UBS On-Air: Market Moves Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 53)
Dec 3, 2025
Burkhard Varnholt, a global markets strategist and author, dives into whether the iconic 'Santa Rally' is still a real possibility this year. He discusses the expanding bull market beyond major tech firms and projects that a surge in innovation could lead to widespread productivity gains reminiscent of the Roaring 20s. Burkhard emphasizes the potential of deep tech startups to boost profits for many companies, not just a select few. As a festive bonus, he recommends Zora Neale Hurston's classic novel for year-end reading.
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Episode notes
Bull Market Broadened Globally
- The bull market broadened beyond the 'Magnificent Seven' to many stocks and asset classes this year.
- Over 60% of US stocks trade above their 200-day average and gains extended to Europe and emerging markets.
Avoid Automatic Holiday Cash-Outs
- Avoid locking in profits and exiting simply for the holidays without a plan.
- Consider that moving to cash risks missing subsequent rallies and makes re-entry timing uncertain.
Productivity Must Spread To Sustain Bull
- Technology-led productivity gains should gradually spread from a few large firms to many companies.
- That diffusion of innovation is necessary for the bull market to reach its full potential.
