The 2026 Market Outlook: Earnings, the Fed, the Magnificent Seven, and Long-Term Investing with Liz Ann Sonders (EP.239)

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Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins me for a wide-ranging conversation about what actually matters for long-term investors heading into 2026. We get past the headline forecasts and into how a seasoned strategist interprets markets in real time—without falling into the traps that trip up most investors.

Listen now and learn:

► Why "forecasts" can be useful even when you're not making price targets—and how to use them the right way

► A clearer way to think about what really drove market returns in 2025 (and what many investors missed)

► What to pay attention to with the Fed in 2026, and what's mostly just noise

► A grounded framework for thinking about the U.S. dollar, national debt, and the long-term investor's edge

 

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(03:00)  Why Schwab Won't Do Year-End Targets 

(08:23) How Liz Ann Builds an Outlook: cycles, quadrants, and "better or worse" vs. "good or bad"
(13:33) 2025's Biggest Investor Lesson
(16:48) The Magnificent Seven Misconception: contribution ≠ performance
(21:05) The 2026 Outlook
(26:09) The Federal Reserve, Rate Cuts, and a New Fed Chair: why the "C" in FOMC matters
(31:39) The US Dollar and Reserve Currency Fears: "there's no replacement for it"
(35:19) US National Debt: not a default story, but a long-term "wet blanket on growth" 

(43:02) Long-Term Investing vs. Gambling: owning vs. hoping, and why "get in/get out" isn't a strategy

(47:22) How Liz Ann Sonders Invests Her Own Money
(50:16) What's Different Now: post-COVID sentiment, the retail trader, and why psychology got harder
(52:55) Where to Find Liz Ann's Research 

 

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