2026 has tested investors, workers, and households on multiple fronts.
Geopolitical tensions, tariff risks, higher energy prices, delayed rate cuts, broken supply chains and AI-led disruption have created a strange split: markets may look resilient, especially with AI-linked stocks climbing, while ordinary consumers still face higher costs, volatile prices, and rising job uncertainty.
Former U.S. Fed Chair Janet Yellen framed this as a succession of supply shocks that have made inflation harder to tame.
Add rising sovereign debt, pressure on central bank independence and a more fragmented world order, and it is easy to see why many people feel paralysed.
So what should we do with our money in times like these?
Our key takeaway from the Amundi World Investment Forum 2026: uncertainty is not a reason to freeze. It is a reason to become more deliberate.
Let’s break this down further:
In uncertain times, many people instinctively hold more cash. It feels safe. It feels liquid. It feels like control.
But cash has a hidden cost. When inflation stays elevated, cash does not simply sit still. Its purchasing power can quietly decline.
Gerry Mallon, CEO of True Potential, made the point sharply: “I don’t see any warnings on savings products stating that your savings will be guaranteed to be eroded by inflation over time.”
That is not to say everyone should rush into risky assets.
Emergency savings still matter. Cash still has a role. But holding too much cash for too long can become a different kind of risk, especially for people planning for retirement, housing, children’s education or financial independence.
The goal is not to abandon cash. The goal is to give every dollar a job: emergency buffer, near-term spending or long-term growth.
A common investing mistake is to begin with the product: this ETF, that stock, this theme, that market.
But John O’Toole, Head of Multi-Asset Fund Solutions at Amundi, framed the challenge differently. The industry needs “clear goal framing” and should present investing as “an investment in your future self rather than some sort of sacrifice today”.
That is a useful reframe for retail investors. Instead of asking, “What should I buy now?” ask: “What is this money for?”
If it is for a home in three years, the strategy should look different from money meant for retirement in 30 years. If it is for income, it should not be managed in the same way as money meant for long-term growth. If your job is exposed to AI disruption, your emergency fund and investment risk may need to reflect that.
The point is to move from chasing exposure to building outcomes.
“Diversify” is one of the most repeated words in investing. But in a world where US tech has dominated market returns, diversification is not as simple as buying everything and assuming you are protected.
Florian Neto, Head of Investments for Asia at Amundi, put it well: “You need to be diversified, but then you cannot just allocate everywhere because it will not make a lot of sense.”
For Asian and Singapore-based investors, this is especially relevant. Many global portfolios have become heavily exposed to the US market, the US dollar and a small group of technology companies.
That concentration has worked well for many years, but as one line from the forum put it: “dominance doesn’t mean invulnerability.”
This does not mean abandoning the US market. It means recognising concentration risk.
Investors may need to look at different regions, sectors, currencies and asset classes. Some discussions pointed to opportunities in Asia’s technology supply chain, Japanese banks, defence and longevity-related industries, domestic consumption and other areas that may behave differently from the AI-heavy parts of the market.
Diversification should not be decoration. It should reduce the chance that one narrative controls your entire financial future.
AI is clearly one of the defining investment themes of this era. But the forum also offered a more measured way to think about it.
Amundi’s Head of Equity Platform, Barry Glavin, noted that AI is a global value chain. US companies may dominate AI chip design and cloud services, but Taiwanese, Korean, European and other Asian companies also play critical roles in production, memory, energy management, cooling and cabling.
In other words, AI investing is not just about buying the loudest names.
The more important questions are: who has sustainable earnings power? Who benefits from AI adoption without being overhyped? Who is spending capital wisely? What price are you paying? And who are the “picks and shovels” of the ecosystem?
He also highlighted the need for investors to stay disciplined when valuations become stretched:
“The example we had this week, of the largest IPO in history being four times oversubscribed and valued at 90 times revenue, suggests to us that investors are going to have to work very hard on staying disciplined as we work through the next phase of these companies coming to the market.
“So this is not to say that we’re not bullish on AI. We are… but we’re also looking to avoid companies that are potentially misallocating capital on a massive scale. We’re looking to avoid companies that are over-earning, where the normalisation of earnings could lead to capital loss for shareholders. And we’re looking to avoid companies with unproven business models.”
The lesson: AI may be real, but not every AI price is reasonable.
When markets are uncertain, emotions become expensive. Fear keeps people in cash. FOMO pushes them into crowded trades. Headlines make people buy and sell at the wrong time.
That is why systematic investing matters. Benoit Sorel, Head of ETF and Indexing at Amundi, highlighted the idea of investing monthly from salary, whether it is 20 euros, 200 euros or 2,000 euros, as a way to build resilient portfolios.
This is not glamorous, but it works because it turns investing into a habit. It reduces the pressure of guessing the perfect entry point. It also makes inertia your ally instead of your enemy.
For Singaporeans, this can apply through regular investment plans, CPFIS-eligible products where suitable, SRS contributions, ETFs or other diversified portfolios aligned with your goals and risk profile.
The final takeaway is that uncertainty is not only about markets. It is about life.
AI may affect your job. Tariffs may affect your company. War may affect inflation. Currency movements may affect overseas investments. Longevity may affect how long your money needs to last.
This means your financial plan must be wider than your investment portfolio. It should include cash buffers, insurance, income resilience, skills upgrading, diversified investments and a clear retirement strategy.
At the close of the forum, Nicolas Calcoen, Deputy CEO of Amundi, summed up the mood: “It is not time to be complacent, but to act.”
Acting does not mean chasing the market’s loudest story. It means being deliberate.
Look at where your portfolio is concentrated. Ask whether too much of your wealth depends on US markets or a small group of AI-linked stocks. Explore opportunities in other developed and developing markets, but with patience and discipline.
Because in uncertain times, the question is not just “what could grow?” It is also “what is already priced for perfection?” If expectations are too high, even good companies can disappoint investors.
Good investing is about balancing conviction with humility. Know what you own, know what you are paying, and build a portfolio that can survive even when the story changes.
Uncertainty is unavoidable. Complacency is optional.
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