Eye On The Market
Join Michael Cembalest as he explores a wide variety of investment topics, including the economy, policy and markets.
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Supply and The Mam
<p>New York City now has one of the tightest housing markets since 1960.</p> <p>Watch the video</p>
Eye on the Market Outlook 2026: Smothering Heights
<p>In this year’s EOTM Outlook by Michael Cembalest, we focus on four risks: US power generation constraints, China on its own, Taiwan and hyperscaler profits.</p> <p>View video here</p>
The Deep End: 2025 Alternative Investments Review
<p>On the surface not much has changed since our last review two years ago.</p> <p>View video here</p>
The winter of our discontent: generative AI disrupts the entertainment industry content moat
<p>While the prior decade was defined by disruption in content distribution, the next decade will be defined by disruption in content creation, augmented by generative AI. This month’s Eye on the Market looks at the rapidly shifting fortunes in legacy cable/broadcast shares vs streaming, the rise of social media as a platform for consuming all forms of content, rising acceptance of user-generated content and the increasing democratization of text-to-video tools used to create it, the value of the legacy content moat in film/tv libraries and the best movies of the 21st century (as ranked by me).</p> ...
Mad Libs: just fill in the blanks
<p>Mad Libs. This piece is not about how mad liberals are at the administration, although the latest polling data indicates that it could be. Instead, it’s a fill-in-the-blank exercise regarding the impact of tariffs and immigration policy on growth, the impact of Chinese critical mineral export restrictions, Oracle’s debt levels and borrowing capacity, central bank gold reserves and the gender balance of psychiatric medication.</p> <p>View video here</p>
The Blob: Capital, China, Chips, Chicago and Chilliwack
<p>In this piece, we look at the AI and data center takeover, and the OpenAI-Oracle deal; the US government equity investment in Intel, the origins of TSMC and how many countries support national champions via industrial policy; efforts in China to reduce excess capacity and consequences for equity investors; crime and municipal solvency in Chicago and Illinois; how tight net new equity supply has been supporting US equity markets since 2011; and pictures from Chilliwack, Canada.</p> <p>View video here</p>
Fair Shakes
<p>Assessing US earnings and economic trends during one of the broadest policy shifts since FDR; partisan redistricting, the Supreme Court, the Census and the balance in the US House of Representatives.</p> <p>View video here</p> <p> </p>
Sick as a Dog: the cheapness of US healthcare stocks, and the battle over publicly funded science research
<p >For three decades until 2020, US healthcare stocks generated roughly the same returns as the tech sector, and with much less volatility. Things have changed a lot since then as the tech sector has barreled ahead while healthcare has stagnated. In this special issue, we take a closer look at the many factors dragging down the healthcare sector to among the lowest relative valuations of the last 30+ years, and some possible catalysts for a rebound. To conclude, the latest in the battle over publicly funded US scientific research.</p> <p >View video here</p>
Summer mailbag
<p>Every summer, I answer questions from the Eye on the Market client mailbag.</p> <p>View video here</p>
Time Flies: Twenty Years of Eye on the Market
<p>Take a look back at 30 standout insights which are just as relevant for the future as they were for the past.</p> <p>Explore our insights</p>
