If you’ve been following the financial headlines lately, you’ve probably heard the word “stagflation” more than once. It’s a term that means something very specific—and something most investors haven’t had to seriously contend with for four decades. In our Q2 2026 Quarterly Market Report webinar, BIP Wealth’s Chief Investment Officer, Eric Cramer, CFP®, CFA®, walked through what happened in markets during the first quarter, where he thinks inflation and economic growth are headed, and why now is exactly the right time to stay disciplined.
Here’s a summary of Eric’s main talking points for this quarter. You can also watch the full recording of the webinar below.
What happened in 2025 is turning out to be the template for what’s happening in 2026. High valuations with these top 10 stocks, big sell-off in the first quarter, and then a rally to begin to bring most of these back.
Source: Morningstar, Worldperatio.com. PE Data as of 12/31/2025, Returns as of 3/31/2026. For illustrative purposes only. Past performance is not a guarantee of future results.
If you followed our Annual Market Report earlier this year, this story will feel familiar. The top 10 U.S. stocks—companies like Apple, Microsoft, NVIDIA, and Meta—now represent roughly 40% of the total U.S. market. They entered 2026 with elevated valuations, and in Q1 they paid for it: nearly every name on that list posted significant negative returns, some by double digits.
The good news? Just like in 2025, these stocks have largely started to recover as Q2 has unfolded. The pattern is holding: high valuations, a Q1 selloff, then a rebound. That doesn’t mean Eric is comfortable with those valuations, it just means staying diversified and staying invested has, once again, been the right call.
For the broader market, the MSCI ACWI IMI Global Equity Net Index was down 2.75% in Q1. Fixed income was essentially flat. If you’re diversified across asset classes and geographies, you likely weathered the quarter without much drama.
Source: Russell/MSCI. For illustrative purposes only. Past performance is not a guarantee of future results. Indices are not available for direct investment.
This quarter confirmed a trend we’ve been tracking for several quarters now: the U.S. has not been the best place to invest. That’s not a permanent indictment—we still maintain a modest U.S. overweight, as most advisors do—but the data keeps pointing in the same direction.
Within the U.S., value outperformed growth and small caps outperformed large caps. These are results broadly consistent with what long-term historical data would predict. Small Value returned +4.96% for the quarter while Large Growth fell -9.78%. This is exactly what we’d expect when the high-flying, high-valuation names run out of momentum.
Overseas, the story was similar. International developed markets declined modestly in USD terms but still outperformed the U.S. Emerging markets, despite posting slightly negative Q1 returns, and have had a standout trailing year. As mentioned in a previous blog from Eric, Emerging markets have quietly continued to lead the recovery in Q2 so far.
Source: Federal Reserve. For illustrative purposes only.
One thing Eric pointed out that doesn’t always get attention: the yield curve is looking reasonably normal right now. Short-term rates are lower than long-term rates, which is exactly how it’s supposed to work. When we see severe distortions on the short end of the curve, it usually signals the Fed is either too aggressive or too loose. Right now, the market seems to believe the Fed’s posture is appropriate.
That said, rates did tick up across most maturities during the quarter: the 10-Year Treasury yield moved to 4.30%, and the 30-Year to 4.88%. For clients near or in retirement who rely on fixed income, the one-year return on the Bloomberg U.S. Aggregate of 4.35% is reasonable. But to be clear, over a 10- or 20-year horizon, the real risk is being too conservative. Equities have historically delivered meaningful premiums over fixed income over long periods, and that relationship held again over every multi-year period shown in our blended benchmark data.
This is the big question. Eric doesn’t know the answer yet, and he’s not convinced anyone else does either. But it’s important to understand what we’re watching and why it matters.
Stagflation occurs when economic growth slows at the same time inflation rises. It’s a particularly painful combination because the normal policy tools work against each other—cutting rates to spur growth can make inflation worse; raising rates to fight inflation can suppress growth further. We saw it in the 1970s and early 1980s, and it was rough.
