Don't Get Too Defensive Yet | 2026 Market Volatility with Ross Mayfield

In this episode of the Market Misbehavior podcast, Dave is joined by Ross Mayfield, an Investment Strategist for Baird Private Wealth Management. Recorded 3/31/26.Ross shares his macro perspective on navigating a highly volatile and shifting 2026 market. We dig into why corporate earnings are the ultimate line in the sand for maintaining the bull market, the shifting landscape of AI valuations, and why energy has become an essential geopolitical portfolio hedge. We also discuss the "meme-stock-ification" of silver, how to spot a market bottom using the discretionary-versus-staples ratio, and why the biggest risk to equities right now would be the Fed hiking rates into a commodity-driven energy shock.📈 Topics Covered• Transitioning into a high-volatility, high-dispersion market regime• Why earnings stability and guidance dictate the difference between a correction and a bear market• Evaluating the AI sector: Attractive forward multiples versus broken technical charts• The self-correcting nature of crude oil demand and energy as a mandatory portfolio hedge• Gold's "sell the news" reaction and the sudden meme-stock-ification of silver• The necessity of evolving the traditional 60/40 portfolio with alternative assets• Using the equal-weight Discretionary vs. Staples ratio ("the best economist on Wall Street") to spot risk-on market bottoms• The danger of the Federal Reserve hiking interest rates into an energy supply shock🎓 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.