Schwab Network: Michael Landsberg Appears on ‘Opening Bell with Nicole Petallides’ to Discuss Stock Market

March 20, 2026

Rather than relying on a quick rebound narrative, Michael Landsberg, CIO of Landsberg Bennett Private Wealth Management, highlighted the risk of a more extended period defined by persistent volatility and uncertain policy direction—an environment that may require a more measured and disciplined approach. He noted that market participants may be underestimating how long these conditions can last, especially as inflation pressures remain uneven and policy responses continue to evolve without a clear path forward.

In this ‘Opening Bell With Nicole Petallides’ appearance, his approach centers on diversification, reducing concentration in crowded areas, and increasing exposure to assets that can better withstand inflation and shifting macro conditions. He emphasized the importance of reassessing positioning rather than reacting to short-term movements, particularly in areas where valuations have been driven more by momentum than by underlying demand.

Key Takeaways:

1. Caution Over Optimism: Landsberg warned that many investors are assuming a quick resolution to current market pressures, which may not materialize. He stressed that relying on hope is not a strategy and that portfolios should be positioned defensively in case uncertainty lasts longer than expected.

2. Strategic Rebalancing and Risk Management: The team reduced exposure to areas that had previously outperformed and reallocated capital toward more balanced positions. Instead of fully exiting risk, they used hedging strategies and shifted toward lower volatility exposures.

3. Overconcentration Remains a Key Risk: He noted that many portfolios remain heavily concentrated in a small group of dominant names. With earnings growth now more comparable across the broader market, he sees better opportunities outside these crowded areas at more reasonable valuations.

4. Commodities as an Underowned Opportunity: Landsberg pointed out that many investors lack meaningful exposure to commodities. He views this as a critical allocation, especially as rising input costs and supply dynamics continue to impact the broader economy.

5. Inflation Could Reaccelerate: He expressed concern that inflation may move higher again, which could limit the ability of policymakers to cut rates. This creates a more challenging environment for markets that are expecting monetary easing.

6. Shift Away From Traditional Bond Allocations: The portfolio has reduced reliance on bonds and increased exposure to alternative assets. The goal is to achieve comparable risk levels while improving return potential and better protecting against inflation.

7. Broader Approach to AI Exposure: Instead of focusing only on high-profile segments, Landsberg highlighted opportunities across the wider ecosystem supporting technological growth, including infrastructure, energy, and industrial components.

Landsberg’s outlook reflects a shift from momentum-driven investing to a more disciplined, risk-conscious approach. With inflation uncertainty, limited policy flexibility, and concentrated positioning across the market, he emphasized the importance of diversification and adaptability. The focus remains on building resilient portfolios that can navigate extended uncertainty while still capturing long-term opportunities.