The Pattern Is Staggering | Mary Ann Bartels on Why This Bull Market Is Just Getting Started

In this episode, we sit down with Sanctuary Wealth Chief Investment Strategist Mary Ann Bartels to break down her new 2026 outlook. We cover her long-term S&P 500 forecast, why she believes we are still early in a secular bull market, how technological innovation is fueling productivity and profitability, the risks she’s watching in 2026, and the case for international stocks, gold, and diversification. Mary Ann also explains why skepticism suggests we are not yet in a true bubble, how valuations fit into today’s market, and what investors should understand about cycles, inflation, and long-term compounding. Topics Covered • Secular bull markets and why the long-term trend still points higher • Whether today’s market is following historic bubble patterns • AI, technology cycles, and the connection between innovation, productivity, and profits • Why skepticism means we are not yet near euphoria • The 2026 “reset” and how the presidential cycle could affect markets • Valuations, earnings trends, and interest-rate dynamics • Market concentration, structural changes, and the role of mega-caps • Growth vs value and why growth leadership may persist • Why international markets may be entering their own secular bull market • Inflation outlook, tariffs, and what the data now suggests • Private credit concerns and overall financial-system stability • Gold’s surge, future targets, and its role as portfolio diversification • Portfolio construction, risk, and the importance of compounding for younger investors Timestamps 00:00 Market patterns, bubbles, and early-cycle dynamics 01:00 Introduction 02:00 Long-term S&P 500 outlook 04:00 Historical bubble analogs and market psychology 06:00 Skepticism vs optimism 09:00 2026 reset and election-year dynamics 13:00 Valuations and PE expansion 17:00 Long-term valuation trends 17:40 Innovation cycles and economic growth 20:20 Productivity, AI CapEx, and profitability 21:00 Technology adoption across industries 22:20 Digitization and long-term tech layers 22:30 Market concentration and structural changes 25:00 Why corrections are more frequent 27:20 Growth vs value 31:00 International markets outlook 36:00 Correlations, deglobalization, and opportunity 38:40 Inflation short-term vs long-term 40:30 Private credit and financial stability 43:30 Gold outlook and targets 45:40 Diversifying concentrated portfolios 48:40 Crypto, private markets, and generational shifts 49:20 Key risks for 2026 51:40 What most investors get wrong 53:00 The one lesson for the average investor 54:40 Closing