Glenmede’s Jason Pride on market expectations for 2026
2025-12-31_11-53 • 3m 32s
Becky Quick (Co-anchor of Squawk Box)
00:00.000
Joining
us
right
now
is
Jason
Pride.
He
is
Glen
Mead's
Chief
of
Investment
Strategy
and
Research.
And
Jason,
you'd
think
a
lot
of
people
would
like
to
maybe
sit
back
and
relish
what
we've
seen
this
year
with
gains
uh
double-digit
gains
across
the
board
for
the
major
averages.
Becky Quick (Co-anchor of Squawk Box)
00:13.920
But
hey,
this
is
the
markets
and
they're
always
looking
forward.
So
what
will
2026
bring?
Jason Pride (Chief of Investment Strategy and Research)
00:20.240
Well,
first,
good
morning
and
premature
Happy
New
Year
to
both
of
you,
you,
Becky
and
and
Joe.
Um,
as
we
look
forward
to
the
next
year,
yes,
we
can
relish
some
the
gains
from
the
previous
year,
because
they
are
thick
across
the
board,
independent
of
what
asset
class
you're
Jason Pride (Chief of Investment Strategy and Research)
00:35.240
looking
at,
equities
or
fixed
income.
On
average,
balanced
portfolios
are
up
more
than
10%
for
and
maybe
even
more
solidly
into
the
double-digit
territory
for
2025.
So
investors
are
feeling
pretty
good.
As
we
look
ahead
to
the
coming
year,
number
one,
we
think
there's
an
Jason Pride (Chief of Investment Strategy and Research)
00:53.320
acceleration
that's
going
to
occur
in
the
economy
because
we
are
shifting
from
a
fairly
large
headwind
on
tariffs
to
a
small
had
won
on
tariffs
in
2026
and
a
significant
amount
of
upfront
fiscal
stimulus
is
coming
from
the
one
big
beautiful
bill.
They'll
feel
a
little
bit
like
a
Jason Pride (Chief of Investment Strategy and Research)
01:10.640
bazooka
for
both
the
consumer
and
for
businesses
around
tax
season
and
throughout
the
year
of
2026.
But
at
the
same
time,
we
do
need
to
look
over
our
shoulders
at
some
some
key
risks.
One
of
the
which
as
you
mentioned
just
a
second
go
is
is
haunting
the
Fed
and
the
potential
Jason Pride (Chief of Investment Strategy and Research)
01:28.840
upside
risk
to
inflation
surrounding
the
magnitude
of
fiscal
stimulus
that
we
actually
have
in
the
pipe.
Becky Quick (Co-anchor of Squawk Box)
01:36.640
So
you're
looking
at
the
potential
risks,
thinking
that
the
signs
are
set
for
another
good
year.
I
think
in
the
list
of
risks
that
you
laid
out,
the
one
that
jumped
out
the
most
to
me
was
the
AI
spending
that
we've
sent
seen,
particularly
with
data
centers
and
expectations
for
Becky Quick (Co-anchor of Squawk Box)
01:54.560
chips
that
will
be
needed
for
those
data
centers.
How
do
you
read
that?
How
do
you
prepare
your
portfolio?
for
any
potential
risks
there.
Jason Pride (Chief of Investment Strategy and Research)
02:02.600
I
think
you
read
on
our
risks
are
right.
The
inflation
risk
in
our
perspective
is
the
more
likely,
but
more
likely
a
smaller
magnitude
because
the
Fed
will
probably
just
adjust
with
their
their
rate
path
and
and
tamp
that
down
a
little
bit.
The
AI
risk
is
the
one
that
we
think
Jason Pride (Chief of Investment Strategy and Research)
02:19.840
is
probably
a
lower
likelihood
for
2026,
more
likely
a
higher
likelihood
in
2027,
but
it
really
bears
watching
because
there's
uncertainty
around
that.
What
we're
noting
is
that
there's
simply
a
lot
of
money
being
placed
on
the
same
spot
on
the
board
at
the
same
time,
right?
Jason Pride (Chief of Investment Strategy and Research)
02:37.800
There's
a
lot
of
money
from
the
markets
perspective.
And
then
those
companies
that
investors
are
putting
their
money
in,
whether
they're
they're
fairly
large
tech
companies
or
even
in
the
private
equity
space,
they're
all
pushing
their
chips
in
on
the
exact
same
item.
And
we've
Jason Pride (Chief of Investment Strategy and Research)
02:52.760
seen
this
playbook
before
is
when
everybody
bets
on
the
same
thing
side
by
side,
likelihood
is
they're
probably
going
to
be
some
winners,
but
there's
also
probably
going
to
be
some
losers
because
not
everybody
can
win
when
everybody
is
pushing
in
and
doing
the
gold
rush
at
the
Jason Pride (Chief of Investment Strategy and Research)
03:08.680
exact
same
same
time.
The
The
question
is
is
when
that
will
occur.
2026,
we
think
we
probably
still
have
a
little
bit
of
legs
to
it,
but
as
we
inch
forward
and
more
money
is
placed,
the
likelihood
of
of
that
countdown
to
finally
seeing
some
situations
where
people
are
not
Jason Pride (Chief of Investment Strategy and Research)
03:27.120
getting
the
return
on
investments
they're
expecting
uh
begin
Begins
to
become
more
likely.
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