Summary

Marko discussed why he remains constructive on equities for now, with the current pullback seen as a buying opportunity rather than the start of a 1999 or 2000 style collapse. His core message was “YOLO until IPO”, meaning markets can keep running in the near term, but investors should be alert to a tougher backdrop in 2027. He argued that geopolitical risks such as Hormuz can create volatility, but markets usually focus on constraints rather than headlines. Oil can keep flowing despite tensions between the US, Iran and Israel, although higher energy prices make inflation stickier. The bigger opportunity, in his view, is outside crowded US tech. Papic favours European and Japanese industrials, materials, emerging markets and China, as the world rebuilds physical infrastructure for a more multipolar environment. He also sees three to five more years of upside in commodities, driven by infrastructure, defence, supply chains, energy and industrial demand. While he remains bullish for the next few months, he thinks 2027 could be more challenging as AI CapEx slows, US consumers lose savings support, and major IPO supply tests market appetite.

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