2025 rewarded investors who stayed the course, powered by AI, solid earnings, and big spending. But as we step into 2026, the landscape feels more fragile. Valuations are stretched, traditional hedges are moving in sync, and a sudden geopolitical shock out of Venezuela has reminded markets how quickly the rules can change. So is this still the same cycle or a turning point? 

On Market View, Willie Keng speaks to Abhilash Narayan, Investment Strategist, HSBC Global Private Banking and Premier Wealth, to unpack HSBC’s Think Future 2026 outlook to find where the risks are building, and how investors should rethink portfolios for the year ahead.