U.S. Debt Wall, War Risk & The Market Reckoning: Steven Feldman’s 2026 Outlook

13 snips

Jan 7, 2026

Steven Feldman, CEO and co-founder of Wealthion, shares his 2026 outlook as a seasoned macro investor focused on real assets. He discusses the impending market reckoning driven by rising U.S. debt and geopolitical tensions. Feldman warns about the limitations of traditional portfolios and stresses the importance of real assets like gold. He identifies war and asymmetric conflicts as key risks and suggests a barbell investment strategy combining innovation with real assets. His message emphasizes preparation over panic in navigating the changing landscape.

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INSIGHT

Math And Gravity Return

Steven Feldman argues 2026 will be a year where "math and gravity" reassert themselves, ending comforting market narratives.
He warns many current beliefs (risk-free treasuries, perpetual Fed rescue, AI nirvana) face hard realities.

INSIGHT

Treasury Market At The Center

Feldman puts the U.S. Treasury market at the center of risk due to $38 trillion debt and rising rates.
He highlights $9 trillion rolling in 2026 as the tipping point where "the market says the math doesn't work."

ADVICE

Plan For Fiscal Dominance

Expect monetary policy to be less effective amid large durable deficits and political pressure on the Fed.
Consider that fiscal policy and "fiscal dominance" will likely drive outcomes, not rate cuts alone.

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📘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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