Biggest Risk: War and Asymmetric Conflict

📘Read Steven Feldman’s full 2026 Outlook for a deeper look at the risks and realities that will shape investing, macro, markets, and geopolitics this year: https://wealthion.com/hubfs/Reports/2026Outlook.pdf

Steven Feldman, CEO and Co-Founder of Wealthion, joins Maggie Lake to share his 2026 outlook and explain why markets may be entering a period of reckoning, as debt, geopolitics, and hard math collide. Feldman argues that years of comforting narratives, from risk-free Treasuries to endless Fed support, are giving way to fiscal dominance, rising geopolitical risk, and stretched market valuations. He discusses why the Treasury market sits at the center of risk, why war and asymmetric conflict are the biggest global threats, and why the traditional 60/40 portfolio no longer works as intended. The conversation also explores gold and real assets, AI beyond the hype, cash as a strategic position, and why 2026 could bring a wave of major mergers. Steven’s message is clear: this isn’t about panic, it’s about preparation.

Plus, Steven announces his new Wealthion show, Unhedged, focused on straight talk and authentic conversations, coming soon!

💡Thinking about how your portfolio fits a changing market environment?

Get a free portfolio review with Wealthion’s endorsed financial advisors: https://bit.ly/4qcwlDO

💡Real assets are still underrepresented in many portfolios. Protect your wealth with real gold and silver through Hard Assets Alliance: https://www.hardassetsalliance.com/?aff=WTH

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IMPORTANT NOTE: The information, opinions, and insights expressed by our guests and our hosts do not necessarily reflect the views of Wealthion or the views of their respective employers. They are intended to provide a diverse perspective on the economy, investing, and other relevant topics to enrich your understanding of these complex fields.

While we value and appreciate the insights shared by our esteemed guests and hosts, they are to be viewed as personal opinions and not as investment advice or recommendations from Wealthion or their respective employers. These opinions should not replace your own due diligence or the advice of a professional financial advisor.

We strongly encourage all of our audience members to seek out the guidance of a financial advisor who can provide advice based on your individual circumstances and financial goals. Wealthion has a distinguished network of advisors who are available to guide you on your financial journey. However, should you choose to seek guidance elsewhere, we respect and support your decision to do so.

The world of finance and investment is intricate and diverse. It's our mission at Wealthion to provide you with a variety of insights and perspectives to help you navigate it more effectively. We thank you for your understanding and your trust.

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