Karen Karniol Tambour On Investing In A More Fragmented World

Research & Insights Karen Karniol-Tambour on Investing in a More Fragmented World By Karen Karniol-Tambour At the Milken Institute's 2026 Global Conference, Co-CIO Karen Karniol-Tambour joined a panel moderated by Stephanie Ruhle of MS NOW on the shifting macro landscape facing investors today. Karen addressed topics central to how investors should be thinking right now, including: Modern mercantilism is a structural, not cyclical, force—every country spending to close its vulnerabilities is inherently inflationary. Portfolio concentration leaves most investors overweight US equities, underweight real assets, and poorly positioned for the environment ahead. The AI capex boom is driving US growth today, with markets still largely living on the buildout phase rather than the adoption phase that follows. Geographic fragmentation is creating distinct investable ecosystems as industrial policy supports national champions, warranting exposure across regions. This content is provided by the Milken Institute and originally appeared as programming during the 2026 Milken Institute Global Conference. Please see important disclosures and other information