At the end of 2025, affordability is the dominant word in American economic news. But investor Brad Tank MBA’82 warns that consumers may have the wrong idea of what to hope for, when they aim for a more affordable world.
“A damn near guaranteed prediction for 2026 is that, in the eyes of the American consumer, things are not going to be affordable,” he says. “They will not be affordable. That’s a big topic, because affordability in the minds of consumers is, ‘I want prices back to where they were in 2019.’ But the only way that happens is if you get an economic implosion. So be careful what you wish for.”
Tank doesn’t expect an economic implosion, but he does expect uncertainty. On the December 9, 2025 installment of The UW Now Live, Tank will offer up predictions for what will happen in 2026. Tank is a managing director and senior adviser at Neuberger Berman, where he was head of global fixed-income investments for 24 years. He’ll join host Mike Knetter, WFAA chief investment officer Michael Stohler, and engineering professor Laura Albert for a wide-ranging conversation about the year to come.
Tonight on The UW Now Live, I ’ll Discuss:
I’ll talk a little bit about the year ahead. I’ll cover some of the Neuberger reviews quickly — nothing super controversial there. And I’ll reflect on where there are areas of consensus. I’m a believer that, as an investor, you’re supposed to focus on things that aren’t consensus. That’s where the big opportunities are. I’ll talk about monetary policy and inflation. And I’ll talk about risk. We had tons of policy activity in 2025, but that should be dampened in 2026. There are still areas of risk, as this is a very activist [presidential] administration, but typically the second year after a presidential election is a good year, in part because a president’s first year is full of policy changes. In the second year, uncertainty and risk go down.
The One Thing I Want Viewers to Know Is:
AI is so big. It’s going to continue to dominate the headlines throughout next year, and we’re going to see twists and turns. They’re going to keep coming. Which companies will win? Which companies will lose? What does it take to win? There will be no resolution to any of those questions next year, but as the market tries to discern what those outcomes are, it will create opportunities and it’ll create risks. That’s the big takeaway on AI.
To Get Smart Fast, See:
Interestingly, alternative media have emerged as a great place for unique voices in investing. Substack is loaded with insights, but Substack is also loaded with a lot of nonsense. It takes time to work your way through that as an individual investor. You’ve got to be a wary, skeptical consumer, but there’s a ton out there more than ever before.
