{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"AGF's David Stonehouse: A Narrower Path Forward for Markets in 2026","description":"In this episode of Insight Is Capital, host Pierre Daillie sits down with David Stonehouse, Interim CIO and Head of North American Specialty Investments at AGF Investments, for a wide-ranging but grounded discussion on what lies ahead for investors as the cycle matures. Stonehouse frames 2026 as a constructive but narrower environment\u2014one supported by global monetary easing, rising fiscal stimulus, and resilient earnings growth, yet constrained by elevated valuations, softer labor markets, and geopolitical uncertainty. The conversation carefully unpacks how tariffs have shifted from an economic \u201cearthquake\u201d to a lingering aftershock, why inflation fears may be overstated near-term, and how investors can think about regional diversification beyond a heavily concentrated U.S. market. Rather than offering bold predictions, the discussion emphasizes flexibility, balance, and readiness\u2014highlighting why equal-weight equity exposure, selective credit, emerging markets, and a strategic cash buffer may matter more than ever as uncertainty rises but opportunity persists. \ud83d\udd11 3 Key Takeaways 2026 looks constructive\u2014but with less room for error. Global easing cycles, fiscal stimulus, deregulation, and healthy earnings support risk assets, but elevated valuations and optimistic sentiment increase vulnerability to shocks. Tariffs are no longer a shock, but still a drag. The biggest tariff surprise is behind us; clarity\u2014not resolution\u2014matters most now, allowing businesses and consumers to adapt even as trade frictions persist. Diversification and optionality matter more than conviction. With U.S. equities richly valued after a long run, Stonehouse sees relative opportunity in emerging markets, Japan, and potentially Canada\u2014while cash provides flexibility if volatility returns. \u23f1\ufe0f Timestamped Chapters \u2022 00:00 \u2013 Markets heading into 2026: momentum with less margin for error \u2022 02:00 \u2013 David Stonehouse\u2019s career path and investment philosophy \u2022 03:00 \u2013 The six macro tailwinds shaping 2026 \u2022 08:00 \u2013 Tariffs: from economic earthquake to manageable aftershocks \u2022 12:00 \u2013 Labor markets, immigration, AI, and the \u201cno-hire, no-fire\u201d economy \u2022 17:00 \u2013 Fiscal stimulus, affordability pressures, and the K-shaped economy \u2022 22:00 \u2013 Central banks, bond markets, and the myth of \u2018new QE\u2019 \u2022 31:00 \u2013 Inflation, disinflation, and long-term yield risks \u2022 38:00 \u2013 Why equities can still rise\u2014but valuations matter \u2022 43:00 \u2013 Regional opportunities: U.S., Canada, emerging markets, Japan \u2022 52:00 \u2013 Portfolio positioning: equities, fixed income, credit, and cash \u2022 55:00 \u2013 Final thoughts on risk, resilience, and flexibility #InsightIsCapital #MarketOutlook2026 #MacroInvesting #PortfolioStrategy #AGFInvestments #DavidStonehouse #CentralBanks #TariffsAndTrade #EquityMarkets #FixedIncome #EmergingMarkets #AdvisorInsights Copyright \u00a9 AdvisorAnalyst ","author_name":"Insight is Capital\u2122 Podcast","author_url":"https:\/\/advisoranalyst.com\/insight-is-capital-podcast.html","html":"