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Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins me for a wide-ranging conversation about what actually matters for long-term investors heading into 2026. We get past the headline forecasts and into how a seasoned strategist interprets markets in real time—without falling into the traps that trip up most investors.
Listen now and learn:
► Why "forecasts" can be useful even when you're not making price targets—and how to use them the right way
► A clearer way to think about what really drove market returns in 2025 (and what many investors missed)
► What to pay attention to with the Fed in 2026, and what's mostly just noise
► A grounded framework for thinking about the U.S. dollar, national debt, and the long-term investor's edge
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
(03:00) Why Schwab Won't Do Year-End Targets
(08:23) How Liz Ann Builds an Outlook: cycles, quadrants, and "better or worse" vs. "good or bad" (13:33) 2025's Biggest Investor Lesson (16:48) The Magnificent Seven Misconception: contribution ≠ performance (21:05) The 2026 Outlook (26:09) The Federal Reserve, Rate Cuts, and a New Fed Chair: why the "C" in FOMC matters (31:39) The US Dollar and Reserve Currency Fears: "there's no replacement for it" (35:19) US National Debt: not a default story, but a long-term "wet blanket on growth"
(43:02) Long-Term Investing vs. Gambling: owning vs. hoping, and why "get in/get out" isn't a strategy
(47:22) How Liz Ann Sonders Invests Her Own Money (50:16) What's Different Now: post-COVID sentiment, the retail trader, and why psychology got harder (52:55) Where to Find Liz Ann's Research
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
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The Long Term Investor 
