Oct 15, 2026 · 10 min
Varnholt says bull markets thrive on persistent worry
Viewpoints with Burkhard Varnholt - A global markets podcast (Ep. 74)
The discussion tests whether investors should stay invested as higher yields, inflation and fiscal concerns challenge an aging equity rally.
- 1Varnholt argues equities may continue rising despite higher bond yields, inflation and fiscal concerns.
- 2He recommends remaining fully invested and diversified rather than waiting for uncertainty to disappear.
- 3Corporate earnings remain central to economic and market health as the bull market enters its fourth anniversary.
Don't miss
Burkhard P. Varnholt argues that bull markets end when people stop worrying, turning persistent uncertainty into part of the bullish case.
The brief
Dan Cassidy welcomes Burkhard P. Varnholt back to discuss record-high stocks, rising bond yields, inflation and fiscal concerns after Varnholt’s cycling trip from Zurich to Venice.
With the current bull market reaching its fourth anniversary after beginning in October 2022, Varnholt argues that equities may still have room to rise.
His central advice is straightforward: remain fully invested and diversified, because bull markets can keep climbing while investors remain worried.
Varnholt’s standout claim is that bull markets end when people stop worrying, making persistent uncertainty part of the case for staying invested.
The conversation returns corporate earnings to the center of the outlook, linking company performance to broader economic and market health.
Books & mentions
Some links are affiliate links — PodLume may earn a commission if you buy.