Has Artificial Intelligence Made Market Concentration Less Risky?
No. Artificial intelligence has changed the shape of market concentration more than its substance.
Authored by: Celia Dallas
VantagePoint: The Rearview Mirror Problem
The conditions that rewarded concentrated exposure to US growth and technology stocks for much of the past decade are becoming less dependable. With valuations stretched and macro and geopolitical risks less benign, investors may be better served by reducing crowded exposures and rebuilding diversification across a broader set of opportunities.
VantagePoint: Asian Equities Revisited
While Asia has demonstrated resilience to economic and geopolitical challenges, risks remain, and we expect economic growth and equity beta prospects to moderate as the region faces headwinds from slowing export growth and cooling consumption.
US Military Operation in Venezuela Strengthens Case for Diversification
The US military operation to capture Venezuelan President Nicolás Maduro highlights the growing assertiveness of the Trump administration and further strengthens the case for investors to embrace diversification.
2026 Outlook: Portfolio-Wide Views
In 2026, investors should rebalance portfolios to embrace greater diversification, thoughtfully navigate opportunities in artificial intelligence, and prioritize investments across the electricity transmission value chain. With heightened equity risks and a weakening US dollar, a disciplined, multi-asset approach will help strengthen portfolio resilience and capture emerging growth themes.
2026 Outlook: Diversifier Views
In 2026, a disciplined, diversified approach across hedge funds, real assets, and California Carbon Allowances can help investors navigate market uncertainty and capture emerging growth.
VantagePoint: Electrifying Returns in the AI Era
In this edition of VantagePoint, we examine how the rise of AI is reshaping the global energy landscape and highlight the most compelling opportunities and risks for investors.
VantagePoint: What to Do About the US Dollar?
In this edition of VantagePoint, we examine the historical context of the dollar, outline why we believe the recent decline is likely part of a multi-year bear market, and discuss strategies investors can use to reduce their dollar exposure.
Navigating the AI Revolution: AI’s Far Reach in Shaping Asset Allocation Opportunities
In this piece, we explore AI’s transformative potential for asset allocation opportunities and risks, as well as key implementation considerations and challenges.
Are California Carbon Allowances an Attractive Investment?
Yes, California Carbon Allowances are an attractive investment opportunity, though they come with political tail risk.