Here’s what concerns Eric right now:
Economic growth may be softening. The Atlanta Fed’s GDPNow model was forecasting just 1.24% real GDP growth for Q1 as of late April (though that number has since climbed back toward 3.5%, a reminder of how volatile real-time forecasts are). Reliable GDP data is always a year behind by the time it’s been revised; we’re navigating with incomplete maps.
Source: Federal Reserve Bank of Atlanta. For illustrative purposes only.
Inflation may be picking up. CPI data has become less reliable than it used to be: survey response rates are down, and some government data collection has been underfunded. But the trajectory appears to be moving higher. If we look at the historical record going back to 1970, virtually every major inflation spike has been followed by a recession. The one exception in recent memory was post-COVID, and we were right at the time to say we didn’t think a recession was coming. We were right then. Whether that holds again is less certain.
“If you start to see inflation spike in the near term, most of the time that means we’re going to have a recession. So we’re certainly watching out for it.”
Source: Federal Reserve Bank of Atlanta; U.S. Bureau of Labor Statistics via FRED®. Shaded areas indicate recessions.
Source: Bloomberg Commodity Total Return Index. For illustrative purposes only. Past performance is not a guarantee of future results.
The Bloomberg Commodity Total Return Index returned +24.41% in Q1 2026. That number alone should get your attention. Energy led the way with Low Sulphur Gas Oil and Heating Oil each roughly doubled in the quarter. Crude oil was not far behind.
One nuance worth calling out: the spot price of oil and the futures price are not the same thing, and much of what gets reported in financial media reflects futures prices. At the beginning of April, the Europe Brent spot price hit around $127 per barrel—roughly $30 higher than futures at the time. Some refineries around the world were paying $150–175 per barrel in isolated transactions on the spot market. That difference matters; it’s what actually hits consumers and businesses in the short term.
Add to that the fact that the Strait of Hormuz disruptions continue to affect supply chains, and you have a recipe for continued inflationary pressure in the quarters ahead.
One of our four key themes for 2026 is “Shifting Global Trade Power,” and Q1 gave us more evidence that this trend is accelerating.
Sources: Reuters, Baker Institute.
Three significant trade agreements—the EU-India Free Trade Agreement, the revised EU-Mercosur Agreement, and the in-progress EU-CPTPP Digital Trade Initiative—are all designed to chart a course that doesn’t depend on U.S. participation. I remember watching something similar happen after COVID, when global companies scrambled to reduce their reliance on Chinese supply chains. What we’re seeing now is a version of that, but applied to U.S. economic policy uncertainty.
All parties are making moves to protect what they perceive is in their own best interests. And the net effect of that could be that the United States is just becoming more and more isolated.
“This isn’t necessarily a catastrophe. But it does mean the environment is changing, and investors should expect the data to look different going forward: more volatility in the dollar, more pressure on trade-sensitive sectors, and potentially lower long-run U.S. growth relative to international markets.”
Source: Dimensional Fund Advisors. Past performance is not a guarantee of future results. Index is not available for direct investment.
Eric closed with something worth repeating: current events always feel unsettling when you’re living through them. The Arab oil embargo. Black Monday. 9/11. The Global Financial Crisis. COVID. In every one of those moments, there were credible arguments for why this time was different, why capitalism was broken, why markets would never recover.
They were wrong. Every time.
“Sometimes it’s like standing on the edge of a cliff, waiting for a gust of wind that might blow you over. That’s kind of a normal thing. But democracy, capitalism, property rights, rule of law, and just the innovative spirit of millions of human beings will cause us to be rewarded for our faith in the stock market in the long run.”
We may or may not see stagflation materialize in the quarters ahead. But the conditions worth watching are real, and the right response isn’t to react to every headline. It’s to stay diversified, keep your financial plan current, and make sure your allocation reflects your actual time horizon. If you have questions about how any of this applies to your situation, reach out to us to connect with a BIP Personal Wealth advisor.
This publication contains general investing information that is not suitable for everyone and is subject to change without notice. Past performance is no guarantee of future results and there is no guarantee that any views and opinions expressed will come to pass. Any reference to market or index performance is for informational and illustrative purposes only and does not reflect the deduction of fees and does not represent actual portfolios. The information contained herein should not be construed as personalized investment advice, tax advice, or financial planning advice, and should not be considered a solicitation to buy or sell any security. Investing in the stock market and the bond market involves gains and losses and may not be suitable for all investors.
