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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.

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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.

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For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing

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.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

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

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.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

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.

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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.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

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.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

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.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

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