The bear case for 2026

This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Good morning. The loud rustling sound you heard yesterday morning was thousands of headlines being erased when Nvidia, having reported great earnings, proceeded to trade down sharply. The stock closed the day 3 per cent lower. Only one reader wrote in to say Unhedged had caused the market sell-off by writing a bullish column yesterday. Today, the bear case, almost certainly to be followed by a rally. Email us: unhedged@ft.com. After yesterday’s bull case for 2026, several readers requested the bear case. Here goes. But a couple of points before we start. Unhedged does not think it is possible to predict the behaviour of an asset class over a 12-month horizon with a useful degree of specificity and accuracy. People who have done it consistently just got lucky. So

This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Good morning. The loud rustling sound you heard yesterday morning was thousands of headlines being erased when Nvidia, having reported great earnings, proceeded to trade down sharply. The stock closed the day 3 per cent lower. Only one reader wrote in to say Unhedged had caused the market sell-off by writing a bullish column yesterday. Today, the bear case, almost certai