Business
US Markets | Mastering the Market Cycle: Why Howard Marks’ advice matters more in 2026
In the current phase, global equities, particularly in the US, are trading at elevated valuations, while themes such as artificial intelligence and select technology leaders continue to attract heavy investor interest. At the same time, central banks are navigating the final stages of a tight monetary cycle, and geopolitical risks remain elevated.
His emphasis on calibrating risk rather than making binary bullish or bearish calls becomes especially relevant in such an environment. Instead of being fully aggressive or fully defensive, the philosophy encourages investors to gradually adjust portfolio positioning based on signals from valuations, investor behaviour, credit conditions, and market psychology.
While markets may not yet be in outright bubble territory, they are increasingly vulnerable to disappointment if growth expectations fail to match lofty prices, according to Howard Marks’ recent remarks. The strong concentration of returns in a narrow set of global technology stocks, combined with investor willingness to pay up for long-term narratives, reflects a phase of the cycle where optimism is high, even if not euphoric.
For Indian investors, this framework offers a useful perspective. Domestic equities continue to benefit from structural growth drivers such as capex, manufacturing, and consumption, but selective stock picking and valuation discipline are becoming more critical. Broad-based easy gains are harder to come by in a market where quality growth is already well priced.
Marks has also consistently highlighted the role of investor psychology in driving market swings far beyond what fundamentals alone would justify. Periods of sustained optimism tend to reduce perceived risk, leading to aggressive positioning, while corrections often create opportunities precisely when sentiment is weakest.
Cycles are shaped as much by human behaviour as by economic data is the enduring lesson. Investors who remain aware of this, trimming risk when enthusiasm is widespread and being prepared to add exposure during periods of fear, improve their odds over time.
In today’s environment, where AI optimism, global liquidity shifts, and valuation concerns intersect, Marks’ philosophy serves as a reminder that mastering the market cycle is less about bold forecasts and more about thoughtful positioning, patience, and respect for risk.
Business
PPFAS to launch 2 new passive GIFT City based outbound funds on February 23. Check key details
According to the fund house, these funds are retail funds launched by PPFAS Gift which will directly invest all monies into S&P 500 and NASDAQ 100 accumulating ETFs and UCITS. Both funds use a passive strategy, giving investors direct exposure to the S&P 500 and NASDAQ 100 indices without requiring them to open foreign brokerage accounts.
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These funds will invest 90-100% in ETFs and UCITS linked to their respective index and 0-10% in Debt Securities, Money Market Instruments & other similar instruments. The face value for these funds is US$ 100, the NAV computation is on a daily basis and purchase and redemption is on all business days.
The target investors for both these funds are – Indian resident individuals, corporates, trusts, partnership firms and other eligible investors.
There is no lock-in period or exit load applicable. The funds offer two classes of units – A and B. A is for direct and B is for regular and the minimum initial investment in both the classes of units is US$ 5000, the minimum top-up in these funds is US$ 500. The total expense ratio of the schemes in both A and B classes of units are also the same with a difference in Max TER including Investee Funds.
PPFAS informed about these new offerings on social media platform X which said “Invest beyond borders. Two global opportunities. One launch window. The NFO for Parag Parikh IFSC S&P 500 Fund of Fund and Parag Parikh IFSC Nasdaq 100 Fund of Fund is open from 23rd February to 16th March 2026. Explore international exposure through GIFT City.”According to PPFAS, these funds offer some advantages for investors on investing through these funds compared to direct investing. These advantages include: no inheritance tax implications, ease of tax compliance for investors (tax paid at the fund level), the OPI route being allowed only through a GIFT City-based pooled vehicle, optimization of involved costs (FX conversion & transaction costs), and a strong compliance and governance framework.
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Kotak Mahindra Bank is the custodian and banker, IC RegFin Legal Partners LLP is the legal advisor, SDKD & Associates LLP is the Statutory Auditor, and Apex Fincore LLP is the fund accountant.
In November 2025, PPFAS announced it had received approval to launch two new passive, GIFT City-based outbound funds.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.
as a Reliable and Trusted News SourceBusiness
Reliance Infrastructure, SpiceJet among 10 smallcap stocks that slipped up to 23% this week
After a bruising 2025 that left smallcap investors nursing deep losses, February 2026 is showing early signs of a shift. However, the recovery hasn’t been uniform, with some stocks from the pack tumbling as much as 23% this week. Even as experts point to a potential turnaround in the broader smallcap space, a handful of companies continued to face sharp corrections. Here’s the full list.
