Bloomberg Surveillance Tech Megacaps Drag US Stocks
Dec 29, 2025
Jay Hatfield, CEO of Infrastructure Capital Management, shares his bullish outlook for 2026, urging a shift from tech to value investing. Joy Yang from Market Vectors Indexes warns against market complacency and discusses the risks of high returns persisting. Chris Kampitsis of Barnum Financial Group highlights Japan's potential, advocating for consumer staples and quality bonds amid changing rates. Together, they explore the impact of AI and emphasize diversification for future investment strategies.
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Episode notes
Three Years Of 20% Gains Is Unusual
- Joy Yang warns that multiple years of 20%+ returns are rare and historically preceded corrections.
- She notes high returns plus low volatility can't persist forever, implying either returns must fall or volatility rise.
Diversify Beyond US Equities
- Joy Yang advises diversifying outside the U.S. where valuations often look more attractive.
- She highlights international and emerging markets as underallocated opportunities investors should consider.
Allocate Alternatives Strategically
- Allocate to alternatives thoughtfully as part of a diversified portfolio rather than trading them daily.
- Size allocations by risk tolerance and keep alternatives as complements, not your core holdings.