Economy & Markets Apr 13, 2026

Misanthropic

Michael Cembalest Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management

Download the pdf

Misanthropic: on Mythos, bad human behaviors and systems vulnerabilities. Anthropic describes Mythos as both its best aligned model to date while also conceding that Mythos likely poses the greatest alignment-related risk of any model they have created to date. You can be excused for being confused by this staggering contradiction; sometimes arsonists also sell fire extinguishers. Given Mythos’ improved ability to find obscure systems vulnerabilities, a new phase in the race between patching and hacking has begun.

Click here for important information

Read Misanthropic: on Mythos

Download the pdf

About Eye on the Market

Since 2005, Michael has been the author of Eye on the Market, covering a wide range of topics across the markets, investments, economics, politics, energy, municipal finance and more.

More Eye on the Market

Economy & Markets Apr 6, 2026

Salem’s Lot: Gulf War update; the Purge of senior US military officers; a US fossil fuel reliance fever dream

Economy & Markets Mar 21, 2026

Pandora’s Bog: the global energy shock of 2026

Economy & Markets Mar 3, 2026

Eye on the Market Energy Paper: Fighting Words

First Name *

Enter your First Name

> or < are not allowed

Only 50 characters allowed

Last Name *

Enter your Last Name

> or < are not allowed

Only 50 characters allowed

Country *

Select your country of residence

Phone Number *

Enter your phone number

Please enter a valid phone number

Address *

Enter valid street address

> or < are not allowed

Only 255 characters allowed

ZIP *

Enter your ZIP code

Please enter a valid zipcode

> or < are not allowed

Only 10 characters allowed

Postal Code *

Enter your postal code

Please enter a valid zipcode

> or < are not allowed

Only 10 characters allowed

Email *

Enter your email address

Please enter a valid email address

> or < are not allowed

Only 50 characters allowed

By continuing, I understand that the data I provide will be used to process my enquiry. I accept and agree that any applicable confidentiality or secrecy requirements do not apply, in accordance with J.P. Morgan's privacy policy.

Checkbox is not selected

LEARN MORE About Our Firm and Investment Professionals Through FINRA BrokerCheck

To learn more about J.P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS and Guide to Investment Services and Brokerage Products.

JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Please read the Legal Disclaimer for J.P. Morgan Private Bank regional affiliates and other important information in conjunction with these pages.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Bank deposit products, such as checking, savings and bank lending and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.

Not a commitment to lend. All extensions of credit are subject to credit approval.