RiskReversal Pod How Brian Belski Will Manage Risk In 2026
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Nov 5, 2025 
In a fascinating conversation, Brian Belski, Founder, CEO, and CIO of Humilis Investment Strategies, shares insights after leaving BMO. He emphasizes the importance of dividend growth, value investing, and a bullish stance on sectors like financials and industrials. Belski discusses the current market's concentration, driven by big tech and the implications of Fed policies. He predicts a normalization of returns by 2026 while stressing the need for diversification and highlights both the risks and potential in the evolving market landscape.
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Founder Story: Leaving BMO To Start Humilis
- Brian left BMO after 35 years to start Humilis Investment Strategies focused on equities and portfolio advisory services.
- He emphasized running concentrated conviction portfolios and serving clients with model portfolios and sub-advisory experience.
Broadening Beyond AI And Mega-Cap Concentration
- Belski expects a broadening market beyond AI and mega-cap tech into dividend growth, value, and small-mid caps.
- He argues disciplined, concentrated stock-picking beats trying to own the whole market.
Prepare For Normalized Returns In 2026
- Expect normalization to high single-digit or low double-digit returns in 2026 and position portfolios accordingly.
- Accept that normalized returns are reasonable relative to 10-year yields around 3.5–4.5%.