The David Lin Report 'Exuberant Shakeout' Warning: 2026's Biggest Market Movers | Cameron Dawson
Dec 22, 2025
Cameron Dawson, Chief Investment Officer at NewEdge Wealth, shares insights on the shifting market dynamics heading into 2026. He discusses the notable surge in retail margin loans and its implications for market stability. Cameron highlights the risks tied to tech debt and off-balance financing, contrasting low-net-debt firms with those carrying high debt. He also analyzes Fed liquidity moves and their impact on risky assets like Bitcoin, while pondering gold's resilience amid overbought conditions. Lastly, he anticipates potential market shifts in various sectors.
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Earnings, Not Hype, Drove MAG‑7 Dominance
- The MAG-7's outperformance was driven by concentrated earnings growth, not broad market strength.
- Broadening beyond MAG-7 needs fundamental earnings support to sustain the rotation into 2026.
Data Center Builds May Not Pay Off
- Some big tech investments may not clear their weighted average cost of capital.
- Companies use off‑balance financing like Blue Owl when returns don't justify on‑balance spending.
Liquidity Moves Don’t Guarantee Big Rallies
- Fed liquidity moves aim to keep short‑term funding functioning and abundant.
- Markets may react muted if they view cuts as closer to the end than the start of a cycle.