Bloomberg Surveillance Bullish Calls for 2026 Emerge
36 snips
Dec 15, 2025 Cameron Dawson, Chief Investment Officer at NewEdge Wealth, shares insights on bullish market sentiments for 2026, warning that valuations may already reflect strong outcomes. She emphasizes the need for broader earnings to ensure market rotation and suggests moving portfolios away from heavy tech exposure. Meanwhile, Campbell Harvey, a finance professor at Duke, highlights the strength of R&D investments and debates the store-of-value status between gold and Bitcoin, reframing AI spending away from 1999 bubble comparisons.
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Market Priced For Perfection
- Consensus expects no down year in 2026 and GDP and EPS forecasts keep rising.
- Valuations already price a lot of good news, creating a high bar for big returns.
Don’t Time Markets By Valuation
- Valuation is a poor short-term timing tool but forecasts lower returns over three to five years.
- Position for lower multi-year returns rather than trying to time the market off valuation alone.
Earnings Drive Narrow Leadership
- Market narrowness owes to concentrated earnings growth from the MAG-7 versus equal weight.
- A sustainable rotation needs earnings to broaden beyond the mega-tech winners.
