Episode summary
IF Great Plains 2026: Group Interview with Christine Giordano
Summary
Institutional investors at the Great Plains forum were focused on how to protect portfolios from a cluster of risks that may persist rather than fade quickly. The host and the guests emphasized geopolitics, rates, inflation, and the possibility that energy markets could be more stressed than the market assumes. One guest argued that geopolitical issues do not look resolvable in the short term and can ripple through both equity and fixed income exposures.
The discussion kept returning to diversification, but not just in the traditional stock-bond sense. The guests described using broader asset mixes, including alternatives, infrastructure, and inflation-sensitive real assets, because the old pattern of bonds cushioning equity drawdowns may be changing. One guest said clients are moving more of the portfolio into inflation real assets, while another stressed the need to hedge interest-rate risk inside pension portfolios.
The biggest concern, in their view, was the persistence of shocks: a potential energy shortage from prolonged Middle East tensions, higher-for-longer rates, or a stagflationary backdrop. The guests suggested that what matters most is not predicting the next headline, but building portfolios resilient enough to handle a long stretch of uncertainty.
Key takeaways
- One guest said geopolitical risks are not likely to resolve quickly and could affect both equity and fixed income returns.
- Another guest warned that the market may be underappreciating the severity of a possible oil crisis.
- The guests favored diversified portfolios with alternatives and uncorrelated exposures rather than relying on stocks and bonds alone.
- A guest said more clients are shifting toward inflation real assets as the equity-bond correlation changes.
- The panel saw a potential energy shortage and prolonged higher rates as key paths to a stagflationary environment.
Notable quotes
“how can we position those portfolios to help mitigate some of those issues”
“the market is underappreciating the severity of what the oil crisis could be”
“the best tool at our disposal when you have a diversified portfolio that's built for the long term, uh, is diversification”
“We're seeing that dynamic changing. So, we're seeing more of our clients uh moving the more of the portfolio into inflation real assets”
“the monster under the bed for all of you”
How the episode opens
Hi, I'm Christine Jordano. I'm here at the institutional forum great plains region for markets group with I'm JJ Kirby with the University of St. Thomas. I'm Greg Zik with Excel Energy and I'm Gordon Ladder with the key investment group.
So, it's a packed room today and you have all come off great panels. What is the question of the day? I think people are looking for ideas and how they can, you know, protect the portfolios from a lot of different risks in the environment today. Constantly changing geopolitical landscapes and I think people are eager to to share ideas.
I would agree with what JJ said. I think there are a lot of geopolitical issues out there that don't seem resolvable in the short term. uh and they have far-reaching implications to various factors in our portfolio both on the equity side and the fixed income side in terms of rates uh and inflation and so I think how can we position those portfolios to help mitigate some of those issues.
Yeah, on the same theme I know your panel the question on oil came up. I think the market is underappreciating the severity of what the oil crisis could be. Um, one of our panels that I I spoke on was on infrastructure.
So, there's this need for inflation real assets. Uh, Makita, we we're you see this equity bond correlation. You know, historically in the last 30 years, equities there when they fall, bonds are there to kind of save you.
We're seeing that dynamic changing. So, we're seeing more of our clients uh moving the more of the portfolio into inflation real assets. And the big problem you have is uh even though infrastructure, these asset classes might inflation from a cash flow perspective.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- geopolitical risk
- energy shortage
- higher-for-longer rates
- stagflation
- persistent market shocks
Companies and tickers mentioned
- XEL
- Xcel Energy
- Meketa Investment Group
Watch the episode
Watch “IF Great Plains 2026: Group Interview with Christine Giordano” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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