BIP Wealth, LLC is a registered investment adviser. Registration does not imply a certain level of skill or training. Additional information about BIP Wealth is available on the SEC’s website at www.adviserinfo.sec.gov.
BIP Wealth, a Registered Investment Advisor (RIA) headquartered in Atlanta with over $5.5B in assets under management has partnered with Constellation Wealth Capital (CWC) to receive a strategic investment to support BIP’s continued growth. Recently named to Financial-Planning.com’s 2025 Top 150 RIA Fee-only Firms List, as well as the top 3 on the Atlanta Business Chronicle’s 2025 Best Places to Work List for medium-sized companies, BIP Wealth focuses on holistic wealth management and sophisticated planning solutions for high-net-worth individuals and families, institutional clients, and corporate retirement plans. CWC is a partner to growing wealth management firms and known for its flexible, long-term, minority investments. CWC’s deep advisory focus supports the partner firm’s management team scale effectively, while preserving independence.
CWC’s investment builds upon BIP Wealth’s foundational excellence in client service and advisor support. BIP gained $725M in new organic assets under management in 2025 and expects to exceed that benchmark in 2026, in part supported by CWC’s strategic advisory efforts. Additionally, CWC’s investment will provide BIP with capital to further partner with successful wealth management firms and broaden BIP’s impact in the Southeast and beyond.
“We want to offer our client-first, servant leadership model to other firms looking for a solution. Whether a founder is looking for help with their succession plan or wanting to fuel their next stage of growth, we want to partner with like-minded people,” shared Bill Harris, CFP®, Co-Founder & CEO of BIP Wealth. “This partnership with CWC will open new doors of growth in our business that will benefit our clients and our entire team. We have a lot to offer with our deep expertise in private investments and advanced planning capabilities with Estate Planning and Tax Professionals on our team. I’m excited about the future of where BIP Wealth is headed as we continue to grow.”
Announced in 2024, BIP’s acquisition strategy complements its strong organic growth by partnering with culturally-aligned, service-first firms and founders. With more than $1.2B of assets under management added via two new partnerships—The Money Advisor Group in 2024 and Prehmus Financial in 2025—BIP expects CWC’s investment will accelerate its inorganic growth pipeline. Chase Corporate Advisory’s Jeff Singh represented BIP Wealth throughout the process to determine the best capital partner on a go-forward basis and made the initial introduction between BIP and CWC.
“At the end of the day, we want to partner with people who value what we do. We’re looking for people who are fiduciaries first and respect our values,” reiterated Bill Harris. “Our unique investment platform empowers advisors who want flexibility in the portfolio management and planning process. I want to extend our value proposition to advisors not just in the Southeast, but to select other centers of innovation around the country.”
One thing that’s clear is that BIP will continue to be highly selective, yet competitive, as they pursue firms to partner with who share a similar cultural alignment. BIP wants to be the partner of choice for RIAs looking to accelerate growth and expand solutions for clients, while being part of a collaborative culture.
“When we look for qualities in a firm to partner with, the BIP Wealth team checked all the boxes,” expressed Karl Heckenberg, President & Managing Partner of Constellation Wealth Capital. “It’s important to us to partner with people who value partnership and client service. Seeing their impressive organic growth and dedication to clients, we knew we wanted to link arms and help support the growth of the BIP Wealth platform in the future.”
BIP Wealth maintains 5 offices: Atlanta, Alpharetta, Columbus, and Peachtree Corners, GA, and Nashville, TN, while serving clients across the country.
Check out our official Press Release on PR Newswire here.
Prehmus Financial Partners, a wealth management firm specializing in investment management and financial planning, has entered into an agreement to be acquired by Atlanta-based RIA BIP Wealth through a blended cash and equity deal. Through this strategic acquisition, Prehmus Financial clients and future investors will gain expanded access to BIP’s wealth management platform, advanced planning capabilities, and client technology suite. The acquisition increases BIP Wealth’s assets under management to more than $5 billion.
