This outlook provides our perspective on the global economic environment and presents 15 key views across asset classes for 2026. These insights are designed to inform strategic discussions and guide portfolio decision making. Given the diversity of investor objectives and constraints—regarding risk tolerance, investment horizon, liquidity needs, currency exposure, and tax considerations, for example—each view should be assessed in the context of specific circumstances and current portfolio exposures. In an environment where hype often overshadows fundamentals, investors who remain focused on value are best positioned to outperform.