The current bull market is intact because earnings are growing and carrying their weight.

“So my sense is that the bull market is intact. We're at pretty close to all-time highs. The participation is not as great as I would like to see.”

Market returns in 2026 are likely to be strong because valuation levels are not extreme enough to offset the factors driving durable earnings growth.

“And I don't think that valuation is extreme enough to be potentially offsetting that, which gives you another good year of market returns.”

Investors should diversify their portfolios by looking beyond US technology stocks to international markets and alternative investments.

“So if that trend could continue, that might help these investors balance the risk, not just of those core seven stocks or US stocks, but also bringing in the global marketplace to help balance some of those potential drivers of returns or potential drivers of volatility.”