Bloomberg Surveillance · Oct 6, 2026 · 36m · 21m saved
With Brian Belski, Founder, CEO and CIO of Humilis Investment Strategies · Ozan Tarman, Vice Chair, Global Macro at Deutsche Bank · Tiffany Wilding, Economist at PIMCO · Steven Englander, Head of G10 FX Research and North America Macro Strategy at Standard Chartered
Brian Belski called a 25-year secular bull market for US stocks in 2010. He now says it has at least eight to 10 years left and will run longer than 25 years.
AI is driving the current leg of the rally, he said, but he expects the market's eventual top to come from something else.
"I don't think the top of this bull market in the 2030s is going to have anything to do with AI."
Brian Belski, Founder, CEO and CIO of Humilis Investment Strategies, on Bloomberg Surveillance, spent 13 and a half years as chief investment strategist at BMO Capital Markets before founding the firm, and wrote his first bullish report of this cycle at Merrill Lynch in November 2008. The episode also brings in Ozan Tarman, Vice Chair, Global Macro at Deutsche Bank, on France and the euro; Tiffany Wilding, Economist at PIMCO, on the firm's new outlook; and Steven Englander, who heads G10 currency research at Standard Chartered, on the dollar, the yen and the deficit.
The full episode is covered here so you can skip it. 36 minutes of audio, 15 minutes of reading.
Here are the 15 calls that matter.
Key Takeaways
The secular bull market has at least 8 to 10 years left, Belski said, with cyclical bears along the way
The top in the 2030s will not be about AI but a commodity super cycle in an emerging market nobody has named yet
Rates are rising because earnings are strong, not because inflation is out of control, in Belski's view
Tarman said the wind is with short euro, and most people see 1.09 before 1.15
Deutsche Bank's Tarman sees the S&P 500 at 8,200 before 7,400, and expects the bank's strategist to raise his 8,000 target
PIMCO says investors are paid to diversify, with global bond portfolios yielding 6% to 7%
Englander said last week's move was a euro story, not a dollar story, and the top in dollar-yen may be in
Productivity growth will not fix the deficit, because gains are going to lightly taxed profits and capital gains
1. 8 to 10 More Years of Bull
The segment opened with Minnesota Vikings talk, which is covered under Bonus Insights. The host said Belski had nailed this bull market with short research notes.
Belski said his bullish case rests on facts, not optimism
"So we get accused a lot, Tom, of being Pollyanna and not looking at the facts." — Brian Belski
He wrote his first bullish report in November 2008 at Merrill Lynch, another in 2009 at Oppenheimer, and in 2010 called for a 25-year secular bull market, a long upswing that contains shorter cycles.
"We'll have another cyclical bear at some point, but we have at least eight to 10 years left of this run. It's going to be longer than 25 years." — Brian Belski