Recently named among SmartAsset.com’s Top 10 RIA Firms in Atlanta and ranked in the Top 3 on the Atlanta Business Chronicle’s 2025 Best Places to Work list for medium-sized companies, BIP Wealth provides investment management and sophisticated planning solutions for high-net-worth individuals and families, institutional clients, and corporate retirement plans.
Prehmus Financial was founded in 1995 by Warren Prehmus with a mission to give clients financial peace of mind by protecting and growing their wealth and organizing their financial lives. The partnership between Prehmus Financial and BIP Wealth strategically unites two firms that share a people-first approach and a deep commitment to client service and community involvement.
“From the first conversation with BIP, our focus has been on how this new partnership will benefit our clients and team members,” said Warren Prehmus. “BIP’s client-first approach aligns perfectly with our values and priorities while expanding our operational capacity.”
“Our clients have been, and always will be, our top priority. The responsibility they entrust to us is critical, and we take that very seriously. This integration with the BIP Wealth team has tremendous potential to add value. While we are in the early stages of determining how to maximize the integration, it’s been very exciting to discuss the future together,” commented Prehmus Financial’s Chief Investment Officer, Chad Edwards. “That being said, BIP Wealth has empowered us to continue to prioritize thoughtfulness and care for our clients over speed during this transition and we are grateful for that. It is an exciting time to be at both BIP Wealth and Prehmus Financial.”
The partnership between Prehmus Financial and BIP Wealth represents a unique opportunity for team members on both sides to build on their pre-existing capabilities. Prehmus Financial team members will gain access to additional planning capabilities and resources, along with a client acquisition and service model that has produced significant client growth and retention. For BIP Wealth, the acquisition continues a growth strategy centered on building value by partnering with well established and highly respected firms.
“The partnership with Prehmus Financial accelerates BIP’s strategic expansion and extends our value proposition as we partner with great people who share our values,” said Bill Harris, CEO of BIP Wealth. “The Prehmus Financial team brings a shared commitment to excellence and lifetime service to their clients. We are excited to welcome them to the BIP family.”
The acquisition of Prehmus Financial, which closed on September 30, 2025, increases BIP’s assets under management (AUM) to more than $5 billion. The entire Prehmus Financial team will join BIP Wealth through the transition. For other advisors or RIAs interested in partnering with BIP Wealth, please reach out to BIP at bipwealth.com/partner-with-us/.
BIP Wealth maintains offices in Atlanta, Alpharetta, Columbus, and now Peachtree Corners, Georgia, as well as Nashville, Tennessee, and serves clients across the country.
About BIP Wealth
BIP Wealth is a leading registered investment advisory (RIA) firm with more than $5B in investment assets under management for its clients, which include high-net-worth individuals and families. BIP Wealth combines precise financial science and industry expertise, offering tailored advisory services and ongoing communication. BIP Wealth gives accredited investors curated direct access to private equity, venture capital, and private credit. There is a focus on technology innovation, as well as a deep commitment to openness and transparency. Founded in 2007, BIP Wealth operates in Atlanta, Alpharetta, Columbus, and now Peachtree Corners, Georgia; and Nashville, Tennessee. Find more information about BIP Wealth at bipwealth.com/.
About Prehmus Financial
Prehmus Financial is a wealth management firm with more than $900M in assets under management (AUM) which specializes in investment management and financial planning. Established in 1995 by Warren Prehmus, the firm added Partners Chad Edwards, Scott Levy, and Drew Prehmus over a decade ago. They will continue to serve families and small businesses across the country. Find more information about Prehmus Financial at bipwealth.com/prehmus.
We are thrilled to announce that for the third year in a row, BIP Wealth has been recognized by the Atlanta Business Chronicle as one of Atlanta’s Best Places to Work, marking another milestone in our commitment to excellence. This year, we proudly rank #1 for Medium-sized companies, standing alongside other esteemed honorees such as Peachtree Planning Group, Snellings Walters Insurance Agency, and CA South, LLC. This recognition is particularly meaningful as it reflects the trust and satisfaction of our most valuable asset—our employees.
