Fox Business: Michael Landsberg Joins ‘Making Money with Charles Payne’ to Discuss Portfolio Rebalancing

September 17, 2026

Rebalancing in an AI-Heavy Market: Why Discipline Matters More Than Chasing

The Reset: Rebalancing Forces Investors to Do What Emotion Often Prevents

After a strong run in artificial intelligence-related stocks, recent volatility has reminded investors how quickly successful positions can grow into outsized portfolio exposures.

During an appearance on Fox Business’ Making Money with Charles Payne , Michael Landsberg, Chief Investment Officer at Landsberg Bennett Private Wealth Management, explained how regular portfolio rebalancing can help manage that problem.

The concept is simple. When a position rises well above its intended allocation, some of the gains can be trimmed. When it falls below the target but the investment thesis remains intact, capital can be added.

“Rebalancing forces you to take some money off the things that are running hot and adding the things that are a little bit behind.”

Rather than trying to predict exactly when a strong-performing investment will peak or when a decline will end, rebalancing introduces a repeatable process.

The Discipline: Set the Allocation Before the Market Tests You

Michael illustrated the approach using a hypothetical portfolio target.

If a stock is intended to represent 5% of the portfolio and appreciation pushes it to 7%, Landsberg Bennett may trim the position back toward 5%. If a decline takes the same holding down to 3.5%, the portfolio may add to it if the underlying investment case remains intact.

“It’s not always about trimming. It’s about adding opportunistic holdings.”

That distinction matters.

Rebalancing is sometimes described simply as selling winners. In practice, it can work in both directions. It creates a framework for reducing exposure after significant appreciation while also providing a process for adding during periods of weakness.

The objective is not to eliminate volatility. It is to prevent market movements from gradually determining the portfolio’s risk level without an intentional decision.

The Blind Spot: Diversification Can Disappear Without Investors Realizing It

Michael also returned to a theme he has discussed frequently: owning investments from several sectors does not necessarily mean a portfolio is meaningfully diversified.

Artificial intelligence now reaches into technology, utilities, industrials, energy, real estate, and other areas.

An investor could therefore own businesses from several different sectors while still depending heavily on the same AI investment cycle.

“Diversification should be thematic, not you adding a utility or industrial that happens to be an AI player.”

Michael believes investors should look beyond sector labels and ask what economic theme is actually driving each company.

If several holdings ultimately depend on the same source of growth, the portfolio may contain more concentration than it appears to have.

The Theme Test: AI Does Not Need to Be the Only Growth Story

Michael continues to view AI as an important investment theme, but he believes portfolios should include exposure to other long-term trends.

During the interview, he discussed several themes Landsberg Bennett considers, including an aging population, health and wellness trends, and changes in consumer behavior.

An aging population, for example, can influence demand for health care services, medical procedures, pharmaceuticals, senior living, and other businesses connected to longer lifespans.

Younger consumers may create a different opportunity set as interest in health, fitness, nutrition, and wellness continues to evolve.

The common thread is that these themes do not necessarily depend on AI spending to generate demand.

That can make them useful when attempting to diversify the economic forces influencing a portfolio.

The Missing Asset Class: Commodities Can Add Another Source of Exposure

Michael also highlighted commodities as an area many investors may have little or no exposure to.

He noted that commodity prices have experienced a strong year, with the CRB Index rising significantly during the period discussed in the interview.

The argument for commodities is not simply based on recent performance.

Michael views them as another potential source of diversification when traditional equity markets struggle, particularly during periods influenced by inflation or changes in resource prices.

That does not mean commodities will offset every stock-market decline. Their role is to introduce another economic driver into a portfolio rather than allowing stocks and bonds to determine nearly all of its behavior.

The Opportunity: A Pullback Can Be More Useful Than a New High

Michael also discussed two individual companies that had recently declined after strong runs.

His broader point was not about buying something simply because its share price had fallen.

He prefers situations where the underlying business remains attractive but a temporary issue or market reaction has created a more favorable entry point.

“I don’t like to come to the show and bring you things at 52-week highs because it’s like, well, great. I missed the move.”

For one company discussed during the interview, Michael viewed increased spending inside its stores as an investment intended to expand higher-margin food operations rather than evidence that the broader business had deteriorated.

Another company had pulled back amid higher fuel prices and operational concerns in Europe, while Michael continued to see strength in customer loyalty.

The common principle is more important than either individual stock: price weakness becomes interesting when the business case remains intact.

The Bigger Lesson: Build Rules Before Volatility Arrives

One of the recurring ideas throughout Michael’s discussion was preparation.

Rebalancing works because the target allocation is established before market movements create pressure to act.

Thematic diversification works because investors identify different sources of potential growth instead of reacting after one theme becomes dominant.

Maintaining a list of businesses worth owning can also make market declines more useful because the research has already been completed.

Without that preparation, investors can easily do the opposite. They may increase exposure after strong gains, avoid investments after declines, or allow one successful theme to gradually dominate the portfolio.

Our Perspective: Diversification Needs Both Structure and Different Sources of Growth

We believe strong investment themes can remain part of a portfolio without being allowed to determine its entire outcome.

AI continues to create opportunities, but its influence has expanded across so many industries that traditional sector diversification can sometimes hide underlying concentration. That is why we also look at the themes and economic drivers behind individual holdings.

Regular rebalancing can help maintain intended position sizes while creating opportunities to add when quality investments experience temporary weakness. Exposure to different themes and asset classes, including commodities when appropriate, can further reduce dependence on a single market environment.

The objective is not to avoid successful investments simply because they have performed well.

It is to participate in their growth while maintaining enough discipline that yesterday’s winners do not quietly become tomorrow’s primary portfolio risk.