Скачать или смотреть Chad's 2026 strategy and defensive stock pick

Global equity markets show sustained optimism, with the “buy the dip” sentiment prevailing throughout the year, according to Chad Pedowitz from Talara Capital. Pedowitz notes that recent strong rallies, particularly in tech and retail stocks, have pushed major US indices higher, though he cautions that current lofty valuations require 2026 earnings to deliver solidly to justify prices. The main growth narrative remains centred on artificial intelligence, which, together with anticipated interest rate cuts, forms critical tailwinds for market momentum. Pedowitz highlights that while economic data remains mixed, the optimism around AI-driven revenue is key, given subdued population growth and productivity.

Pedowitz points to the dominance of US stocks in the MSCI World index—with 70% exposure—highlighting significant concentration risk, particularly among mega-cap technology firms. A shortfall in performance among these giants, he states, could have an outsized impact on the broader global index. Concerns are also raised about the shrinking US working age population and constrained immigration, factors which could challenge economic growth without significant improvements in productivity.

Among stock picks, Chubb (NYSE: CB) is favoured for its relatively low economic sensitivity and strong fixed income portfolio. Pedowitz states the stock trades on attractive valuations, offers resilient earnings, and benefits from robust interest income, providing a defensive option in volatile markets.