In an environment of above-target inflation and persistent deficit spending, the aggregate investor allocation to equities is likely to remain well supported until activity turns. Putting these factors together, we think that the sustained outperformance of equities has likely reached its zenith, and a correction in these dynamics can come in one

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Coatue October 2025 State of the Markets Update 60 Pages on Public Markets every investor should read Get the Full Deck below ⬇️ 1) AI continues to drive markets higher while... 2) In addition, new names are winning the AI Race 3)... See more

When I was jotting down notes for this piece I started listing out all the best observable reasons 2026 could be a bad year.

• the labor market is weakening


• AI capex can’t continue at this rate and is propping up the market


• stocks are expensive and multiples will contract


• private credit boogeyman


• inflation returns