Milk Road Macro 2026 Will Be a Roller Coaster Market (Here’s How to Survive It) w/ Michael Lebowitz
Jan 15, 2026
Michael Lebowitz, a seasoned portfolio manager with over 35 years of experience, delves into why passive investing might not cut it in the volatile market ahead. He discusses the impact of upcoming tariff rulings on market stability and the potential for increased volatility in 2026. Michael emphasizes the importance of active portfolio management and strategic risk controls, warning about the pitfalls of high valuations and premature growth pricing in AI. Expect roller coaster dynamics and shifts in asset correlations as investors navigate the evolving landscape.
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Reserve Management Equals QE
- The Fed's reserve management is essentially QE in disguise and will put reserves back into the system.
- Growing reserves correlate with gains in Bitcoin and certain equity sectors tied to liquidity.
Tariff Ruling Triggers A Plan-B Risk
- The Supreme Court tariff delay creates short-term volatility but the market really waits for 'plan B' if the court strikes it down.
- The bigger market mover will be the administration's follow-up policy, not the decision itself.
Bonds Largely Unfazed By Political Noise
- Bond markets showed muted reaction to subpoenas and auctions indicated strong demand from end investors.
- Low dealer participation in auctions suggests retail and institutional buyers remain engaged despite political noise.