Tepp Talks: A podcast with David Tepp

The United States and Israel have launched coordinated strikes targeting Iranian leadership and key military infrastructure. Iran has responded with asymmetric retaliation, launching batteries of missiles to disrupt shipping and energy flows throughout the region. While this perilous conflict could certainly spiral into a prolonged regional confrontation, there is another outcome that receives far less attention: the possibility that Iran stabilizes under a more pragmatic government focused on economic growth rather than ideological conflict.

SOURCES:

Alpine Macro, “Special Report - The 2026 Iran War”, written by Dan Alamariu, March 2, 2026

BCA Research, “The Fog of the Iran War”, written by Matt Gerken, March 2, 2026

Financial Times, “The Cynical Opportunities of ‘Epic Fury’”, written by Martin Wolf, March 3, 2026

Oxford Economics, “Iran and the Strait of Hormuz”, written by Bridget Payne, February 27, 2026

Oxford Economics, “Iran Conflict is a Manageable Risk for the Economy”, written by Bernard Yaros, March 4, 2026

Oxford Economics, “Iran Conflict Will Rile Energy Markets, Not Break Them”, written by Bridget Payne, March 3, 2026

"Set it and forget it" investing has been one of the most widely espoused ideas in modern personal finance. The challenge is that as investment accounts grow larger, the passive approach often turns into oversimplification.

By David Tepp, Forbes Councils Member, for Forbes Finance Council.

Over the past year, markets have navigated an unusually complex environment. Investors have been forced to weigh slowing growth against persistent inflation concerns, shifting monetary policy expectations, elevated geopolitical risk, and ongoing policy uncertainty. Entering 2026, the dominant question is how the next phase of global growth may unfold.

SOURCES:
Absolute Strategy Research, “Economic Outlook: 2026”, written by Dominic White, Adam Wolfe & Ben Blanchard, November 25, 2025
Absolute Strategy Research, “Asset Allocation Outlook: 2026”, written by Zahra Ward-Murphy, December 4, 2025
Alpine Macro, “Climbing AI’s Wall of Worry”, written by Henry Wu, December 8, 2025
Alpine Macro, “2026 Commodity Outlook”, written by Kelly Xu, December 9, 2025
Alpine Macro, “Macro Outlook 2026”, written by Chen Zhao, December 15, 2025
Alpine Macro, “Tracking the Mag7 Mania Roadmap”, written by David Abramson, December 19, 2025
BCA Research, “Outlook 2026: Revelation”, written by BCA Editors, December 1, 2025
BCA Research, “Annual Outlook 2026: Don’t Fight the Trump”, written by Marco Papic, December 1, 2025
BCA Research, “An AI Investment Framework For Long-Term Investors”, written by Jonathan LaBerge, December 3, 2025
BCA Research, “2026 Key Views: US Equity”, written by Irene Tunkel, December 10, 2025
BCA Research, “December Here, There And Everywhere”, written by Marco Papic, December 10, 2025
Oxford Economics, “US Economic Forecast: Consumer Spending Will Support the Economy in 2026”, written by Ryan Sweet, December 9, 2025

While there have been plenty of twists and turns, the first half of 2025 unfolded pretty much as anticipated. 

Looking ahead, our base case is for renewed expansion into 2026.

SOURCES:
Alpine Macro, “Eyes on US Labor But Profits Ultimately Rule”, written by Bassam Nawfal, September 16, 2025
Alpine Macro, “It’s Not Just Gold That Shines”, written by Kelly Xu, July 10, 2025
Absolute Strategy Return, “AI CapEx Boom Points to Tech Bubble End Game”, written by Ian Harnett, September 25, 2025
Absolute Strategy Return, “Rate Cuts & Earnings Favour Risk Assets”, written by Zahra Ward-Murphy, September 24, 2025
Oxford Economics, “Bifurcated – State of Consumer Depends on Whom You ask”, written by Michael Pearce, September 24, 2025
Oxford Economics, “Recession Monitor – Gradual Pace of Rate Cuts Warranted”, written by Matthew Martin, September 25, 2025

Here are six actual questions from six actual clients that I believe best capture today's economic mood.