UBS On-Air: Market Moves How should I be positioned? with Richard Bernstein (RBA) and Jason Draho (UBS CIO)
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Dec 5, 2025 
Richard Bernstein, the visionary founder of Richard Bernstein Advisors, joins Jason Draho, the savvy Head of Asset Allocation Americas for UBS, to discuss future market dynamics and positioning strategies for 2026. They delve into the surprising GDP growth of 2025 and provide insights on the Fed's potential influence. Topics include the impact of AI on investment narratives and the importance of focusing on quality and dividend stocks. The guests also tackle the risks associated with bubbles and explore fixed income strategies favoring high-quality securitized assets.
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Liquidity Drives 2026 Market Direction
- Liquidity is the lifeblood of speculation and drives broad market speculation across assets.
- Richard Bernstein says 2026 will be dominated by the Fed's liquidity decisions and resulting volatility.
CIO: Better Macro Backdrop Next Year
- UBS Chief Investment Office expects a better macro backdrop in 2026 with accelerating growth and easing tariff headwinds.
- CIO labels the year 'Escape Velocity' and sees Fed cuts and AI as key market drivers.
Fed Cuts May Fuel Speculation, Not Jobs
- Cutting rates into a 7% nominal GDP environment may not stimulate employment and could fuel speculation.
- Bernstein warns Fed cuts might increase misallocation of capital and inflationary pressure via speculative flows.