For our team, this accolade is not just about having a great workplace—it’s about the culture we’ve cultivated along the way. Human connection is at the core of our philosophy, both in our client work and within our team. We believe that when our employees feel valued, heard, and supported, they are empowered to deliver exceptional service to our clients.
“We’re honored that BIP Wealth has been recognized for the 3rd year in a row by the Atlanta Business Chronicle as one of the best places to work and this year as #1! Our venture capital firm, BIP Ventures, also made the rankings in their category this year, which is exciting too,” shared Bill Harris, CFP®, Co-Founder and CEO of BIP Wealth. “When Mark Buffington and I started BIP together in 2007, we wanted to create a culture of excellence in service to our clients and our team members at the firm. It’s particularly meaningful to me that both BIP Wealth and BIP Ventures are being recognized for one of our key values… a team-centric approach that fosters an environment of open communication and excellence. Our team supports each other and goes the extra mile for our clients.”
Founded in 2007, BIP Wealth is committed to improving our clients’ financial lives through highly personalized planning and investment strategies including direct and unique access to private market opportunities. Our comprehensive services include wealth planning and management, tax planning, estate planning, and more, and are designed to meet our clients’ current needs and future goals.
“Not only does our team work exceptionally hard for our clients, they’re also all incredible people,” adds Nate Smith, BIP Wealth Chief Operating Officer. “The community that Bill has cultivated within our team, clients and partners makes BIP a very special place to work.”
Servant Leadership: We lead with humility and respect, always putting our clients’ needs first. This commitment to servant leadership enables us to provide holistic wealth management services that strengthen our clients’ financial security.
Collaboration: Our team-centric mindset fosters an environment of open communication, blending our diverse expertise to create optimal financial strategies. We extend this collaborative spirit to our clients, ensuring a transparent wealth management process.
Excellence: We are relentless in our pursuit of growth with excellence, holding ourselves accountable to delivering industry-leading services. Our team guides clients through evidence-based investment strategies while unlocking opportunities in private equity, venture capital, and private credit typically reserved for the ultra-wealthy.
Sense of Community: We foster a sense of belonging within our team and among our clients. By extending our family-first ethos to everyone who interacts with BIP Wealth, we create a strong, supportive community.
At BIP Wealth, we’re not just a company; we’re a community of professionals dedicated to empowering each other and our clients. We invite you to learn more about our team and what makes BIP Wealth a special place or connect with our team. You can also visit us in person at one of our offices in Atlanta, Alpharetta, Columbus, and Nashville.
This recognition from the Atlanta Business Chronicle reaffirms our commitment to excellence, both in the workplace and in the services we provide to our clients. We look forward to continuing this journey together with our incredible team and valued clients.
Disclosure: BIP Wealth paid an application fee to be considered for the list, but the payment didn’t guarantee a place on the list. Companies are categorized by their size and nominated by their employees. Extra Large (500+ employees), Large (100-499 employees), Medium (50-99 employees), and Small (10-49 employees) companies were selected by the publication based on a number of factors, including employee engagement.
Neither rankings nor recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, membership in any professional organization, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that the client will experience a certain level of results if the investment professional or the investment professional’s firm is engaged, or continues to be engaged, to provide investment advisory services. No ranking or recognition should be construed as an endorsement by any past or current client of the investment professional or the investment professional’s firm.
The BIP Wealth team is excited to announce that we have again been named by the Atlanta Business Chronicle as one of Atlanta’s Best Places to Work. Other honorees include Cox Enterprises, ParkMobile, Mark Spain Real Estate, and many more. We’re honored to rank in the top 3 for Medium-sized companies for fostering an environment that empowers our employees to grow and develop.
The companies were categorized by their size and nominated by their employees. Extra Large (500+ employees), Large (100-499 employees), Medium (50-99 employees), and Small (10-49 employees) companies were selected by the publication based on a number of factors, including employee engagement.
Last year, our team was honored as one of the top Small companies to work for. Backed by our incredible growth over the past year, we moved up into the Medium companies category. This is a huge deal for our team, to say the least.
