Volatility Travels in Packs: A Conversation with Dan Tolomay on the 2026 Outlook

2025 rewarded equity investors, but it was not a straight line.In this episode of Trust Company Talks, hosts Bill Noble and Burke Koonce are joined by Trust Company of the South Chief Investment Officer Dan Tolomay to recap what drove markets last year and frame the investment outlook for 2026.Dan breaks down key themes that shaped markets in 2025, what may matter in 2026, and focuses on how Trust Company uses valuation discipline and diversification to manage risk. The group also reflects on the spring "Liberation Day" sell-off and the quick rebound that followed, reinforcing Dan's reminder that "volatility travels in packs" and that a durable allocation matters most when markets move quickly.The conversation touches on:Why international led in 2025, and how currency moves matteredWhat "Magnificent Seven" concentration means for index exposureWhat past market leaders can teach investors nowWhat valuation discipline looks like when prices are stretchedWhy big down days and big up days often clusterAllocation considerations for retirees and long-term investorsWhy planning beats forecastingListen for a practical look at what worked in 2025, the questions investors are carrying into 2026 and how to think about diversification and valuation discipline when markets feel uncertain, especially for retirees and pre-retirees managing portfolio risk.Trust Company Talks is a production of Trust Company of the South, one of the premier wealth management firms in the Southeast. Trust Company is a privately held firm based in Greensboro, NC, with offices in Charlotte and Raleigh. You can find more episodes of Trust Company Talks on Apple Podcasts and Spotify. Receive the episodes as soon as they premiere by subscribing today.