Bloomberg Surveillance Bloomberg Surveillance TV: February 17th, 2026
9 snips
Feb 17, 2026 
Momei Qu, PSP Growth MD, focuses on growth investing and sector-level AI impacts. Terry Haines, Pangaea Policy founder, covers national security, defense contracting and tech regulation. Ed Yardeni, Yardeni Research chief strategist, brings macro and market-cycle analysis. They discuss AI-driven sector rotation, the shift from virtual to physical investments, gold and bond diversification, Anthropic-defense tensions, and Asia’s AI momentum.
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Episode notes
Gold As A True Diversifier
- Gold acts as a cyclical inverse diversifier to U.S. equities and can benefit during stock rebalancing.
- Yardeni notes bonds and emerging markets also gain when investors seek diversification from concentrated U.S. cap weightings.
Earnings, Not Just Valuation, Drive The Bull
- Yardeni's bull case for the S&P 500 rests on record revenues and earnings growth rather than valuation alone.
- He highlights consensus analyst upgrades and forecasts pointing to higher S&P earnings per share.
Roaring 2020s Still Intact
- Yardeni calls the period the 'Roaring 2020s' and expects the bull market to continue, driven by real GDP, consumption and capital spending highs.
- He views current pullbacks as temporary within an earnings-led expansion.