Previous Reports
Outlook for 2026 looks strong, but fundamentals are shaky
The consensus expectation is that shares will have another good year and monetary policy will be further loosened. This underestimates several risks that could undermine many of the pillars supporting economic growth and the stock markets. In this final asset allocation report of the year, we answer the question of what this means for the outlook for asset prices and tactical asset allocation.
Impact of government policy on markets in 2026
AI-bubble fears are rising, yet current valuations remain well below dot-com levels. A bigger — and far less discussed — market driver for 2026 may be government policy. This month’s Tactical Asset Allocation explains why, and what it means for investors.
What – me worry? I'm climbing the wall of worry!
Investors seem to believe in a Goldilocks scenario — steady growth, easing inflation, and supportive liquidity. Yet, while markets brush aside concerns like the government shutdown and trade tensions, more fundamental risks are quietly building. Liquidity can change course abruptly, as last week’s sharp drop in precious metals reminded us. We adjust our tactical asset allocation to reflect a short-term bullish stance amid rapidly rising risks.
