Representative appearances

• US Stocks Rise as Oil Gains on Maduro Ouster | The Close 1/5/2026

  Co-Chief Investment Officer and Group President at Envestnet Solutions, discussing market allocation and AI.

• Bloomberg Surveillance TV: December 30th, 2025 | Bloomberg Surveillance

  Guest from Envestnet discussing portfolio diversification, small caps, and alternative assets.

• Bloomberg Surveillance 12/30/2025

  Envestnet Co-CIO discussing market diversification and the 'Santa Rally'.

• Bloomberg Surveillance TV: December 3rd, 2025 | Bloomberg Surveillance

  Dana Diora of Investnet Solutions writing, "The current bout of market difficulty doesn't precage a bare market. It's better to see wild buying tamed now than to witness a major bubble develop. Dana joins us now for more. Dana, thank you so much for being with us. This to me really is the question. Is this a healthy sell off or is this a sign especially with what we're seeing for example coming out of Oracle CDS a sign that there really are some significant worries that are developing? Well, I think there have always been significant worries. I think the market has you know kind of plowed ahead throughout the course of the year in spite of what we all know one of the major headwinds of course being just valuations being so high. Another major headwind being that it's a pretty narrow story that's kind of driving all of this, right? It's this AI story. And narrow in only in the sense that we don't know yet when AI is going to pay off. We don't really know yet other than paying off for the NVIDIA of the world and and kind of the producers, if you will, but when will it actually pay off for the rest of the economy? And so, you know, transformative technologies that of course are good bets in a long-term sense don't necessarily pay off in the short term at all. And it's really hard to see how that's going to disperse throughout the economy. So all being said, I think the market has kind of gone through all of that and and pushed hard ahead throughout the course of the year in spite of some of these existing concerns. And so yes, to see a little bit of a pullback to see some consideration around hey there's a lot of concentration here. Uh this whole capex AI uh you know cycle is is sort of a little bit uh and you know maybe we should back off a little I think is normal and you know kind of to be expected and maybe probably even a little under what it could be. So Dana, going forward, what's going to get people to reverse that skepticism to actually come in and buy again even though valuations, yes, they've come off, still are pretty elevated. Well, certainly you've got the Fed rate cut. I mean, I think everybody, you know, what you're seeing even in the markets now, a little bit of, you know, tepid kind of uh recovery a little is is based on that, right? It's based on the bad news is good news kind of storyline where we're still going to see some softness in employment. that softness in employment will be enough that the Fed will actually cut rates in December as expected. I my my view h is and has been that they will cut uh regardless of kind of some of the rhetoric and ups and downs that we've seen in the futures market. I think a cut is coming. I think there's enough concern about the soft patch in the economy that they they will do that. Um I I think some of what they've said is an assertion of independence and you know don't get ahead of yourselves kind of thing, but at the end of the day they will cut. And so I think that will be good and I think it will be good for areas of the market that we want to see you know kind of do better such as small caps you know more interest rate sensitive areas of the market uh where if you want breath in the market which we do right we want to get beyond this large cap techonly type of a trade we want to see those areas of the market that maybe are more reliant on capital markets be able to come back more so you know I think a fed rate cut is the right thing and I think we'll get it and I think that what that is what the market is seeing right now is a cut in December enough though for that broadening out you're talking about or is the Fed going to have to continue this into 2026? Yeah. Know, I do think you're right. I think the cut in December, of course, will make everyone happy. Uh perhaps we'll have our Santa Claus rally. Uh but you're but you're absolutely right. I think we will need to continue to see at least some cutting in uh the new year. I also think though, you know, 2026, I don't have a negative outlook, right? I mean, as we go into the next year, I think we I think we do um have a situation where you've got stimulus coming. Uh you still do have what I think is a good storyline around AI and capex. I don't think it's going anywhere. I mean, look at the bond markets and the interest that these companies have in um you know, uh getting credit for for some of these purchases. There's credit a wash for their for their needs. And so, I think there's a lot still there. I don't think we're we're ready to sort of back off on where the market can be in in 2026, but I think we just want to see more breath. We're going to get ADP report today. We're going to get PCs very stale on Friday. We're not getting jobs data from the US government until after the Fed meets. Does it unnerve you that we're going into the end of the year with really a fog out of the data story? For sure. And I think it unnerves the Fed and I think that's why you're seeing such push back. Uh we have and really what's going on with the Fed that's super interesting of course is that you're getting a lot of different types of uh feedback. You know that you're not seeing sort of this monolith in how they talk about things. Uh different Fed governors have very different viewpoints. And I and it tells you something, right? It tells you they're not kidding when they say they're very Fed or excuse me, they're very data dependent. The Fed is very data dependent. and they look to that data and they really make their decisions and they try to make the decisions not withstanding all the politics surrounding it. I I really do try think they try to make those decisions as dispassionately as they can. And so when the data is missing, which to your point it very much is and and has been now for a bit. It makes it harder for them to do their jobs. It makes it harder for them to feel confident because of course what happens right if we do lower rates too quickly and there is a rebound in inflation. I mean, nothing would sort of be a worse occurrence. I think for this Fed in particular, given the 9% inflation that we got to a couple years ago for the Fed to let inflation rebound in any kind of big way would be a huge fail. And so I don't I think it's real the concerns and consideration. Like I say, net net I think we will get it. But I do think it's problematic to not have the data to support what you're trying to do. I mean, you're running an entire economy here, right? running interest rates and monetary policy for uh you know just the the benefit not only of people in the stock market but of everybody sort of living with affordability issues and everything else that we've been talking about. So 100% not having data is a serious issue. Stay with us. More Bloomberg surveillance coming up after this.