BNN Bloomberg: Michael Landsberg Appears on on BNN Bloomberg to Discuss Stock Market

May 20, 2025

Michael Landsberg, Chief Investment Officer at Landsberg Bennett Private Wealth Management, joined BNN Bloomberg to discuss the broader market environment, concerns around tariffs, investor behavior, and the outlook for U.S. and international equities. He noted, “Amid all the tariff talk, investors are ignoring a positive earnings growth story.”

Key Takeaways:

  1. Earnings growth remains solid despite noise: Landsberg pointed out that S&P 500 earnings are up more than 11% year-over-year, while the NASDAQ has shown a gain of over 22%. He said the widespread decision among companies to withdraw forecasts is more about the environment of uncertainty: “No one’s going to penalize us for doing that because of what’s going on.”
  2. U.S. exposure has been reduced in favor of international opportunities: In January, allocations were adjusted to reduce U.S. weight, especially in the technology-heavy NASDAQ. Landsberg said markets such as Spain, Poland, Italy, and Germany have quietly outperformed, offering better valuations and lower risk. “Most investors in the U.S. are too concentrated domestically,” he noted.
  3. Caution remains on the most concentrated tech holdings: He remains underweight the group of heavily-owned large-cap tech stocks that led much of the market in 2023 and 2024. “We still like it, but we just like it a lot less at these valuations,” he said, highlighting the importance of reducing overexposure and rebalancing after strong gains.
  4. Indexing may present structural risks in this market: “Success begets more success,” he said, referencing the risk of momentum-driven buying in market-cap-weighted indices. Landsberg expressed concern about concentration within major benchmarks but noted that index products still make sense in markets that are harder to access directly, such as some European regions.
  1. Investors need to remain selective and avoid overreaction: Despite some recent optimism in tech, he emphasized that investors should not return to the assumption that a few high-profile names can carry the entire market. Diversification and valuation discipline remain essential.

Landsberg believes the earnings backdrop and international opportunities are being overshadowed by uncertainty surrounding tariffs. “It’s pretty easy to put some cash on the side,” he said, explaining how both companies and investors are holding back due to lack of clarity. Until that changes, he sees value in select sectors and regions that offer consistency and lower correlation to headline-driven volatility.

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