J.P. Morgan

EOTM: Special Edition

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The Agony and the Ecstasy is a 1961 biographical novel by American author Irving Stone on the life of Michelangelo: his passion, intensity and perseverance as he created some of the greatest works of the Renaissance period. Like Michelangelo's paintings and sculptures, successful businesses are the by-product of inspiration, hard work, and no small amount of genius. And like the works of the Great Masters, only a small minority stand the test of time and last over the long run. The Agony and the Ecstasy conveys the disparate outcomes facing concentrated holders of individual stocks in a world, like Michelangelo's, that is beset with intrigue, unforeseen risks, intense competition and uncertainty. Hear Michael Cembalest, Chairman of Market and Investment Strategy at J.P. Morgan Asset Management, discuss the topic of concentration, from the Ecstasy of creating wealth to the Agony of how concentration can destroy wealth and result in permanent impairment

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