But not any more: as Normand wrote in his May 21 note published last Friday, "this is my last research note and video, as I am moving on after 24 years." In his note, Normand discusses lessons "learned in over two decades with JPM Research, covering cross-asset strategy/asset allocation, Currencies, Commodities and Fixed Income" a period "which covers four business cycles, three US/global recessions and four financial crises (that didn't cause US recessions), plus hundreds of weekly reports and client meetings."

1. What makes cross-asset strategy most useful. ("Cross-asset strategy is an approach to alpha generation involving four elements: (1) a outlook and trade recommendations that span all asset classes and geographies, with an investment horizon of up to one year; (2) a mixture of high-conviction themes and recommendations from asset class specialists, combined with relative value judgments of a generalist;