Bubbles, What Bubbles? – US-Based Pitcairn Dissects Markets, Economy

Charles Paikert

31 October 2025

(An earlier version of this article was published in Family Wealth Report, sister news service to this one. The topics are global in nature, so we hope readers find this content of value.)

Optimism on the long-term prospects of the public – and private – markets was the order of the day at the annual media briefing of are idiosyncratic and not endemic,” Sonnenberg said.

K-shaped concerns
No markets are without risks, of course and, in an interview with Family Wealth Report after the briefing, Sonnenberg expressed concern about the so-called “K-shaped” economy, where the top 10 per cent of consumers account for more than half of consumption.

“We’re in a new world where the stock market now leads the economy rather than the other way around,” he said, and a market decline of more than 20 per cent could result in lower spending and a damaged economy.

Overall, however, Sonnenberg described a positive environment for risk markets for multi-generational families investing for the long term. “We tell our clients that at any point in time you can expect a 5 per cent to 13 per cent correction,” he said. “But that doesn’t change the trend.”