Recorded live at Adviser 3.0 2026, this is the fourth and final Sunset Studio Session. Nicki Hinton-Jones, CIO at Timeline, sits down with Gary Paulin, Chief Investment Strategist, International at Northern Trust Asset Management, for a conversation that starts with a warning: every major move of Gary's career has landed on a market top, from the Russian debt crisis to 9/11 to the GFC. But the real story is what that has taught him about reading risk.

Gary makes the case that AI is a structural shift, not a bubble, walking through the five classic bubble signals (concentration, overspending, lack of ROI, circular financing, leverage and euphoria) and explaining why none of them stack up the way they did in 2000. He unpacks why the Magnificent Seven behave more like conglomerates than companies, why AI could be the disinflationary force that lets central banks run the economy hotter, and why the most contrarian call in markets right now might be a dovish Fed under Kevin Walsh. Nicki and Gary also get into the psychology of investing, the amygdala's role in bad decisions, and why avoiding pessimists might be the single best investment strategy available to advisers and clients alike.