Views from 6,230: Tema ETFs’ Paisley Nardini
Host Ryan Nauman welcomes Paisley Nardini, head of investment strategy at Tema ETFs, to discuss how calm index-level markets are masking narrow leadership, rising dispersion, shifting rate expectations and concentration risk in both equity and bond indexes.
Nardini explains her multi-asset background and why today’s macro regime and stock-level volatility may create a more favorable backdrop for active management. They cover 2026’s “whiplash” move from expected rate cuts to hikes, subdued VIX versus spiking bond volatility, resilient earnings, and why investors often overemphasize midterms despite historically positive fourth-quarter seasonality.
Nardini outlines where AI spending is expanding beyond semiconductors into infrastructure, power, data centers, networking and healthcare, and emphasizes “prudent participation,” intentional diversification and rethinking passive exposure that may no longer deliver true diversification.
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00:00 Welcome and Setup
01:56 Meet Paisley and Tema
04:46 Why Thematic Active
09:01 2026 Macro Whiplash
14:03 Consumer Resilience Puzzle
18:02 Midterms Market Impact
22:37 Credit Spreads and Bonds
30:06 Index Concentration Risk
34:44 Calm Index Hidden Dispersion
37:08 Next Wave AI Spending
42:15 Advisor Portfolio Playbook
46:12 Wrap Up and Resources
