With 2025 behind us, it’s a good time to celebrate some of our better forecasts from last year while also reviewing some misses we can learn from. In our view, we got more right than wrong last year, but there were some misses among our tactical asset allocation recommendations. For the second straight year, as the bull market marched on, the most impactful decision we made was probably to recommend investors stay fully invested in equities at benchmark levels throughout the entire year despite elevated valuations.

Our 2026 fixed income outlook calls for a rangebound rate environment, cautious Fed policy, and a modest increase in spreads within corporate credit markets.

The bull market appears poised to extend its run in 2026, fueled by ongoing enthusiasm around AI and further easing of monetary policy from the Federal Reserve (Fed).

This week, we broaden our preview and tease some other factors investors will want to consider when thinking about investing in 2026.

A strong beat rate and another quarter of double-digit earnings growth proved corporate America’s resilience, bolstered by mega cap technology’s artificial intelligence (AI) investment. Here we recap third quarter earnings season, when more stayed the same than changed. Hat tip to profit margins.

As 2025 nears its final 100 calendar days, market focus is already beginning to turn forward and attempt to reconcile what market drivers could remain in place, and what could change in the first year of the new half-decade. While not an exhaustive list, here’s some of our early keys to 2026.