At the end of last year, Neuberger's investment leaders laid out five themes to guide investors through 2026. Since then, a regional war in the Middle East and a global oil shock have reshaped the macro landscape — testing some calls while reinforcing others. Policy divergence has exploded wider. The AI buildout has accelerated beyond expectations. And markets are navigating a frothier, more dispersed environment heading into the second half.
On this episode of Disruptive Forces, host Anu Rajakumar is joined by Shannon Saccocia, Chief Investment Officer, Wealth, and Jeff Blazek, Co-Chief Investment Officer, Multi-Asset, for a candid mid-year assessment. Together, they discuss:
- Why the policy divergence call earned top marks, and how a new Fed chair complicates the outlook
- How AI spending surpassed even bullish expectations, with hyperscaler CapEx now exceeding $800 billion
- What went wrong with the long-rates thesis and why not all duration is created equal
- Where equity broadening is showing up (and where it isn't)
- Why being a liquidity provider in private markets continues to be rewarded
- How investors should think about dispersion, discipline, and positioning for the second half
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