Industrials: strong fundamentals but crowded

Cameron Dawson, Chief Investment Officer at NewEdge Wealth, joins Wilf to explore whether recent market rotation away from mega-cap growth marks the start of a new “tectonic shift” or just a counter-trend rally.

She compares today’s market to the Nifty 50 era and the dot‑com bubble, and the warning signs those moments provide today, plus what it means for growth versus value over the next several years.

Cameron digs into the wealth effect and the “K‑shaped” US economy, laying out how elevated equity exposure among the top 10% of households is propping up consumption, and what could flip that positive feedback loop into a negative one. She also tackles liquidity, the prospect of a Treasury–Fed accord, and what the global liquidity cycle means for risk assets, gold and Bitcoin. Specifically on gold she warns of tougher times ahead given the extraordinary run last year, and how higher inflation might in fact hurt gold going forward because it is a “psychological commodity”.

In equities, Cameron shares how she’s positioning into 2026: balancing growth and value, thinking about energy as an inflation and geopolitical hedge, and weighing richly valued industrials where fundamentals are strong but flows look crowded. She outlines why she expects more volatility from here, and how midterm election years often disappoint on price returns despite solid earnings.

Away from the markets, Cameron reflects on her unconventional journey from professional ballet dancer to Wall Street. She closes with her core piece of advice to investors: stay curious to avoid hubris, resist falling in love with your narratives, and keep enough imagination for reality to be prepared for genuine surprises.

You can watch the full video on The Master Investor Podcast YouTube channel

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