Following the US mid-term elections and recent volatility in the market and the AI space specifically, I published a note to clients briefly updating my thoughts, along with some stock screens highlighting potential buy ideas from our MAER ranking system for both Technology and non-Technology (and non-commodity) sectors.
The Equity Risk Model I have used for many years is on the threshold of bearish readings, and the AI theme looks to be in late innings, while earnings estimates outside of Technology and Energy have been weakening globally. So I have been leaning more cautious and focus on diversification in equity portfolios, particularly keeping the volatile Technology and Energy sector exposures moderate.
The mid-term results are having some effect on markets, but the surprise was mostly in magnitude rather than direction based on the polls. Equity analysts are waiting to see how the political landscape develops, since the new Congress will not take office until early January. Right now, earnings reports, AI regulatory policy and monetary policy are more direct impacts on equities.
The short report as it was published to clients is available at this link:
Macro Brief 9 November 2026
Sam Burns, CFA
Chief Strategist