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The BEAT hosted a webinar on April 14 featuring our strategists discussing opportunities in Bonds, Equities, Alternatives and Taxes. Highlights can be found below.
Note that the replay is eligible for 1 CE Credit for CFPs / IWI / CFAs.
Macro Environment - Jim Caron
- It is important to frame the war in Iran as an economic tipping point between an inflation/price shock or a growth scare. To me it appears we're tipping towards more of a price shock for markets, meaning we expect the disruption to be temporary.
- Thinking about oil futures in terms of demand, I do not think we're in a demand destruction scenario at this current moment. As such, earnings should be somewhat resilient as we look at the balance of 2026.
Bonds - Brad Godfrey, CPA
- As active managers the beauty of emerging markets debt is the broad and diverse universe we have available to us. We believe our competitive edge is bottom-up fundamental analysis in roughly 130 countries, across 500 companies.
- Market volatility due to the war in Iran has been relatively contained, rather than a macro risk-off event. Proximity to the conflict and energy supply/demand dynamics drove differentiation between winners and losers.
Equities - Andrew Slimmon
- With respect to the Middle East, we’ve been through three Gulf Wars and survived them all. So while the macro story changes, equities ultimately follow an equity bull market cycle, typically 5 to 7 years, ending with a bear market correction.
- However, in my view, today were are late in this equity cycle, not at the end of it. At this point we need things that worry investors such that the optimistic side of the boat doesn't get crowded and tip over. Remember, bull markets die based on euphoria, so some discomfort is welcome.
Alternatives - Neha Champaneria Markle
- Private credit headlines point to a reset, not a leverage shock. Non‑financial corporate debt‑to‑GDP has been falling since 2020, suggesting today’s strains are more about repricing and credit dispersion than a system‑wide leverage build.
- The current strains point to a credit cycle, not a systemic one. Understand that credit risks are real, but balance sheet leverage and structural protections limit the risk of recession style deleveraging spirals.
Taxes - Brian Smith
- A key tax planning insight is that not all income is created equal. The character of income, whether ordinary, short-term or long-term, all has a direct impact on what an individual ultimately pays when filing.
- Significant gains coupled with few losses to offset them is a signal that a portfolio wasn't structured to systematically create tax assets. Incorporating a systematic and opportunistic tax loss harvesting approach could materially improve outcomes moving forward.
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