By Asi de Silva, CFA, Alex S. Seleznev, MBA, CFP®, CFA and Alyssa Neece | April 29, 2026
The markets have experienced rather dramatic volatility over the past several weeks, from reaching correction territory to recovering in a matter of weeks.
Even though the reasons are different, the circumstances do remind me of the post "Liberation Day" experience in April 2025.
As financial pundits like to say, the markets "look through" the volatility and mostly focus on the future.
In this newsletter, I wanted to share a recording by our Chief Investment Officer, Asi De Silva, where he deep-dives into the markets and opportunities ahead.
I hope you enjoy it and learn something new!
If you prefer to read or simply don't have the time for the full video, here are the key takeaways from Asi:
1.) Energy prices remain a headwind for global markets, but American households are meaningfully less exposed to energy costs than they were in the 1970s. That's real progress, though some indirect effects on prices may take time to show up.
2.) 2026 tax refunds are running about $30 billion ahead of last year's pace which is putting extra cash in people's pockets and supporting consumer spending in the near term.
3.) Consumer spending remains solid, but it is increasingly concentrated among higher income households. Something worth watching as the year progresses.
4.) Data center investment continues to grow rapidly which reflects genuine confidence in the long term potential of artificial intelligence (AI) and technology infrastructure.
5.) With inflation and interest rates still in focus, consider value and dividend stocks as US markets push toward all time highs.
6.) As usual, staying positioned to buy during pullbacks remains a sound approach.
7.) Emerging markets are worth a closer look. They are relatively affordable compared to US stocks and have shifted toward technology from their historically commodity-heavy makeup.
8.) For bonds, a balance between inflation protection through TIPS and short to intermediate term treasuries makes sense in this environment.
9.) Gold and bitcoin can serve as a hedge against geopolitical uncertainty but require a long term perspective. Gold has had a strong run and bitcoin remains volatile, so sizing matters.
