After healthy gains in 2025, there are good reasons why risk markets are off to a strong start in 2026. Earnings growth is running strong, global GDP momentum is improving, most central banks are easing and even sizable geopolitical shocks—most recently in Venezuela—have landed with surprisingly little market impact. In years past, a sudden disruption to a major oil producer in a tighter crude environment might have triggered a material correction in global equities. Today, ample spare capacity and better-balanced energy markets have rendered it closer to a footnote.

Against that backdrop, our overarching message is simple: full speed ahead, but with eyes wide open. We continue to believe investors should not be shy about leaning into risk. This has been our stance for some time, and the mosaic of data, earnings and policy has, so far, validated that view. But “full speed ahead” does not mean “close your eyes and hope.” The right posture is to stay constructive, be explicit about the risks that could challenge the current setup and remain disciplined in how we express risk in portfolios.

You can now read the full whitepaper at the link below