The 2026 Morningstar Investment Conference is in the books, and with it multiple interesting panels, including one that offered up multiple stock picks for investors. Carl Kawaja of Capital Group, Conor Muldoon of Causeway Capital, and Helge Skibeli of JPMorgan sat down with Morningstar’s Adam Sabban to talk about global investing for a new world order, and several names came up.
Liberation Day
Muldoon noted that Liberation Day was a shock to the markets, which tend to overreact in the short term and underreact in the medium to long term. However, he added that these situations present opportunities for Causeway Capital Management to do deep research.
Of course, it takes a long time before the deglobalization effect due to tariffs and reshoring to show up in the data. Causeway tracks exports and imports as a share of industrial production (IP), and the firm found no real change. If anything, imports increased because of the AI boom, while global trade rose as a percentage of IP. Muldoon noted that this doesn’t mean companies aren’t planning for change, pointing to reports that Intel may partner with Apple to build chips in the U.S.
Around events like Liberation Day, Skibeli noted the need not to second-guess what political decisions will look like, describing this as a “fool’s errand.” Instead, he looks for resilient companies that can change their supply chain, move around and be agile, have real pricing power, and/ or are local in the U.S. and thus wouldn’t be impacted by tariffs.
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