Global Investment Outlook
Take a deep dive into our latest views on the Global Outlook
Jun 30, 2026
Read our insights across asset classes, assessing recent events and their potential implications for tactical and strategic allocations.
2026 MIDYEAR INVESTMENT OUTLOOK
Scarcity vs. abundance
Could AI accelerate innovation and lift economic growth, ushering the world into a new era of abundance? Or will scarcity in power, labor, capital and materials dominate? Our 2026 Midyear Global Outlook looks at the big calls investors can’t avoid — and how the possibility of multiple, very different economic outcomes demand a portfolio rethink.
Investment themes
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01
AI scarcity
The AI buildout is accelerating, raising questions about bubbles, costs and who captures value. But whichever model wins, AI needs power, memory, chips and data centers — scarce inputs that are likely to shape investment opportunities.
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02
Durable income
Yields have reset higher globally, making income an opportunity again. The key is how investors earn it. We prefer short- and medium-term Treasuries and credit where income is supported by clear cash flows, lender protections and recovery values.
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03
Beyond labels
Investors may need to look beyond traditional asset-class labels to get the exposures they want. Thematic exposures don’t fit neatly into portfolio buckets: the same theme can appear across public and private markets, and across debt and equity. That makes the choice of vehicle part of the investment decision.
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