Bloomberg Surveillance Tech Megacaps Drag US Stocks
Dec 29, 2025
Jay Hatfield, CEO of Infrastructure Capital Management, shares his bullish outlook for 2026, urging a shift from tech to value investing. Joy Yang from Market Vectors Indexes warns against market complacency and discusses the risks of high returns persisting. Chris Kampitsis of Barnum Financial Group highlights Japan's potential, advocating for consumer staples and quality bonds amid changing rates. Together, they explore the impact of AI and emphasize diversification for future investment strategies.
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Rotation From Mega‑Cap Tech Expected
- Jay Hatfield expects a continued rotation out of fully valued mega-cap tech into cheaper sectors as the Fed loosens.
- He forecasts an S&P-like 8,000 target (about 15% upside) using 23x27 earnings consensus methodology.
Use Dividends To Cover Cash Needs
- For conservative investors, Jay Hatfield recommends holding substantial dividend-paying names to cover cash needs.
- He also suggests preferred stocks and high‑yield bonds for income plus selective quality dividend growers like Philip Morris.
Three Years Of 20% Gains Is Unusual
- Joy Yang warns that multiple years of 20%+ returns are rare and historically preceded corrections.
- She notes high returns plus low volatility can't persist forever, implying either returns must fall or volatility rise.