Making Sense

Dan Pombo, managing director at J.P. Morgan, brings his expertise on the evolving landscape of debt restructuring. He discusses the surge in out-of-court restructurings and the shifting dynamics between loan and bond markets. Pombo highlights the strategic advantages of selecting a well-known financial institution and dives into the implications of permissive covenants amidst rising interest rates. He also shares insights on the upcoming Leverage Finance and High Yield Conference, emphasizing its role in fostering connections and knowledge within the restructuring community.

Dive into the intriguing dynamics of U.S. equities as they contrast with global markets. Recent underperformance sparks discussions on potential buying opportunities. Delve into economic catalysts like tariffs and the impact of key tech companies. Explore the differing sentiments between retail and hedge fund investors in an ever-evolving market. The episode also sheds light on U.S. exceptionalism, contrasting it with European prospects while discussing strategic sector positioning for future growth.

Dive into the evolving world of electronic trading as experts discuss insights from J.P. Morgan's annual survey. Key topics include the impact of inflation and tariffs, along with the rising significance of AI and machine learning. Discover how technology is enhancing market stability in volatile times and the crucial role of real-time data. With all respondents anticipating growth in e-trading, the conversation highlights what institutional traders are focusing on as they prepare for 2025.

This discussion dives into the January U.S. Employment Report, revealing surprising job growth and shifts in unemployment rates. It highlights how weather patterns are impacting labor supply and future hiring challenges. The conversation also addresses the latest tariff policies on Chinese imports and their effects on inflation and market sentiment. Finally, insights on the Federal Reserve's monetary policy reveal how current economic trends might shape its future decisions. Tune in for an engaging analysis of the evolving economic landscape!

Conor Hillery, Deputy CEO and head of Investment Banking for EMEA at J.P. Morgan, shares his expertise on the evolving landscape of dealmaking in Europe. He discusses how improving economic confidence and favorable regulations are driving M&A activity despite ongoing geopolitical challenges. The conversation highlights the resurgence of private equity and the implications of US dollar strength on cross-border deals. Finally, Hillery emphasizes the need for strategic risk management while remaining optimistic about deal opportunities as we move toward 2025.

Clare Witts, the Head of Equity APAC Market Structure at J.P. Morgan, discusses the shifting landscape of Asia's bond and equity markets. She highlights significant regulatory changes impacting investor access in Japan, Korea, and India. Clare dives into Korea's market structure reforms and India's government bond index inclusions. The rise of electronic trading is also examined, revealing how individual investors are shaping market trends. Tune in for insights on adapting to these rapid transformations and what lies ahead.

Dive into the intriguing world of European equities as experts discuss a notable rally driven by political stability and robust earnings. Discover the dual phases of this market surge, shaped by technical and fundamental shifts. Sectors like luxury goods and banks shine as top performers, benefiting from improved consumer sentiment. The podcast navigates the complexities of the UK market amidst rising yields and political risks, while highlighting investment opportunities across Europe and the UK. An insightful exploration for institutional investors!

In this engaging discussion, Amy Flikerski, Managing Director at CPP Investments, shares her expertise in hedge fund management. She sheds light on optimizing team structures and investment strategies for both new and established hedge funds. Amy emphasizes the importance of transparency and innovative approaches to connecting with emerging managers. With insights into resilience in market strategies and the evolution of portfolio management, she highlights the industry's shift toward embracing diversity and fresh talent.

In this episode, Sunny Potharaju from the Positioning Intelligence team is joined by John Schlegel, head of the Global Positioning Intelligence team at J.P. Morgan. Their discussion focuses on the strong performance of hedge funds, particularly in crowded stocks, and the potential for continued performance into 2025. John and Sunny examine the setup for U.S. equities, noting a possible upcoming "buy the dip" opportunity, while acknowledging a more uncertain medium-term outlook.  The episode concludes with broader insights into the positioning landscape in Europe and Asia.  The Positioning Intelligence team sits within the wider Data Assets & Alpha Group.   This discussion follows episodes released on: November ’24 – A Post-Election Rally in U.S. Equities October ’24 – How High is Positioning in U.S. Equities This episode was recorded on January 13, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. 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.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

The hosts delve into J.P. Morgan's 2025 Corporate Compass, highlighting economic trends like inflation and growth post-elections. They discuss the transformative potential of AI and the impact of deregulation on M&A activity. Geopolitical tensions and supply chain vulnerabilities are examined, particularly concerning China and Taiwan. Additionally, they explore shifting investment behaviors and urge corporate leaders to adapt to seize opportunities in 2025's evolving landscape.