Simple, but Not Easy Morningstar Wealth's 2026 Investment Outlook with Chief Investment Officer Philip Straehl
Dec 5, 2025
Philip Straehl, Chief Investment Officer at Morningstar, shares insights on navigating investment strategies for the 2026 landscape. He emphasizes that preparation is more crucial than predictions, focusing on building resilient portfolios against volatile markets. Topics include the U.S. market's split personality, emerging market opportunities, and the evolving AI landscape. He also highlights potential risks associated with AI hype and the benefits of a contrarian checklist for spotting mispricing in investments.
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Transcript
Episode notes
Preparation Beats Prediction
- Preparation beats prediction: build resilient portfolios rather than forecasting exact market outcomes.
- Morningstar emphasizes tools and principles to navigate uncertainty instead of bold market calls.
April Tariff Shock Story
- Philip called April 2025 volatility a major surprise driven by tariff announcements and rapid market moves.
- Markets plunged then recovered after policy was pulled back, illustrating fast policy-driven swings.
Combine Offense And Defense
- Play offense and defense: combine international equity exposure with defensive U.S. holdings to balance risk.
- Morningstar shifted defensive exposures into risk during the April drawdown to re-engage with markets.