Weekly Strategy Perspectives - Bear Hunting

Week ending 09-26-2025. The Through Line: Global stocks have been repeatedly hitting new highs, leaving investors looking over their shoulders for the bubble-bursting bogey man to appear. The bad news: extremes have been part of the economic cycle since before the days of hyper-priced tulip bulbs; some sort of pullback would be the norm, not the exception. The good news: pullbacks tend to be short lived (particularly when economic fundamentals remain largely intact) and equity markets are upwardly biased by nature. Preparation and a constructive mindset can help smooth the way if/when wobbles occur.