"I would not be surprised to see the market at 8,500 in 2026 and even 10k in 2027. However, there is a tiny risk. This is all unsustainable. We have seen similar patterns in Japan in the 1980s. We have seen similar patterns in the 1990s that already discussed that has ended terribly. Real returns are very very negative here and now all the money goes into the United States."
The speaker warns that despite current market rallies, history shows that unsustainable market flows and overvaluations can lead to severe corrections, drawing parallels with past bubbles in Japan and the 1990s.
What Can Crash Stocks in 2026...
Value Investing with Sven Carlin, Ph.D.
December 31, 2025
Macro Theme