Michael McGowan is “pretty optimistic” into 2026 but expects growth to cool. He doesn’t think consumer resilience is a “huge surprise” and discusses how consumers have deleveraged since the 2008 housing crisis. “We’ve actually seen real positive wage growth” in the last three years as well, he adds. He thinks middle and upper-income consumers can sustain consumption despite the K-shaped economy. Michael doesn’t see a bubble in AI, though he does call the sector “frothy.”