Stability, calm, and order are giving way to fragmentation, volatility, and surprise. In his most recent PIMCO Perspectives, co‑authored with Marc Seidner, Pramol Dhawan says that this shift makes 2026 a year when investors should “expect the unexpected.” He joins host Greg Hall to explore how this new world order is reshaping markets — from the opportunities volatility can unlock in global fixed income to the evolving rebalancing between stocks and bonds. They even get into why the world is tilting toward mercantilism, though thankfully, not in a way that forces you to dust off your economics textbooks.

Show notes:

(0:00) Intro

(2:30) How politics are shaping economics

(9:55) What the return of the stock-bond correlations means for investors

(14:33) The case for active management in global markets

(18:03) Risk and opportunities in what’s ahead

(26:28) Why emerging markets now?

(31:35) What “unexpected” really means in “expect the unexpected”

If you enjoyed the episode, explore more of our resources below:

PIMCO Perspectives: Expect the Unexpected

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• Dan Ivascyn: Beyond the Base Case in 2026
• Don’t Ignore Your Core: Process and Progress with PIMCO CIO Mohit Mittal
• Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets

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