Will US Stocks Outperform in 2026?

The discussion centers on investment strategies for 2026, particularly regarding U.S. versus non-U.S. assets. Sharmin Mossavar-Rahmani, Head of the Investment Strategy Group and Chief Investment Officer of Wealth Management at Goldman Sachs, suggests that while U.S. equities outperformed in 2025, non-U.S. markets, especially China, had higher returns despite weaker earnings. She emphasizes the importance of diversification, recommending exposure to non-U.S. assets and emerging markets, excluding China, due to concerns about the reliability of China's GDP growth figures. The conversation also addresses the AI sector, cautioning against excessive hype in private markets, and advises against using gold as a portfolio hedge, favoring U.S. Treasuries for diversification.