Capital Ideas Podcast 2026 Outlook
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Jan 29, 2026 Pramod Atluri, a fixed-income portfolio manager focused on macro and bond strategy. Martin Romo, a global CIO overseeing research and portfolio strategy. They discuss the 2026 macro outlook and fragile yet constructive global backdrop. They debate Fed rate paths and bond roles. They tour regional market opportunities and weigh AI as a potential bubble versus a productivity-driven boom.
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Excitement Paired With Unease
- Martin Romo sees both strong innovation and fragility in the market, making him excited but uneasy about future returns.
- He emphasizes valuation discipline and long-term, research-driven, diversified investing to navigate risks and opportunities.
Bonds Regain Diversification Role
- Pramod Atluri expects bonds to regain diversification power with yields above 4% for quality and 6% for lower quality.
- He sees bonds playing an increasingly important defensive role in portfolios amid complex macro signals.
Global Breadth Offers Value
- Martin Romo highlights regional divergence: cheaper, dividend-rich European stocks and structural reforms in Japan and China.
- He views global breadth as a source of opportunity given deep research and shifting stimulus patterns.