Why Investors Should Expect Lower Returns From Here
From Merryn Talks Money by Bloomberg
May 18, 2026 · 24 min
About this episode
Merryn Somerset Webb discusses market resilience and the need for lower return expectations with Luca Paolini from Pictet Asset Management.
Merryn Somerset Webb speaks to Pictet Asset Management Chief Strategist Luca Paolini about why markets remain remarkably resilient despite geopolitical turmoil, inflation fears and mounting fiscal risks. Paolini argues that the AI investment boom, strong corporate earnings and persistent US economic strength continue to support markets — but warns that the era of US exceptionalism may be fading, making diversification and lower long-term return expectations essential for investors. See omnystudio.com/listener for privacy information.
People in this episode
Host: Merryn Somerset Webb
Guest: Luca Paolini
Topics covered
- investing
- market resilience
- geopolitical turmoil
- AI investment
- diversification
- US economy
Keywords
- investors
- returns
- markets
- inflation
- corporate earnings
- US exceptionalism
- diversification
Mentioned in this episode
Organizations: Pictet Asset Management
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