🌍 **PIMCO: 'Rupture and Resilience' — 2026 Secular Outlook**
PIMCO's 2026 Secular Outlook says the world has moved from gradual fragmentation to active geopolitical and economic "rupture," pointing to a potential $14 trillion in AI, defense, and energy-security capital spending over five years alongside a rising credit-loss cycle in lower-quality debt. The firm sees high-quality global fixed income yielding 5%-7% as newly competitive with long-run equity returns at lower volatility.

**Why it matters:** The outlook favors building resilient portfolios around high-quality, globally diversified bonds and asset-based finance rather than reaching for yield in leveraged private credit, where PIMCO expects losses to keep rising.
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