Barron's Live Talking Markets with Adam Parker
Dec 16, 2025
Join Adam Parker, founder and CEO of Trivariate Research and former sell-side analyst, as he shares insightful market outlooks. He discusses the waning Fed support and softening AI expansion's impact on the bull market. Adam highlights key themes for 2026, like AI and healthcare, and shares strategies for managing high-risk investments. He explores opportunities outside the U.S. and emphasizes the importance of true diversification in a correlated market. Plus, insights on Micron's memory boom and Nike's inventory challenges make for a must-listen!
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Fed Tailwind May Be Fading
- The Fed's easing tailwind for equities may be fading as policy moves closer to the end of accommodation.
- Adam Parker warns less multiple expansion from the Fed means investors can't rely on that pillar alone for a bullish case.
AI Winners Face Multiple Pressure
- AI has boosted revenues but many primary beneficiaries are seeing multiple contraction.
- Parker says earnings growth must outpace multiple decline for those stocks to keep working.
Market-Weight Mega-Caps Before Picking Alpha
- Keep market weight in the mega-cap AI-related names if you want to stay diversified and avoid large active bets.
- Then seek other companies (eg healthcare, productivity beneficiaries) to add genuine alpha without overconcentrating.