Earnings in 3Q beat expectations, but momentum is fading, suggesting a high earnings bar for 2026 and potentially more market volatility. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Michael Casper, BI’s senior US equity strategist, speak with Justin White, portfolio manager of the T. Rowe Price All-Cap Opportunities Fund (PRWAX). They discuss White’s four-pillar investment process and how pattern recognition helps him identify durable growth or unrealistic expectations. They also explore what part of the market is overestimating long-term monopoly profits, where high valuations have become unattractive due to poor risk-reward and which areas could offer long-term outperformance through 2030. The podcast was recorded on Dec. 4.