Geopolitical tensions and the resource-heavy demands of innovation are creating shortages in many critical sectors. Here’s what investors need to know.
WITH MARKETS AT ALL‑TIME HIGHS despite ongoing geopolitical tension, persistent inflation concerns, and rising government deficits, many investors are questioning what makes sense for their portfolios in the months and years ahead. Beneath the surface, shifting global dynamics are changing how capital is allocated — and where long‑term risks and potential opportunities may emerge.
“This decade is all about supply,” says Michael Hartnett, Chief Investment Strategist at BofA Global Research, underscoring a fundamental shift in the forces driving markets today.
In this video, Hartnett sits down with Chris Hyzy, Chief Investment Officer of Merrill and Bank of America Private Bank, to discuss how evolving geopolitics, supply constraints and a global race for critical resources are reshaping market outcomes and investor decision‑making. They explore what a supply‑driven environment could mean for equities, bonds, commodities and global diversification over both the near and long term.
Artificial intelligence lurks amid much of today’s market conversation, reshaping how capital is deployed and how economies compete. From infrastructure spending to energy demand, its footprint is widening in ways that resemble earlier periods of world‑changing investment. “This is a technological revolution that can only be compared to the railroads,” says Hartnett, a reminder that some shifts reveal their full impact only over time.
Go deeper with the video, “Six portfolio strategy ideas for 2026.” And for more timely market insights from the CIO, tune in regularly to the Market Update audiocast series.
Work one-on-one with a Merrill advisor for more insights and personalized guidance. Connect with us today.
The opinions expressed are as of 4/28/2026 and are subject to change. Investing involves risk, including the possible loss of principal.
Past performance is no guarantee of future results.
Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.
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The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).
BofA Global Research is research produced by BofA Securities, Inc. (“BofAS”) and/or one or more of its affiliates. BofAS is a registered broker-dealer, Member SIPC and wholly owned subsidiary of BofA Corp.
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