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The Validus View
Episode 4
2026 Market Outlook: What Matters for Private Capital
Hosted by: Kevin Lester, Co-Founder & Chief Executive Officer
Summary
The playbook for private capital investors is evolving. Diversification strategies that worked for years are breaking down, volatility is picking up and geopolitical tensions are forcing investors to rethink everything from hedging strategies to where they hold their assets.
In this episode, CEO Kevin Lester sits down with Kambiz Kazemi (Chief Investment Officer) and Shane O'Neill (Global Head of Capital Markets) to break down Validus' 2026 Risk Outlook. They dig into developments that are already setting the tone in 2026, from Kevin Warsh's appointment at the Fed to why we are already seeing adjustments to FX hedges. The conversation covers gold's surprising role right now and how AI is moving beyond tech stocks to reshape entire economies.
The discussion then looks ahead to how labour markets are being redrawn and why capital controls might become a real concern for global investors. Tune in to the episode for a practical look at navigating markets when the playbook is being rewritten.
Key Highlights
- How the Fed's balance sheet decisions could move markets more than rate cuts
- What the rally in gold and silver tells us about what investors are really worried about
- Why clients are rethinking their FX and interest rate hedging strategies as volatility picks up
- How artificial intelligence is starting to influence productivity, jobs and inflation - not just stock prices
- Why rising geopolitical tensions mean investors need to consider the jurisdiction in which their money sits, not just what it's invested in
Tune in to the full episode
25 minutes
Who should listen
This conversation is for private capital fund managers, institutional investors, asset allocators and portfolio managers navigating markets where the old rules don't apply anymore. If you're making decisions about currency hedging, interest rate risk or where to hold assets across jurisdictions, this is for you. For those who want to better understand structural market moves (like what just happened with gold) and fundamental shifts around productivity, AI and capital controls, you'll find this episode useful.
Behind the Mic: Host & Guests
Kevin Lester
Chief Executive Officer
Kambiz Kazemi
Chief Investment Officer
Shane O’Neill
Global Head of Capital Markets