Bloomberg Surveillance Single Best Idea with Tom Keene: Liz Ann Sonders, Kevin Gordon & Ellen Zentner
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Apr 1, 2026 Liz Ann Sonders, chief strategist at Charles Schwab, Kevin Gordon, Charles Schwab market strategist, and Ellen Zentner, Morgan Stanley’s chief U.S. economist, join the conversation. They tackle information instability and why headlines no longer map to the past. They explain shifting S&P 500 P/E dynamics and urge patience over knee-jerk reactions. They discuss long-term economic forces like national security, resource scarcity, and investor fatigue.
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Headlines Can Reverse Market Sentiment Overnight
- Market narratives shift quickly, so single-day events shouldn't be read as structural turning points.
- Liz Ann Sonders warns yesterday's headlines are unstable and comparable days (like April 9) still leave many unanswered questions.
Valuations Retreat As Growth Expectations Fall
- Equity valuations have moderated as earnings and growth expectations were dialed back.
- Kevin Gordon notes the S&P 500 price-to-earnings moved from well above 20 to below 20 as market expectations adjusted.
Avoid Knee Jerk Reactions In Market Shocks
- Don't make knee-jerk portfolio moves during geopolitical shocks; prioritize patience over action.
- Kevin Gordon echoes Jack Bogle: 'don't just do something, stand there' as a practical posture for investors now.