Berlin - A devastating pandemic, a turbulent election and the arrival of “Zoomshock”: Michael Cembalest has watched it all unfold from his New York perch as J.P. Morgan's chairman of market and investment strategy. With a career of more than 34 years at the investment bank behind him, he is responsible for $2.6 trillion in investor assets and writes regularly on financial market topics. We talk to him about his latest report, “The Agony and the Ecstasy”, inflation risks, prospects for companies in China and the fate of Europe's real estate market post-corona.

BERLINER ZEITUNG: Corona wasn't the only big story in 2020. The year saw major political turmoil as well: you warned that President Biden's energy policies would be more progressive than many people think, and you said Trump overturning the election result would be an “American Horror Story” for the markets. Is political risk an increasing trend for the economy?

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