UBS On-Air: Market Moves How should I be positioned? with Jon Cheigh (Cohen & Steers) and Jason Draho (UBS CIO)
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Mar 27, 2026 Jason Draho, UBS CIO Head of Asset Allocation Americas, gives macro and asset allocation perspective. Jon Cheigh, President & CIO of Cohen & Steers, brings real assets and real estate expertise. They discuss geopolitics and supply‑chain re‑industrialization. They cover AI’s demand for data centers and hardware, inflation’s persistence and implications for real estate, and why hard assets may be early in a long cycle.
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Short Term Shock Versus Multi Year Thesis
- Geopolitical shocks change short-term conviction but not the multi-year thesis for asset allocation.
- Jon Cheigh says the U.S.-Iran war made him more cautious for 2026, but his three-to-five-year themes remain intact.
Geopolitical Fracturing Fuels Re Industrialization
- Geopolitical fracturing is driving a new re-industrialization investment cycle focused on hard assets and supply chain resiliency.
- Jon Cheigh contrasts the last decade's softwareization with a coming hardwareization requiring pipes, turbines, and diversified supply chains.
Inflation Is No Longer An Outlier
- Persistent inflation risk has shifted investor expectations from undershooting to overshooting inflation over recent years.
- Jon Cheigh argues four years of higher-than-expected inflation means investors should build inflation into portfolios.