Schwab Network: Michael Landsberg Appears on ‘Opening Bell’ To Discuss Stock Market

November 26, 2025

In an interview with Nicole Petallides of Schwab Network, Michael Landsberg, CIO of Landsberg Bennett Private Wealth Management, discussed the continued strength of the market and the forces supporting the current rally. He emphasized that analysts “underestimated the power of corporate earnings,” which he sees as the primary driver behind recent gains. Landsberg noted that many institutional investors had been underweight equities, forcing them to play catch-up as earnings continued to outperform expectations.

He also pointed out that concerns around artificial intelligence are less about the broad theme and more about specific pockets, particularly areas filled with profitless companies or overly concentrated investor positions. He warned that both underexposure and overexposure to AI can be risks. While acknowledging the enthusiasm for forecasts calling for S&P 7,000 or higher, he explained that earlier futures positioning shows Wall Street was still cautious heading into the shutdown, suggesting there is room for investors to move off the sidelines.

Landsberg added that demographic trends, diversified exposure, and earnings stability matter more than trying to predict short-term noise such as elections or Fed chair changes. “Earnings to me at the end of the day is what drives stock prices,” he said, reinforcing his focus on fundamental growth over speculation.

Key Takeaways:

  1. Market Rally Backed by Strong Earnings: Landsberg reiterated that the recent rally is largely driven by earnings strength that analysts underestimated. He notes that institutions were underweight equities and are now repositioning: “The real reason the market rallied is… [analysts] underestimated the power of corporate earnings.” This catch-up behavior continues to support upward momentum.
  2. Institutional Positioning Still Matters: Before the shutdown, futures data showed institutions were short on key indexes. Landsberg sees this as an important signal: bullish commentary may sound convincing, but positioning reveals lingering caution. As more investors move off the sidelines, momentum could build.
  3. Nuanced Risks Within AI: Landsberg sees both opportunity and risk within the AI theme. The biggest concerns include: Profitless tech companies,
     Portfolios with heavy concentration in only a few AI-linked names, Thinking AI is strictly a U.S. story. He stresses balanced exposure over extremes.
  4. Demographic and Structural Themes Remain Supportive: Landsberg points to long-term demographic trends, especially population growth in states like Florida, as factors shaping market opportunities. These trends underpin sectors tied to aging populations, energy transitions, and infrastructure needs.
  5. Earnings Over Headlines: Landsberg downplayed political speculation and Fed-chair debates: “It doesn’t really matter who the Fed chairman is. I look at whether a company is making money and growing earnings year-over-year.” He remains firm that earnings not sentiment, headlines, or political noise drive market direction over time.
  6. Concerns About Overconcentration: He repeatedly warned about portfolios being too concentrated in a handful of high-profile names. Landsberg views diversification across sectors, themes, and geographies as essential for navigating volatility.
  7. Bonds Still Have a Role, but Alts Are Increasing: While bonds remain part of the mix, Landsberg noted a shift in recent years toward alternatives such as gold and dollar-based strategies. His view: alternatives have delivered stronger performance relative to traditional fixed income and continue to play a useful diversifying role.

The interview reinforced a central theme in Michael Landsberg’s outlook: strong earnings, not market hype, are powering the rally. He believes institutional repositioning, demographic trends, and disciplined diversification are shaping the market more than temporary headlines. With AI excitement still high and the Fed potentially entering a cutting cycle, Landsberg continues to prioritize fundamentals and balanced exposure over speculative bets.

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