Fox Business: Michael Landsberg on ‘Making Money’ Discussing the Stock Market and Interest Rates

November 25, 2025

In a recent interview with Charles Payne on Fox Business, Michael Landsberg, Chief Investment Officer at Landsberg Bennett Private Wealth Management, discussed the evolving outlook for interest rates, inflation, and the broader stock market.

Landsberg noted that market sentiment has shifted dramatically over the past few weeks, with expectations for rate cuts rising from 30% to 80%. He attributed this shift to signs of labor market weakness, though he cautioned that inflation remains persistent and unlikely to return to the Federal Reserve’s 2% target soon. “I think you’re going to get a couple [cuts] in the first quarter,” he said, but added that the long-term path is still unclear.

He also highlighted growing concerns around portfolio concentration, explaining that too many investors are heavily exposed to a narrow group of sectors. “Too many investors have too much money in too few sectors,” Landsberg warned. He urged a more diversified approach emphasizing sectors tied to infrastructure, industrials, and long-term demographic trends such as aging populations and regional migration patterns.

The conversation underscored the importance of looking beyond short-term market movements and hype driven trends, especially in areas like AI, where not all companies have strong fundamentals.

Key Takeaways:

  1. Rate Cuts Likely, but Inflation Still Sticky: Market expectations have swung toward an 80% probability of rate cuts in Q1. Landsberg sees the Fed responding to signs of labor market softening, but believes inflation is unlikely to return to the 2% target. A revised, more realistic target of around 2.5% may become more accepted.
  2. Labor Market Weakness a Driving Force: While inflation data isn’t collapsing, softening in employment and consumer activity is becoming more evident. This makes the labor market a central factor in upcoming policy decisions.
  3. Market Breadth is Improving: Recent sessions show gains beyond just mega-cap sectors. Landsberg emphasized that broader participation across small-, mid-, and large-cap equities is healthy for the market, reducing reliance on a handful of sectors.
  4. Volatility is the Price of Admission:With the S&P now heavily weighted in higher-beta sectors like tech and communications, volatility will be natural. Landsberg suggests investors proactively allocate into lower-beta areas to help smooth the ride.
  5. Diversification is Critical: Concentration risk remains elevated. Landsberg pointed to the need for broader exposure, including “boring” but stable sectors outside of high-flying AI themes. He underscored opportunities in infrastructure-related areas—like electrical systems and HVAC—that support data centers.
  6. AI: Separate the Hype from Reality: While AI remains a strong theme, Landsberg warned against chasing unprofitable companies. He favors the “picks and shovels” approach—investing in infrastructure supporting AI demand rather than speculative names.
  7. Demographic and Regional Tailwinds: Population shifts (e.g., migration to Florida) and aging demographics are contributing to opportunities in sectors like utilities and healthcare services. These themes are long-term in nature and rooted in real demand.

The interview highlights how shifting economic signals such as weakening labor data and persistent inflation are forcing both the Fed and market participants to reevaluate their expectations. Michael Landsberg’s comments point to a need for measured optimism, disciplined diversification, and a long-term view amidst evolving market dynamics. Investors may face more volatility in the short run, but broader participation and structural trends continue to offer areas of strength.

Request Information

Landsberg Bennett is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.

This is not an offer to buy or sell securities, nor should anything contained herein be construed as a recommendation or advice of any kind. Consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. No investment process is free of risk, and there is no guarantee that any investment process or investment opportunities will be profitable or suitable for all investors. Past performance is neither indicative nor a guarantee of future results. You cannot invest directly in an index.

These materials were created for informational purposes only; the opinions and positions stated are those of the author(s) and are not necessarily the official opinion or position of Hightower Advisors, LLC or its affiliates (“Hightower”). Any examples used are for illustrative purposes only and based on generic assumptions. All data or other information referenced is from sources believed to be reliable but not independently verified. Information provided is as of the date referenced and is subject to change without notice. Hightower assumes no liability for any action made or taken in reliance on or relating in any way to this information. Hightower makes no representations or warranties, express or implied, as to the accuracy or completeness of the information, for statements or errors or omissions, or results obtained from the use of this information. References to any person, organization, or the inclusion of external hyperlinks does not constitute endorsement (or guarantee of accuracy or safety) by Hightower of any such person, organization or linked website or the information, products or services contained therein.

Click here for definitions of and disclosures specific to commonly used terms.