I started trading when I were 14 years old and has since always enjoyed investing in the stock market.Today,I am an investment analyst at a small investment firm in the Nordics. In my day-to-day work, I help the CEO with different tasks related to the investment profession. I conduct research on small-cap companies, including valuation analysis, financial modelling, data visualization, and writing code to solve financial problems and manage datasets. My primary geographic focus is the Nordic equity markets, particularly Sweden, where smaller companies are often under-researched and market inefficiencies can arise from limited analyst coverage. In addition, I actively follow and conduct research on the U.S. equity market, which I view as an important source of high-quality growth companies. Beyond the Nordics and the U.S., I selectively analyse global companies when fundamentals and valuation present compelling opportunities. My sector interests include industrials, technology, gaming and niche consumer brands but might also write about other topics I find interesting. I hold a Master of Science degree in Banking and Finance and I am a CFA Level I candidate. My academic background has provided a strong foundation in financial analysis, valuation, portfolio theory, and risk management, which I apply in my professional work. Professionally, I have experience conducting company analysis, financial modelling, and investment memos for internal decision-making within a long-term oriented investment framework. On Seeking Alpha, my goal is to help other investors make more informed investment decisions by sharing my own investment theses and fundamental research. By contributing independent, in-depth analysis, I aim to provide insights that investors can use to support their own decision-making and long-term financial goals.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
A key change under the amendment is the shift toward fully secured funding for brokers. Going forward, only 100% secured funding will be permitted, with limited carve-outs such as intra-day settlement timing facilities. Earlier, bank guarantees for instance of Rs 100 could be structured with Rs 50 backed by fixed deposits and the remaining Rs 50 supported through unsecured instruments such as personal or corporate guarantees. The revised framework removes this flexibility.
The amendment also introduces stricter rules for bank guarantees issued in favour of exchanges or clearing corporations. A minimum of 50% collateral will now be required, of which at least 25% must be in cash. In addition, equity shares accepted as collateral will be subject to a minimum haircut of 40%, marking a tightening of collateral valuation norms.
Another significant change relates to proprietary trading. Banks will no longer be permitted to provide funding for prop trading activities, with exceptions limited to areas such as market making and certain debt warehousing functions. Further, all exposures will now be classified as capital market exposure, meaning that banks’ overall limits for such exposures will apply, potentially affecting lending appetite.
The framework also introduces ongoing collateral monitoring and margin call provisions. Collateral cover will need to be maintained on a continuous basis, and facility agreements must include explicit clauses for margin calls in the event of shortfalls.
Overall, the amendment is expected to reduce leverage across the system and increase capital blockage for brokers. Bank guarantee costs are likely to rise under the revised structure, while promoter guarantees alone will no longer suffice as adequate support.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Form 144 D-Wave Quantum Inc. For: 14 February
Chinese robovan company Zelos Technology has bolder ambitions after striking a deal to create a $2 billion business with Alibaba’s logistics arm.
Its next step? Investing in core technology and accelerating overseas expansion as it looks to dramatically expand the size of its fleet.
Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Form 144 TRACTOR SUPPLY CO /DE/ For: 14 February
Weekly Commentary: Recalling 1991
Form 144 VERTEX PHARMACEUTICALS INC / MA For: 14 February
Rosenose is a retired healthcare professional and she has been managing her own investments for nearly 2 decades. She writes about stocks with growing dividends targeting a yield of 4+%. She is a contributing author to the investing group Macro Trading Factory where she manages the Rose’s Income Garden portfolio – a diversified portfolio with 80+ stocks from all 11 sectors which targets rising safe income and capital maintenance. The service also has the Funds Macro Portfolio managed by the Macro Teller which aims to outperform the SPY market on a risk-adjusted basis. Both portfolios are easy to follow and have a focus on quality investments, risk management, and diversification. Learn more.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of BTI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
RIG owns all 8 stocks reviewed
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Jay Manuel Opens Up About Reported Feud With ‘ANTM’ Host Tyra Banks
Friday Jan 13th, 2026. Financial news. Also, Silver is leaving CME warehouses. Update on March.
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