Alex Shahidi, Managing Partner and Co-CIO at Evoke Advisors and co-creator of RPAR ETFs, explains why conventional diversification is failing as inflation stays sticky and political risks rise. He covers how stocks and bonds can move together, why real hedges like commodities, gold and TIPS need meaningful weights, and how risk parity seeks balance across macro outcomes.
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insights INSIGHT
Inflation Rewrites Diversification
Inflation uncertainty changes the kinds of diversification investors need in portfolios.
Stocks and bonds can move together when inflation surprises, so traditional 60/40 may fail.
volunteer_activism ADVICE
Prepare For Wide Macro Outcomes
Expect a wider range of macro outcomes including geopolitical and de-globalization risks.
Maintain broad diversification to protect against extreme, uncertain outcomes.
volunteer_activism ADVICE
Allocate Meaningful Weight To Inflation Hedges
Add assets that hedge inflation like commodities, gold, and inflation-linked bonds.
Size those allocations meaningfully so they actually impact portfolio outcomes.
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In this episode of Lead-Lag Live, I sit down with Alex Shahidi, Managing Partner and Co-Chief Investment Officer at Evoke Advisors, to break down why markets heading into 2026 are forcing investors to rethink diversification, risk, and portfolio construction.
With inflation remaining sticky, political uncertainty rising, and stocks and bonds often moving together during inflation shocks, Alex explains why the traditional 60/40 framework falls short and what true diversification actually looks like in an environment defined by wide-ranging macro outcomes.
In this episode: – Why inflation uncertainty changes how diversification actually works – How stocks and bonds can fail at the same time during inflation shocks – What investors misunderstand about risk parity and balance – Why assets like commodities and gold need meaningful weight to matter – How to think about portfolio construction when outcomes are highly uncertain
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