Leaders at the Bell with Stephanie Link, Hightower Advisors, March 25, 2026

Stephanie Link from Hightower Advisors examines the market's surprising resilience amid multiple headwinds including the Venezuela situation, SCOTUS tariff reversals, private credit concerns, AI disruptions, and the Iran conflict. Despite these challenges, the S&P 500 is down only 3.5 percent while the equal-weight index remains flat for the year. Link attributes this strength to fundamental economic factors: GDP tracking around 2 percent, continued consumer spending supported by a stable labor market with one job available per unemployed person, and robust CapEx growth of 70 to 75 percent driven by the Magnificent Seven and AI infrastructure investments. She expects the administration will resolve the Iran situation within five to six weeks ahead of midterm elections to avoid sustained $5 gasoline prices and renewed inflation pressures.

Regarding private credit concerns that had dominated pre-war discussions, Link distinguishes between bad actors in smaller firms and the major private equity players where such exposure represents only 10 percent of the $2 trillion industry. She views the largest six US banks as beneficiaries of deregulation, positioned to gain market share rather than face systemic risk. Link sees opportunities in bonds at current levels and copper as an AI infrastructure play, while recommending caution on gold and silver. She will present these macro themes along with investment ideas spanning the AI food chain, cybersecurity, robotics, housing, and commodity cycles at the MoneyShow conference in Miami.