Executive Chairman Jon Hirtle was on Bloomberg Surveillance discussing the big questions on investors’ minds right now.

Is the AI story still intact? Can earnings keep growing at double-digit rates in 2026? And what global markets look attractive today??

Jon’s answer was simple: markets may keep moving higher, but price always matters.

U.S. equities look expensive relative to history, which is why we’re overweight Europe versus the U.S. At the sector level, very little looks cheap. We’re modestly underweight frothy mega-cap tech names and modestly overweight healthcare and consumer staples, where earnings are steady and valuations look more attractive.

As we head into 2026, expectations are high. Earnings growth assumptions are well above average and AI adoption may take longer than current prices suggest.

Watch the full video to hear Jon’s full perspective on markets and where opportunity still exists.