---
title: What We’re Watching That Most Investors Aren't
description: The Daily Upside recently pulled together a group of advisors and portfolio managers to share their read on the first half of 2026 and what they're positioning for heading into the second half.
image: https://sollindawealth.com/hubfs/Blog%201%20-%201440x720%20(1)-2.png
---

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 2026 Jul 6

# What We’re Watching That Most Investors Aren't

[The Daily Upside](https://www.thedailyupside.com/advisor/industry-news/hawkish-hold-in-interest-rates-iran-turmoil-prompt-advisors-to-rethink-second-half-of-2026/) recently pulled together a group of advisors and portfolio managers to share their read on the first half of 2026 and what they're positioning for heading into the second half. The responses ranged from geopolitical risk to Fed policy to AI bubble concerns. Justin Greenhill, co-founder and CIO of Sollinda Capital Management, took a different angle.

His answers were less focused on the headlines and more focused on a structural shift that tends to get overlooked when markets are performing well.

## **The Equity Supply Story**

Most of the H2 commentary centered on familiar themes like sticky inflation, rate uncertainty, geopolitical disruption. JG’s responses kept coming back to something quieter: the change in equity supply dynamics.

For years, share buybacks reduced the pool of available shares in the market. That was a tailwind for equity prices. It's now reversing. Mega-cap companies are issuing equity and spending aggressively on AI capital expenditures, and free cash flow is starting to feel the pressure. JG's view is that clients holding passive, mega-cap-heavy portfolios may not fully appreciate how that shift changes the math.

"Rising equity supply and mounting pressure on mega-cap free cash flow, while AI capital expenditures continue to surge, are risks clients aren't paying enough attention to right now," he noted in his submission to the piece.

Here at Sollinda, we’ve been positioning to reduce concentration risk in that part of the market.

## **Fixed income: Short-duration, Watching Closely**

On the fixed income side, JG was direct about where Sollinda stands. We’re currently running short-duration. Long-duration bond yields are sitting just below multi-year highs, and a break above that level could create volatility across asset classes. At the same time, if rates start trending lower, long-duration bonds are likely underowned, which creates an opportunity in the other direction.

The positioning isn't a rate prediction. It's a response to asymmetric risk at a specific point on the yield curve, with a stated willingness to act quickly as the dynamic shifts.

## **The Recency Bias Problem**

Perhaps the most useful observation in JG’s responses had nothing to do with a specific asset class. When asked how client conversations have shifted since January, he pointed to FOMO driven by recency bias. Several strong years in equities have made passive concentration feel like a sound strategy. His concern is that clients are anchoring to recent performance rather than thinking about how their portfolios would actually behave if conditions changed.

"True diversification isn't just about what's in a portfolio, but also how a portfolio behaves when markets move," he said. Sollinda's approach is to build strategies matched to how clients actually respond under pressure, not just the risk tolerance number they selected on an intake form.

That framing is a useful counterpoint to some of the more reactive commentary elsewhere in the piece. Where others were describing how they're adjusting to current headlines, JG was describing a framework built to anticipate them.

Click here to take a look at the feature article “‘[Hawkish Hold’ in Interest Rates, Iran Turmoil Prompt Advisors to Rethink Second Half of 2026](https://www.thedailyupside.com/advisor/industry-news/hawkish-hold-in-interest-rates-iran-turmoil-prompt-advisors-to-rethink-second-half-of-2026/)”.

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