Richard Madigan, Chief Investment Officer, J.P. Morgan Private Bank November 2012 A brief introduction (and a promise) For those of you who don’t know me from my former position as Chief Investment Officer of the Global Access Portfolios, where I oversaw $16 billion in private and institutional client assets, I want to briefly introduce myself in my new role as Chief Investment Officer of the J.P. Morgan Private Bank. I’ve been part of the investment and strategy team at the Private Bank since 2004, when I returned to the firm to work with Michael Cembalest as he assembled a global strategy team to work on behalf of private clients. I was responsible for global multi-asset investment strategy and asset allocation for our international clients before taking on the role as CIO for Global Access. During my time with Global Access, I wrote a regular investment strategy note, Market Thoughts, which we sent to clients globally. In my new role, I want to re-establish the discipline of putting pen to paper around our market views: what we are thinking, what we are seeing as core investment themes, and how we are investing across global markets. There is nothing more humbling than writing down and clearly explaining what you think, and why, about the world and markets. I have a well-established practice with our family physician: I promise not to confuse him with investment nonsense if he promises not to do the same with medical gibberish. I promise the same clarity with this note. Same as it ever was “Once in a Lifetime” is a song by the band Talking Heads. It has come to mind repeatedly as I‘ve listened to the media talk about the recent U.S. elections. There is a line in the song that keeps repeating the phrase “same as it ever was,” which seems to be, post-election, where we’ve landed. The United States just ran a national election where an estimated $6 billion was spent campaigning. The result across Congress, state governorships and the presidential popular vote was e