February 2026
CIO Perspectives: Lessons to carry forward in 2026
As we look back on 2025, five critical insights emerged that will guide our approach to investing in 2026 and beyond.
- Market drivers have changed. Investors are focusing less on traditional economic data and more on secular dynamics that are reshaping the investment landscape.
- Elevated market valuations can exacerbate volatility at times of uncertainty, but investors are willing to buy the dip as long as corporate earnings remain healthy and credit remains readily available.
- Access to investment tools and information is democratizing investing, with profound implications for the market structure. Retail investors are a force to reckon with across asset classes.
- When established trends and conventional wisdom are called into question during bouts of market volatility, stay focused on fundamental dynamics.
- The global economy is being reshaped by an historic combination of secular developments. This environment requires a globally diversified portfolio.
We expect bouts of market volatility in 2026, as periods of uncertainty collide with elevated investor expectations and market valuations. An investment process rooted in fundamental analysis, long-term perspective, and strong risk management is best suited to navigate an increasingly complex global environment.
Authors
Niladri ‘Neel’ Mukherjee
TIAA Wealth Management Chief Investment Officer
Alberto Favalli-Ragusini
Director, Investment Strategy
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