Scott and Ed discuss Trump’s tariffs on films produced outside the U.S., OpenAI scrapping its plans to become a for-profit company, and Warren Buffett’s decision to step down as CEO of Berkshire Hathaway. Then Michael Cembalest, the Chairman of Market and Investment Strategy for JPMorgan Asset & Wealth Management, joins the show to unpack how macroeconomic shifts are shaping his investment outlook. He discusses whether current conditions point to looming stagflation, offers practical advice for navigating today’s volatility, and shares why he’s still optimistic that markets could normalize.  Subscribe to the Prof G Markets newsletter  Order "The Algebra of Wealth," out now Subscribe to No Mercy / No Malice Follow the podcast across socials @profgpod: Instagram Threads X Reddit Follow Scott on Instagram Follow Ed on Instagram and X Learn more about your ad choices. Visit podcastchoices.com/adchoices