Brent Schutte, Chief Investment Officer at Northwestern Mutual Wealth Management, says today’s S&P 500 is the second-most concentrated market he’s seen in 33 years. He explains why diversification is more critical than ever — and exactly where he’s finding opportunity instead, from small and mid-cap stocks to high-quality bonds and REITs.
00:00:00 Introduction
00:00:10 Market Fragility vs. Breadth
00:00:53 S&P 500 Concentration Risks
00:02:32 Diversification Beyond S&P 500
00:04:07 Taking Tech Profits Strategy
00:04:52 Secondary AI Beneficiaries
00:06:29 S&P 500 & Tech Allocations
00:07:46 Reallocating Tech Profits to Fixed Income
00:08:46 Fixed Income Opportunities
00:09:55 Buying High-Quality Fixed Income
00:10:41 Phasing in Commodities Allocation
00:12:04 Non-Tech Sector Allocations
00:14:02 Market Offense vs. Defense Strategy
00:15:37 Market Trajectory for Q4
00:17:03 Rapid-Fire: This or That
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Recorded: September 24, 2026
Camera: Julian Pinto & Shawn Elias
Producers: Caroline Woods & Rebecca Mezistrano
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