What's Next For Markets

In this episode we talk with Jan Stuart, Global Energy Economist at Piper Sandler. We discuss the current state of the oil market, the potential tailwinds from economic growth, and how a shift in demand could impact the energy space by 2026. Jan highlights the importance of oil for the economy, predicting that demand won't decline significantly until the next decade. The episode delves into the geopolitical risks that could impact oil supply, including situations in Venezuela, Russia, and Iran. Jan also talks about the strategic petroleum reserve (SPR) and its role in stabilizing oil prices. We wrap up by discussing where investors are currently allocating their funds in the energy sector and the growing interest in American and Canadian oil companies, integrated oil companies, and refiners.

In this episode, Michael discusses the team’s annual market outlook for 2026. The conversation explores key economic trends, policy developments, and the potential for broader market participation. Topics include the implications of Trump’s affordability measures, the impact of interest rates and oil prices, and specific investment opportunities for the year ahead. Michael shares a bullish view on cyclical sectors such as transportation, manufacturing, and housing-related industries, while also highlighting risks tied to economic overheating and rising interest rates.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

This week, we’re doing something a little different.
Instead of a traditional guest conversation, we fed our full 2025 Year-End Market Review into Google’s NotebookLM and asked it to generate a five-minute discussion summarizing the year in markets.
The result is an AI-generated conversation that distills a year’s worth of research, charts, and frameworks into a concise narrative — highlighting what actually drove markets in 2025, where consensus got it right, where it didn’t, and what themes may matter most going forward.
This episode is an experiment at the intersection of markets, research, and artificial intelligence — using AI not for prediction, but for synthesis and storytelling.
Topics include:
The dominant macro and market themes of 2025
Growth, inflation, and the evolving policy backdrop
Earnings, margins, and what truly drove equity returns
How AI interprets a full year of market research
What may — and may not — matter for markets in 2026
Think of this episode as a five-minute AI-generated debrief on the year that was — and a new way to consume market research.
About the Podcast
What’s Next for Markets? explores the key macro, market, and policy forces shaping the investment landscape — featuring conversations with leading strategists, investors, and policymakers, along with occasional experiments like this one.

In this discussion, we are joined by Jordy Visser to delve into how exponential innovation, particularly artificial intelligence (AI), is reshaping traditional business cycles. The conversation covers the potential of AI to drive earnings, enhance productivity, and impact labor markets, suggesting that the forthcoming PMI cycle could be one of the most significant in decades. We explore why AI isn't merely a bubble and its role in the evolving market dynamics. Additionally, the discussion touches on the societal impact of AI, its potential to reduce costs in various sectors, and the broad economic implications of these technological shifts. The episode concludes with a speculative outlook on market volatility, potential hedge fund disruptions, and the long-term societal adjustments required to navigate this AI-driven future.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, Emily Needell sits down with Amy McAneny, partner and private equity tax leader at PWC, to discuss the One Big Beautiful Bill (OBBB) and its implications for individual and institutional investors. Amy explains critical changes such as the permanent 37% top individual tax rate, increased standard deductions, and enhanced depreciation deductions for US-based companies. The episode also explores how these tax updates impact U.S. businesses, potential benefits for retail investors, and the international tax landscape. Amy emphasizes that while there are numerous tweaks and improvements, the bill is largely positive for investment growth and economic stability.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures