Ideas
Policy bias supports U.S. equities.
In a midterm election year with low approval ratings, the administration is unlikely to pursue policies that hurt the economy or earnings; earnings are the anchor for equities, and positioning has been squared toward neutral, so the bias for U.S. equities is positive.
Small caps benefit from earnings broadening.
The small-cap move reflects a broadening out of earnings growth: only two S&P sectors had positive earnings growth in Q2, six by Q3, and Q4 is expected to broaden further. Small caps are underowned and should benefit as positioning moves toward neutral.
Institutions keep increasing private credit commitments.
Institutions continue to increase commitments to private credit because the value proposition is attractive; Q4 problem deals were not true private-credit deals, M&A and deal activity are active, and 2026 should be a strong year.
Data-center support companies are attractive.
Churchill focuses on middle-market businesses tied to the technology revolution, including companies that support data centers; it does not finance data centers directly but finds those supporting companies attractive.
Wealth channel is huge private-credit opportunity.
The individual wealth market is roughly $70 trillion and about half of investable capital, creating a huge opportunity as larger private-credit managers lean into the wealth channel alongside insurance capital.
Gold gains as dollar safe-haven fades.
Foreign investors are not incrementally buying U.S. assets at the same pace and the dollar is decoupling from its usual safe-haven role; gold has been the beneficiary, and external diversification away from U.S. assets should continue.
Gold gains as dollar safe-haven fades.
Foreign investors are not incrementally buying U.S. assets at the same pace and the dollar is decoupling from its usual safe-haven role; gold has been the beneficiary, and external diversification away from U.S. assets should continue.
Private credit is the place to be.
Private credit has been the place to be, with strong returns; financing markets are tight but open, and Apollo sees more opportunities in the asset class.
Operational alpha favors Apollo private equity.
Higher rates and a shift back to operational basics favor managers with true alpha; Apollo's private equity business has continued to excel, and it has flexibility to exit investments even in a tougher environment.
NYC luxury condos face scarce new supply.
New York City, especially the Upper East Side historic district, is starved for new housing; land assembly and construction/capital costs are high, limiting new supply, while demand from local families and international buyers remains strong and the apartment market is historically resilient. She is developing luxury condos to sell.
Boston life-science real estate faces rate pain.
Rising interest rates and federal funding pullbacks have hurt Boston's life science industry and commercial real estate, making it significantly weaker than New York.
Midtown office leasing leads New York.
New York commercial real estate is significantly stronger than Boston because financial institutions are strong and Midtown Manhattan had its best leasing market last year.
Housing needs supply; build-to-rent favored.
Housing is expensive and needs more supply; Clarion is heartened by the executive-order exception for build-to-rent and purpose-built new single-family construction, a supply-side approach, and housing is among its top 2026 convictions.
Senior housing demand surges with aging boomers.
Clarion's highest-conviction idea is healthcare real estate, especially senior housing: baby boomers own many homes and are not selling, while 10,000 people a day turn 80 and will eventually sell and move into assisted living or senior housing, creating tremendous demand and strong cash-flow growth.
Commercial real estate starts healthy new cycle.
Most commercial real estate asset classes look incredibly healthy versus long-term averages for vacancy, construction starts, and absorption, which points to the start of a new cycle with historically good returns.
Industrial real estate is top conviction.
Industrial real estate is one of Clarion's top convictions for 2026, supported by healthy commercial real estate fundamentals and a new-cycle setup.
This Bloomberg Markets video, published January 22, 2026,
features Binky Chadha, Ken Kencel, Alli McCartney, David Sambur, Zhang Xin, Josh Pristaw
discussing SPY, IWM, BIZD, Data center-supporting companies, Private credit wealth channel, GLD, UUP, PSP, Upper East Side luxury condos, Boston life science commercial real estate, New York commercial real estate, Midtown Manhattan office, REZ, Build-to-Rent Single-Family Housing, Healthcare real estate, Senior housing, XLRE, INDS.
16 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Binky Chadha,
Ken Kencel,
Alli McCartney,
David Sambur,
Zhang Xin,
Josh Pristaw
· Tickers:
SPY,
IWM,
BIZD,
Data center-supporting companies,
Private credit wealth channel,
GLD,
UUP,
PSP,
Upper East Side luxury condos,
Boston life science commercial real estate,
New York commercial real estate,
Midtown Manhattan office,
REZ,
Build-to-Rent Single-Family Housing,
Healthcare real estate,
Senior housing,
XLRE,
INDS
