Why Investors Should Expect Lower Returns From Here
Why Investors Should Expect Lower Returns From Here  
Podcast: Merryn Talks Money
Published On: Mon May 18 2026
Description: Merryn Somerset Webb speaks to Pictet Asset Management Chief Strategist Luca Paolini about why markets remain remarkably resilient despite geopolitical turmoil, inflation fears and mounting fiscal risks. Paolini argues that the AI investment boom, strong corporate earnings and persistent US economic strength continue to support markets — but warns that the era of US exceptionalism may be fading, making diversification and lower long-term return expectations essential for investors. See omnystudio.com/listener for privacy information.