The BCA Debate: The Outlook for Global Equities

At BCA, we believe that robust internal debate leads to sharper investment insights. We don’t expect our strategists to agree - but we do expect them to challenge each other rigorously.

To that end, we’re launching a new webcast series: The BCA Debate - a head-to-head discussion between BCA strategists with differing perspectives on key investment calls.

Debate #1: The Outlook For Global Equities
Peter Berezin vs Juan Correa

Juan Correa, Chief Global Asset Allocation (GAA) Strategist, is overweight equities on a 12-month horizon because:

• The cycle is reaccelerating, with leading indicators pointing to improving employment, credit, and capex.
• Inflation is unlikely to be a constraint for much of 2026; monetary policy should be supportive this year.
• He is overweight value, ex-US equities, and cyclical sectors. He expects US tech to deliver mediocre returns in 2026, but believes fears of an AI bubble are overstated.

Peter Berezin, Chief Global Investment Strategist, is more cautious; neutral on a 3-month horizon and slightly underweight on a 12-month horizon. He will discuss:

• His base-case path for equities in 2026, including a potential “Great Rotation” from tech to non-tech, growth to value, and US to non-US.
• Why he thinks an AI bust could tip the broader economy into recession.
• The trades he has implemented to express these themes.