michael-cembalest-on-markets-ai-and-the-impending-rout-in-us-treasuries","show_page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344","url":"https://podcasters.spotify.com/pod/show/stephen-clapham1/episodes/58-The-Chart-Guy---4tn-CIO-Michael-Cembalest-on-markets--AI-and-the-impending-rout-in-US-Treasuries-e3hsmmt","audio_url":"https://anchor.fm/s/5f616d54/podcast/play/118429853/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-3-14%2Fa67cf070-7849-1247-83f5-fdb7930dee62.mp3","summary":"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 refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠ . If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.","meta_description":"Michael Cembalest chairs the Market and Investment Strategy group at JP Morgan Asset and Wealth Management and effectively oversees $4tn AUM. He is respon…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3344,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/behind-the-balance-sheet-4149344/episodes/58-the-chart-guy-4tn-cio-michael-cembalest-on-markets-ai-and-the-impending-rout-in-us-treasuries/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344/58-the-chart-guy-4tn-cio-michael-cembalest-on-markets-ai-and-the-impending-rout-in-us-treasuries.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}