2026 was unlikely to be a year for broad market beta. The Middle East conflict and the AI-driven sell-off have now made that case impossible to ignore.
The Middle East conflict and its uncertainties, together with a shaky job market, challenge risk assets and growth. Vigilant of the risks on all fronts, we remain constructive in our positioning.
There’s no escaping the market impact of AI disruption and tariff uncertainty. But it’s better to lean into these forces and invest selectively than to be paralyzed by them.