Making Sense

In this episode of J.P. Morgan's Making Sense, Fawaz Chaudhry, CIO of Horizon Global Partners (the equity thematic team at Fulcrum Asset Management) sits down with Eloise Goulder, head of the Data Assets and Alpha Group. They unpack why value is shifting from software to chips — and why the next three to four years will be key for semis, foundries and tools — as the AI infrastructure buildout accelerates.  They also explore the implications of the recent inflationary shocks, from the global pandemic to the European land war to the global trade war, and what this means for bonds and commodities, including gold and silver.

 

Shownotes:

https://www.horizon.global/

https://fulcrumasset.com/

A Macroeconomic Approach to Investing with Juan Antolin Diaz, Chief Research Officer, Fulcrum  – Feb ‘24

 

This episode was recoded on February 5, 2026.

The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views.

Copyright 2026 JPMorgan Chase & Co. All rights reserved

In this Making Sense episode, host Amaury Guzman is joined by Kevin Foley, global head of Capital Markets, and Tarek Hamid, head of North American Credit Research & Strategy, to unpack takeaways from J.P. Morgan’s 31st annual Global Leveraged Finance Conference in Miami. The trio covers how geopolitics and energy price volatility are filtering into rates and risk, why AI could determine winners and losers, the market’s capacity to absorb new supply, bond vs. loan reception, and the role of M&A in the 2026 issuance outlook. They also discuss issuer readiness in a volatile tape and other themes that could take centerstage at the upcoming European Leveraged Finance Conference.

This episode was recorded on March 5, 2026.

This material was prepared by certain personnel of the investment banking group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.

© 2026 JPMorgan Chase & Company. All rights reserved.

In this episode of Making Sense, Anthony Paolone, co-head of U.S. Real Estate Stock Research, and John Sim, head of Securitized Products Research, offer their take on the U.S. housing market. They examine current supply-demand dynamics, regional price trends and mortgage rates, which have remained elevated since 2022. Where are home prices headed, and how might new reforms alter the wider outlook? Plus, how are rental markets faring amid growing “rent fatigue”?

 

This episode was recorded on March 2, 2026.

This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.

© 2026, JPMorganChase & Co. All rights reserved.

In this episode of J.P. Morgan’s Making Sense, Derek Chollet, head of the JPMorganChase Center for Geopolitics, sits down with Clare Kim, global head of Content Strategy and Production for the Commercial and Investment Bank, to discuss how the U.S.–Israel military operation against Iran could play out. What’s next in terms of leadership, and how might this change the balance of power in the Middle East? Longer term, could a resolution unlock opportunities for both the Iranian and the global economy?

 

This episode was recorded on March 4, 2026.

The views or opinions expressed herein are solely those of the JPMorganChase Center for Geopolitics and may differ from the views and opinions expressed by J.P. Morgan Securities LLC Research Department or other departments or divisions of JPMorgan Chase & Co. or its affiliates.  Information has been obtained from sources believed to be reliable, but JPMorganChase does not warrant its completeness or accuracy. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  The opinions herein should not be construed as an individual recommendation for any particular client and is not intended as advice or recommendations of particular securities, financial instruments, or strategies for a particular client.  The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.

In this episode of Making Sense, Kate Finlayson, Global head of the FICC Market Structure and Liquidity Strategy, is joined by Sandy Kaul, Executive Vice President and Head of Innovation at Franklin Templeton, and Scott Lucas, head of Markets Digital Assets at J.P. Morgan. Together, they explore the rapid advancements in blockchain technology, and discussing what’s changed, what’s credible, and what institutional investors should be thinking about as market structure evolves. Sandy and Scott, who also serve as co-chairs of the CFTC’s Digital Assets Subcommittee, share insights on blockchain adoption milestones, regulatory developments, the convergence of traditional and decentralized finance, and the future of interoperability and market infrastructure.

 

This episode was recorded on February 10, 2026. 

The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures

Copyright 2026 JPMorgan Chase & Company. All rights reserved.