The 2026 outlook follows the same structure as last year. Not because structure is comforting, but because it enforces discipline and clarity of thought.
Markets reward process far more often than prediction. A clear framework helps investors avoid reacting to noise, narratives, and short-term excitement.
This note has three parts.
Part 1 revisits core principles that matter most when markets become less forgiving.
Part 2 outlines our current perspective across asset classes, grounded in long-term data rather than short-term views.
Part 3 focuses on some scenario thinking for 2026, accepting uncertainty as a permanent condition, not an exception.
