Host Ryan Nauman interviews Rob Haworth, Senior Investment Strategy Director at U.S. Bank Wealth Management, on a constructive but disciplined 2026 outlook.
Haworth cites strong S&P 500 investment and earnings expectations, reasonable valuations versus 10-year averages, and resilient consumer spending supported by a solid labor market. Key risks include hotter inflation driven by elevated energy costs, further Fed rate hikes, and potential spillover into consumer behavior, housing, and rate-sensitive sectors.
They discuss how consumer sentiment can look weak even as discretionary indicators like travel and dining remain firm, the scale of AI-driven infrastructure and power needs, and the need for clearer ROI evidence over coming quarters.
Haworth outlines portfolio implications: maintain equity exposure with global diversification, re-evaluate fixed income given higher yields, and consider diversified fixed-income and alternatives such as structured credit, reinsurance, and global infrastructure.
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00:00 Welcome and Episode Preview
01:23 Meet Rob Haworth
03:04 2026 Market Outlook Drivers
08:13 Consumer Confidence vs Spending
12:02 Jobs and Credit Watchpoints
13:37 AI Capex Supercycle
16:30 Proving AI Returns
20:04 Energy Shock and Inflation Risk
22:12 Rate Hikes and Housing Stress
26:43 Portfolio Strategy and Diversification
33:24 Where to Learn More
34:03 Final Thanks and Sign Off