Executive Summary The investment case for 2026 rests on a fundamental tension: corporate earnings remain robust and are projected to grow 12–15%, while equity valuations sit near the upper quartile of their 10-year range on a forward P/E basis. This creates an environment in which returns are more likely to be driven by earnings delivery rather than multiple expansion, representing a shift from the valuation-driven gains of recent years. Three structural forces dominate the o
