1、Outlook2026 EDITIONLong-term perspective on markets and economies22026 OUTLOOK2026OutlookInvestments are not FDIC-insured,nor are they deposits of or guaranteed by a bank or any other entity,so they may lose value.Heading into a new year,I always have mixed feelings of excitement and unease.Im excit
2、ed about the investment opportunities emerging before our eyes,such as the incredible advances in the realm of artificial intelligence.At the same time,Im uneasy over the lofty stock market valuations driven primarily by that same group of AI-related stocks.In this one corner of the stock market,we
3、have a microcosm of the issues facing investors in 2026 and beyond.How should we address these risks and opportunities?In my view,it always comes back to balance.We are moving from a binary market environment in which U.S.tech stocks dominated returns to a more balanced one with a broadening opportu
4、nity set.That means investing in the U.S.and international markets,growth and value,cyclical and secular trends,stocks and bonds.Were seeing solid value these days in fixed income,where investors can generate healthy returns with much lower volatility than stocks.Bonds are an excellent way to help s
5、mooth out the ride for investors worried about the risk of highly valued technology stocks.The resurgence of international stocks is a good example of what I mean when I talk about a broadening market.Yes,the S&P 500 Index has done well,up nearly 18%so far this year.But Japan is up 24%.Europe is up
6、30%.And emerging markets 30%*as well.Its been a long time since weve seen such a sustained rally outside the U.S.,and its a good reminder why diversification is so important.Even within the U.S.,returns have been powered in recent quarters by a wider set of companies,not just the Magnificent Seven.T
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