Investors / stance tracking
What Max Kettner is saying
FollowFollowingUnfollowChief multi-asset strategist, HSBC
13 dated public stances tracked since 2026-07-06, most recently 2026-10-26. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Max Kettner's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Max Kettner is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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13
tracked stances
7
themes
1
side flips
2026-10-26
last heard
View flips
Where the tracked view on a theme reversed between appearances — bullish to bearish or back. Dates are the episodes on each side of the turn.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| USTS | 3 | 1 bullish / 1 bearish / 1 neutral | 2026-10-26 | |
| BANKS | 1 | 1 bullish | 2026-10-19 | |
| EQUAL-WEIGHT CONSUMER DISCRETIONARY (EX-AMAZON) | 1 | 1 bearish | 2026-10-19 | |
| Japan Equities | 1 | 1 bullish | 2026-10-26 | |
| SEMIS | 1 | 1 bullish | 2026-10-05 | |
| SPX | 1 | 1 neutral | 2026-10-26 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
Hyperscaler earnings create a no-win narrative — cutting capex signals peak cycle (bad for tech), maintaining/growing capex blows out credit/death markets further, while midterm uncertainty adds another layer of unresolvable sentiment risk
“it's almost like a heads you win and tails I lose scenario for the near term”
Bloomberg TV uncut 2026-10-26 06:30 ET (30 min)
Both midterm outcomes are bond-bullish — a blue wave triggers AI-regulation narrative driving a bond rally, while gridlock implies fiscal restraint and lower term premium; bonds are the path of least resistance regardless
“the bond side of things the rate side of things is probably the easier trade to be in”
Bloomberg TV uncut 2026-10-26 06:30 ET (30 min)
2026-10-26
Japan Equities
bullish
Bloomberg TV (uncut) · uncut_tv
TOPIX has more defensive-value composition versus the Nikkei 225 which is more heavily weighted toward AI and tech names currently exposed to capex-cycle risk
“you look at things like the topics not the decay which is more AI and tech heavy”
Bloomberg TV uncut 2026-10-26 06:30 ET (30 min)
2026-10-26
UK EQUITIES
bullish
Bloomberg TV (uncut) · uncut_tv
UK market's defensive-value tilt insulates it from the AI capex narrative roulette hammering growth/tech-heavy indices, offering a lower-risk equity allocation
Bloomberg TV uncut 2026-10-26 06:30 ET (30 min)
French political instability, a 5% deficit, widening spreads beyond Italy, and lack of EU fiscal cohesion make Eurozone sovereign bonds unattractive regardless of whether they are labeled core, semi-core, or peripheral
“we almost own no Eurozone government bonds, whether bonds or peripherals or semi-core like France”
Bloomberg TV uncut 2026-10-19 06:00 ET (30 min)
2026-10-19
EQUAL-WEIGHT CONSUMER DISCRETIONARY (EX-AMAZON)
bearish
Bloomberg TV (uncut) · uncut_tv
Oil at current levels combined with a coming negative fiscal impulse as tax refunds, tariff refunds, and capex incentives fade into 2027 will slow growth and disproportionately hurt the consumer, making consumer stocks the wrong place to be
“consumer stocks are just the wrong wrong place to be here”
Bloomberg TV uncut 2026-10-19 06:00 ET (30 min)
Banks outside France have been unjustifiably punished by French contagion fears; earnings revisions in the Stoxx 600 European banks index are still rising and the ECB's 50bp of recent cuts supports net interest margins
“the banks that are outside of France — I think they've been really punished unjustifiably”
Bloomberg TV uncut 2026-10-19 06:00 ET (30 min)
Said again: 2026-10-19 (Bloomberg Surveillance)
Political uncertainty in France and insufficient fiscal risk premium mean spreads have not adequately compensated investors; team remains underweight all euro zone government bonds
Bloomberg Surveillance 10/19/2026
2026-10-05
long BANKS / short BANKS
pair
Bloomberg Surveillance · video
European banks benefit structurally from near-zero percent deposit funding versus US banks where deposit competition from money markets is intensifying and bank CEOs are warning of surprisingly weak Q3 activity
“I'd much rather have the European banks because a lot of the funding is at 0% deposits”
Bloomberg Surveillance 10/5/2026
2026-10-05
long US LARGE-CAP EQUITIES / short USTS
hedge
Bloomberg Surveillance · video
Earnings revisions are uniquely strong this cycle at 20%+ for US large caps since mid-May, justifying max overweight equities alongside max underweight bonds where yields face continued structural upward pressure from deficits and AI capex issuance
“max overweight equities, max underweight bonds”
Bloomberg Surveillance 10/5/2026
US large-cap earnings estimates are up 20%+ since mid-May driven by AI, and the semi trade works across geographies — US, Nikkei, Korea, Taiwan — because the earnings picture is uniquely strong and higher oil or rates don't dent the core AI capex cycle
“you buy semiconductors not only in the US, right? You buy them in Asia. So you can buy the Nikkei, you can buy Korea, you can buy Taiwan”
Bloomberg Surveillance 10/5/2026
Said again: 2026-10-19 (Bloomberg TV (uncut)), 2026-10-19 (Bloomberg Surveillance)
2026-09-30
long Big Tech / short Small Caps
pair
Bloomberg Open Interest · video
Russell 2000's ~45% floating-rate debt load makes it the most front-end rate-sensitive equity index, while Nasdaq is supported by record earnings upgrades; as long as the front end stays elevated, this pair remains attractive
“you want to be long Nasdaq, you want to be long -- and short the small caps”
Open Interest 9/30/2026
2026-07-06
long HYPERSCALERS (CLOUD/AI MEGACAPS) / short SOX
pair
Bloomberg Television · video
Hyperscalers offer better risk/reward after their drawdown reset expectations to a much lower base, while semiconductor stocks are set to correct as the market's natural governing dynamic rotates back toward the infrastructure layer
“I expect the hyperscalers now to stabilize. And the semiconductor stocks are going to correct.”
SK Hynix Moves to Capitalize on Memory Chip Demand | Bloomberg Businessweek Daily 7/6/2026
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