Landsberg Bennett Private Wealth Management 2nd Quarter 2026 Market Update

April 13, 2026

In this Second Quarter Market Update, Michael Landsberg, Chief Investment Officer of Landsberg Bennett Private Wealth Management, outlined a cautious but disciplined approach in his Second Quarter Market Update, emphasizing how ongoing geopolitical conflict is reshaping the investment landscape.

He explained that rising oil prices, driven by the war, are accelerating inflation faster than expected. While inflation may not return to previous extreme levels, it is likely to remain elevated, potentially moving toward 4% rather than the Federal Reserve’s 2% target. This shift reduces the likelihood of rate cuts and increases the possibility of further rate hikes, creating a more challenging environment for investors.

Landsberg noted that visibility across markets has declined significantly. With uncertainty around inflation, interest rates, and global developments, his strategy focuses on managing risk rather than trying to predict short-term market direction. He compared the current environment to driving through fog. Investors should keep moving forward but at a slower, more controlled pace.

In response, portfolios have been adjusted by reducing exposure to more volatile areas, increasing cash positions, and adding diversification through alternative assets. These include commodities and energy-related exposure, which tend to perform better during periods of geopolitical tension and rising inflation. The goal is not to avoid market downturns entirely, but to limit losses while staying invested to capture potential upside.

Key Takeaways:

1. Geopolitics Driving Inflation Risks: The ongoing conflict has pushed energy prices higher, accelerating inflation pressures. Inflation is now expected to move above 3% sooner than anticipated, with potential to trend higher, creating a more difficult macro environment.
2. Rate Cuts Likely Off the Table: With inflation rising, expectations for rate cuts have diminished. The longer inflation remains elevated, the higher the probability that policy remains restrictive or even shifts tighter.
3. Reduced Visibility Requires Lower Risk: Landsberg emphasized that current market conditions resemble “low visibility.” In this environment, the strategy shifts from aggressive positioning to measured exposure, reducing volatility and preserving capital.
4. Stay Invested, But Adjust Speed: Rather than moving to cash, the approach continues investing but at a slower pace. Missing key market recovery days can significantly impact long-term returns, so maintaining exposure remains critical.
5. Active Risk Management in Portfolios: Recent adjustments include raising cash levels, reducing exposure to higher-risk areas, adding hedging strategies, and increasing allocations to sectors that benefit from geopolitical stress.
6. Alternatives Providing Stability: Assets outside traditional stocks and bonds have played a stabilizing role. These allocations have helped offset losses during market declines and continue to serve as a key diversification tool.
7. Discipline Through Rebalancing: The strategy follows a structured rebalancing process reducing risk after strong periods and increasing exposure after declines. This helps avoid emotional decision-making and reinforces a long-term strategy.
8. Energy Impact on Broader Economy: Higher energy costs act as a drag on consumer spending. As more income goes toward essentials, discretionary sectors may face pressure, reinforcing the need for selective positioning

Landsberg’s message is clear: this is not an environment to chase returns aggressively. With uncertainty elevated and visibility limited, the priority shifts to managing risk, maintaining discipline, and staying invested without overexposure. The strategy focuses on protecting downside while remaining positioned to participate when conditions improve favoring consistency and control over speed.