From Chaos to Conviction: Positioning Portfolios for Stability in 2026

About this episode

The episode discusses the unexpected resilience of markets in 2025 and the implications for portfolio positioning in 2026 amidst shifting risks.

2025 looked like the kind of year that should have broken markets — geopolitical shocks, political dysfunction, and nonstop macro stress. Instead, risk assets powered ahead. That disconnect is exactly why investors should be paying attention. In this episode of the Global Thinking Podcast Rob Duncan sits down with Forstrong's Lead Portfolio Manager, David Kletz, to explain why markets ignored the noise, why Canada quietly led global equity returns , and how fiscal spending has become the real backstop for risk. They dig into the uncomfortable reality of a K-shaped economy , where a handful of winners dominate while much of the economy struggles beneath the surface — a setup that is distorting valuations, concentrating risk, and leaving many portfolios exposed to a far narrower opportunity set than investors realize. More importantly, the conversation looks forward. With 2026 underway, the risks are shifting — not disappearing. U.S. markets face tougher valuations, narrowing leadership, and growing dependency on policy support, while international markets are setting up for leadership investors may not be positioned for. Lastly, with gold catching all the headlines, commodities…

People in this episode

Host: Rob Duncan

Guest: David Kletz

Topics covered

• market stability
• portfolio management
• geopolitical risks
• K-shaped economy
• international markets
• commodities

Keywords

• risk assets
• equity returns
• fiscal spending
• valuations
• copper
• infrastructure
• policy support

Mentioned in this episode

Organizations: Forstrong Global Asset Management

Places: Canada

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