| Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins me to discuss AI’s evolution, which sectors to watch now, and what’s driving markets in 2026. Liz Ann breaks down a common misconception about the Mag 7: Nvidia was the top contributor to S&P 500 returns in 2025, yet 74 stocks did better on pure price performance. Only two of the seven “Mag 7” stocks beat the index. This distinction between contribution and performance matters for how investors construct their portfolios. We also discuss the difference between market “uncertainty” and “instability”—Liz Ann argues the current environment is better described by the latter, given the non-linear nature of policy announcements around tariffs and trade. Our conversation ends with the most valuable takeaway: FOMO, HODL, and panic are not investment strategies. Discipline, rebalancing, and closing the gap between financial risk tolerance and emotional risk tolerance—these are strategies that actually work. Click subscribe for more conversations with the sharpest minds in markets and economics. Follow Liz Ann Sonders on X (Twitter) here: https://x.com/LizAnnSonders Listen to Liz Ann Sonders podcast with Kathy Jones, “On Investing” here: https://www.schwab.com/learn/on-investing-podcast Sign up for Ed D’Agostino’s free newsletter here: https://www.mauldineconomics.com/global-macro-update?utm_source=SYTB&utm_medium=GM&utm_campaign=jm-563&utm_term=260116-sonders&utm_content=JM563GM40087 Follow Ed D’Agostino on LinkedIn: https://www.linkedin.com/in/ed-d-agostino-415475296/ Follow Ed D’Agostino on X (Twitter): https://www.x.com/EdDAgostino Timestamps: 00:00 – Introduction 01:21 – When geopolitical crises impact the markets 03:52 – AI’s “cultivation” phase 06:20 – Tariff math 11:52 – Sector rotation 17:21 – Growth v. value myth-busting 22:48 – Mag 7 myth-busting 25:55 – Nvidia… the 75th best performing stock 29:07 – What really matters for investing 31:12 – Psychology of gains 33:07 – The ultimate investing mistake |
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Timestamps:
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