After a year dominated by tariffs, delayed rate cuts, AI exuberance, and persistent macro uncertainty, 2025 delivered one clear verdict: despite violent swings, markets rewarded conviction and discipline. The S&P 500 ended the year up roughly 17%, gold surged more than 60%, and fears surrounding trade wars ultimately failed to derail risk assets. Against that backdrop, a handful of forecasters distinguished themselves by cutting through the noise—often going against consensus—and their calls now carry added weight heading into 2026.

S&P 500 Bulls Who Stayed the Course

Few strategists captured the equity market’s resilience as accurately as Manish Kabra of Société Générale. Entering 2025 with a target near 6,750, Kabra argued that deregulation, fiscal expansion, and re-industrialization would underpin U.S. growth even amid trade disruptions. With the index finishing close to 6,900, his thesis proved well-timed.

Looking to 2026, Kabra sees the S&P 500 pushing toward 7,300, with cyclical sectors such as industrials, financials, and consumer discretionary positioned to benefit from continued domestic investment and policy support. His core message remains unchanged: global capital should continue to favor U.S. assets tied to structural re-shoring trends.

Similarly, Nicholas Colas of DataTrek Research entered 2025 confident that the U.S. economy would avoid recession. His nearly spot-on 6,840 target reflected a belief in labor-market durability and consumer balance-sheet strength. For 2026, Colas has highlighted materials, utilities, and real estate as potential outperformers in a maturing cycle.

Calling the Tariff-Induced Market Bottom

When President Donald Trump’s “Liberation Day” tariffs sent markets spiraling in April, panic dominated trading desks. The S&P 500 fell double digits in days, and recession fears resurfaced. Yet a select few identified the selloff as capitulation rather than the start of a deeper bear market.

Among them was Jeffrey Gundlach of DoubleLine Capital, who urged investors to stay patient as sentiment collapsed. Gundlach argued that the shock was already priced in and that policy uncertainty, not economic collapse, was driving the move. The subsequent rebound validated that call as equities recovered sharply into year-end.

Gold’s Breakout and the Case for Real Assets

Gundlach also stood out for his conviction on gold. Early in the year, he forecast prices surpassing $4,000 an ounce, citing debt accumulation, currency debasement fears, and geopolitical stress. With gold rising more than 60% in 2025, the trade became one of the defining macro successes of the year.

For 2026, Gundlach advocates a diversified stance: meaningful exposure to bonds, international equities, and real assets such as gold, alongside elevated cash allocations. The recommendation reflects a belief that volatility will persist as governments grapple with debt sustainability and shifting global capital flows.

What These Calls Signal for 2026

Taken together, the Oracles of Wall Street highlight a market entering 2026 with optimism tempered by realism. Equities remain supported by earnings growth and policy tailwinds, but concentration risk, AI-driven capital spending, and geopolitical uncertainty demand diversification. Gold’s rise underscores lingering unease about fiat stability, while the appetite for selective international exposure reflects gradual de-globalization rather than a full retreat from risk.

For investors, the lesson from 2025 is not about predicting every shock—but about identifying durable trends and resisting emotional reactions when volatility spikes.