Scott

He responded, quote, if there is a place that is warm in the winter and cool in the summer, and you do what you love doing, you will be fine. You are rich if you are working around people you like. You will make money if you are energetic and intelligent. This society lets smart people with drive earn a very good living. You will be no exception.

He responded, quote, if there is a place that is warm in the winter and cool in the summer, and you do what you love doing, you will be fine. You are rich if you are working around people you like. You will make money if you are energetic and intelligent. This society lets smart people with drive earn a very good living. You will be no exception.

We'll be right back after the break for our conversation with Michael Semblist. If you're enjoying the show so far and you haven't subscribed, be sure to give the Profiteer Markets feed a follow wherever you get your podcasts.

We'll be right back after the break for our conversation with Michael Semblist. If you're enjoying the show so far and you haven't subscribed, be sure to give the Profiteer Markets feed a follow wherever you get your podcasts.

We'll be right back after the break for our conversation with Michael Semblist. If you're enjoying the show so far and you haven't subscribed, be sure to give the Profiteer Markets feed a follow wherever you get your podcasts.

Welcome back. Here is our conversation with Michael Semblist, the Chairman of Market and Investment Strategy for J.P. Morgan Asset and Wealth Management. Michael, thank you very much for joining us on Profiting Markets.

Welcome back. Here is our conversation with Michael Semblist, the Chairman of Market and Investment Strategy for J.P. Morgan Asset and Wealth Management. Michael, thank you very much for joining us on Profiting Markets.

Welcome back. Here is our conversation with Michael Semblist, the Chairman of Market and Investment Strategy for J.P. Morgan Asset and Wealth Management. Michael, thank you very much for joining us on Profiting Markets.

You are in charge of Investment Strategy at J.P. Morgan. J.P. Morgan is... probably the largest financial institution in the world. You have what I would consider like the front row seat to what's happening in the capital markets. I mean, I think about where Scott and I are situated. We comment on stuff, we make predictions, but we're in sort of row D or E. You are kind of court side.

You are in charge of Investment Strategy at J.P. Morgan. J.P. Morgan is... probably the largest financial institution in the world. You have what I would consider like the front row seat to what's happening in the capital markets. I mean, I think about where Scott and I are situated. We comment on stuff, we make predictions, but we're in sort of row D or E. You are kind of court side.

You are in charge of Investment Strategy at J.P. Morgan. J.P. Morgan is... probably the largest financial institution in the world. You have what I would consider like the front row seat to what's happening in the capital markets. I mean, I think about where Scott and I are situated. We comment on stuff, we make predictions, but we're in sort of row D or E. You are kind of court side.

So I'm very grateful to have you on today. I want to start with a trend that Scott and I have been discussing a lot on this show, which we have been calling the global rotation. This idea that after tariffs, something happened and the flows of capital globally started to shift or rotate away from the U.S. and into foreign markets.

So I'm very grateful to have you on today. I want to start with a trend that Scott and I have been discussing a lot on this show, which we have been calling the global rotation. This idea that after tariffs, something happened and the flows of capital globally started to shift or rotate away from the U.S. and into foreign markets.

So I'm very grateful to have you on today. I want to start with a trend that Scott and I have been discussing a lot on this show, which we have been calling the global rotation. This idea that after tariffs, something happened and the flows of capital globally started to shift or rotate away from the U.S. and into foreign markets.

And that the consequences of that could be systemic, structural, permanent, however you want to call it. What are you seeing from your seat?

And that the consequences of that could be systemic, structural, permanent, however you want to call it. What are you seeing from your seat?

And that the consequences of that could be systemic, structural, permanent, however you want to call it. What are you seeing from your seat?

When you say the movement has been small so far, what do you mean by that? Because at the same time, you're explaining how the, I mean, from what I've seen and from what I've read, it's the biggest jump we've ever seen. in terms of outflows converting into inflows into other markets. So in what sense is it small? Where are we on that spectrum?

When you say the movement has been small so far, what do you mean by that? Because at the same time, you're explaining how the, I mean, from what I've seen and from what I've read, it's the biggest jump we've ever seen. in terms of outflows converting into inflows into other markets. So in what sense is it small? Where are we on that spectrum?

When you say the movement has been small so far, what do you mean by that? Because at the same time, you're explaining how the, I mean, from what I've seen and from what I've read, it's the biggest jump we've ever seen. in terms of outflows converting into inflows into other markets. So in what sense is it small? Where are we on that spectrum?