Alicia Levine: Why the U.S. Market Is Exceptional—Not in a Bubble | Q4 Market Outlook & Strategy

In the 73rd episode of the Market Misbehavior podcast, Alicia Levine, Head of Investment Strategy and Equities at BNY Wealth, joins Dave Keller to share her perspective on U.S. markets, global policy shifts, and the delicate balance between long-term fundamentals and short-term volatility. Recorded live at the MoneyShow Orlando, Alicia explains why she still views the U.S. economy as exceptional, not vulnerable—and why investors shouldn’t fear new highs. We discuss her transition from academia to Wall Street, how she leads BNY’s investment strategy committee, and the frameworks she uses to navigate inflation, tariffs, and crowded trades in a complex policy environment. Recorded 10/16/25.🎧 What you’ll learn:Why Alicia believes the U.S. remains the most investable market globallyWhat her team watches inside BNY’s Investment Strategy CommitteeHow to think about all-time highs, pullbacks, and forward returnsLessons from moving from academia to active investingHow policy shocks and fiscal dynamics drive volatilityThe role of gold, the dollar, and international diversification in today’s portfolios🔧 Tools & concepts mentioned:Market cycles • Earnings momentum • Policy risk • Diversification frameworks • Asset allocation discipline • Behavioral bias awareness🎓 Take Dave’s FREE course on behavioral investing: https://www.marketmisbehavior.com/freecourse📘 Check out Dave’s recommended reading list: https://www.marketmisbehavior.com/readinglist👉  Follow Dave on X: https://x.com/DKellerCMT👉  Follow Dave on Bluesky: https://bsky.app/profile/dkellercmt.bsky.social👉  Follow Dave on Facebook: https://www.facebook.com/marketmisbehavior👉  Follow Dave on Instagram: https://www.instagram.com/marketmisbehaviorThe content in this presentation should not be considered as a recommendation to buy or sell any security. All information is intended for educational purposes only and in no way should be considered as investment advice.