“At the heart of every great company lies its people. We’re honored to once again be recognized by the Atlanta Business Chronicle as one of the best places not only to work but truly build a career. Our employees do so much for our clients, and we could not be more proud of the effort they put forth each and every day,” says Bill Harris, CFP®, Co-Founder and CEO of BIP Wealth. “It’s our collaborative spirit that guides our work. We challenge each other to be the best versions of ourselves each and every day and I’m so grateful to our team for always going the extra mile for our clients.”
While in the office, human connection is one of our guiding principles. In the same mindset as our client work, we want our colleagues to feel heard and be successful. To learn more about the award and why our team was recognized, be sure to check out our feature in the Atlanta Business Chronicle.
Founded in 2007 with offices in Atlanta, Alpharetta, and Nashville, we help our clients improve their financial lives through highly personalized and differentiated planning and investment strategies. Through comprehensive services which include wealth planning and management, estate planning, insurance planning, and more, we help our clients address their current needs and meet their future goals.
The following values guide our approach:
At BIP Wealth, we guide with humility and respect, committing ourselves to serving the needs and best interests of our many clients. It is through servant leadership that we provide holistic wealth management services that are formulated to help our clients fortify their financial well-being.
We leverage a team-centric mindset to foster an environment of open communication, combining our diverse expertise to create optimal financial strategies for our clients. Our collaborative approach also applies to our clients, where we create regular touchpoints to maintain a fully transparent wealth management process.
As part of our commitment to offer industry-leading services, we hold ourselves accountable to a relentless pursuit of excellence. Our team endeavors to not only guide clients through evidence-based investment strategies but also help them unlock opportunities in private equity, venture capital, and private credit that have historically been reserved for just the ultra-wealthy.
Within our team and among our clients, we do our best to foster a sense of belonging. We extend our family-first ethos to everyone who interacts with BIP Wealth, creating a strong and supportive community.
At BIP Wealth, we’re partners you can trust. To meet the experienced team of financial advisors that drive innovation and personal connections, head over to our Who We Are page. You can also contact us to connect with one of our advisors.
Neither rankings nor recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, membership in any professional organization, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that the client will experience a certain level of results if the investment professional or the investment professional’s firm is engaged, or continues to be engaged, to provide investment advisory services. No ranking or recognition should be construed as an endorsement by any past or current client of the investment professional or the investment professional’s firm.
Sep. 21, 2022 — BIP Wealth, one of the Southeast’s premiere wealth management RIA firms, has been named one of Atlanta Business Chronicle’s “Best Places to Work” for 2022. The Best Places to Work Awards highlight successful companies that go above and beyond to keep their workforce happy.
Atlanta Business Chronicle’s list recognizes over 100 companies in the Atlanta area for cultivating a great work environment. Companies are ranked by size—Small (10-49 employees), Medium (50-99 employees), Large (100-499 employees), and Extra Large (500+ employees)—and scored based on employee engagement. Other 2022 honorees include Cox Enterprises, Accenture, Brasfield & Gorrie and EY.
“We are honored to be publicly recognized for one of our key values…that BIP Wealth is a great place not just to have a job but to build a career,” said Bill Harris, CFP®, Co-Founder and CEO of BIP Wealth. “The primary driver of our success is the caliber of people on our team. I have always tried to surround myself with a talented team where we can all learn from each other. We like to challenge each other to be the best that we can be. Ultimately, this benefits our clients and the relationships we have with them.”
In addition to being recognized as a great place to work, BIP Wealth has also been named by SmartAssets as the 6th fastest growing Registered Investment Advisory (RIA) Firm in the country for 2022. Of the top 10 firms recognized, BIP Wealth joins just one other firm in the Southeast to make the list.
Neither rankings nor recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, membership in any professional organization, or any amount of prior experience or success, should be construed by a client or prospective client as a guarantee that the client will experience a certain level of results if the investment professional or the investment professional’s firm is engaged, or continues to be engaged, to provide investment advisory services. No ranking or recognition should be construed as an endorsement by any past or current client of the investment professional or the investment professional’s firm.
