Speaker · Updated
Stephanie Guild: latest market views
Robinhood
Summary
Stephanie Guild, CFA, is Chief Investment Officer at Robinhood Markets, having previously spent 21 years in financial services, most recently as a Managing Director and Investment Specialist at JPMorgan Private Bank.
Chorus has 5 views from Stephanie Guild across 2 episodes on CNBC Closing Bell and Bloomberg Surveillance since October 24, 2026.
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The latest views
Newest first. Every quote is checked against the episode's transcript.
Market sentiment, positioning & volatility
The selloff is a needed reset, worsened by unwinding of record margin debt built up in the system.
Guild says high-beta stocks had returns about three times those of low-volatility stocks, versus a normal one and a half times. Margin debt was at about 125% of its level, compared with roughly 75% at the last couple of peaks. The unwinding of that leverage is what is driving the selling. She thinks the sell-off was probably needed, but the margin buildup will make it more severe than fundamentals justify.
“more margin is unwinding... margin was a [125%]. Normally, last couple of peaks, it was 75%. So I just think this is a sell off that we probably needed, but it's gonna be exacerbated by the margin that we've had building up in the system.”at 16:32
Value may outperform growth for a while, and tech may become value as cash flow matters again.
Guild argues the market forgot about cash flow during the first six months of the year, when growth outperformed value for a long stretch. She thinks this selloff is a reminder to care about cash flow again. As a result, value may outperform growth for a while, and some tech may be re-rated as value.
“It can't be all one trade... you need to care about cash flow as well... I actually think value may outperform growth for a while, and it still can mean tech, but maybe more tech becomes value.”at 21:04
Market sentiment, positioning & volatility
Cash has become a real asset class since rates rose, so money-market balances may stay parked longer.
Guild argues that cash is now an asset class in its own right, which was not the case until rates started rising in 2025. Because of this, she thinks the roughly $8 trillion in money market funds could stay parked longer than in past cycles. She also notes that savings rates are not high by historical standards, so holding cash on the side lets people invest when opportunities come up.
“cash is an asset class now, and that wasn't the case up until 2024 or '5, when... 2025, when rates started going up. So I do think it it could end up being there for longer than you may have seen in the past.”at 37:36
Bloomberg Surveillance: Affordability In Focus Ahead of Midterms; US National Wealth Tax Debate ·
Market sentiment, positioning & volatility
Market concentration and margin buildup in the AI trade still has some unwinding to do.
Guild says she is still worried about market-wide concentration. She points to margin uptake across the market, which has mostly been invested in the AI trade, and argues that this probably still has a little unwinding to do. Her concern is about leveraged positioning in AI-linked names, not a call on any single company.
“I think broadly, the market wise, I am still worried about the concentration and actually the uptake of margin across the market that has mostly been invested in the AI trade that probably still has a little bit of unwinding to do.”at 40:33
Bloomberg Surveillance: Affordability In Focus Ahead of Midterms; US National Wealth Tax Debate ·
Investor Treasury demand is concentrated in short-term bills, not long-dated bonds.
Guild says people are buying Treasuries but not so much long-term ones. She notes that a holder who bought a long bond in May 2025 and sold today could have a profit, but that the more active interest is in the short end. She points to strong uptake of Robinhood's sweep program, whose APY tracks the Fed funds rate, as evidence of cash parked in short-duration yield.
“They do on the... And and just not not so much in long term treasuries... we have a decent APY for our sweep program and that, you know, we've seen a lot of people using that.”at 41:10
Bloomberg Surveillance: Affordability In Focus Ahead of Midterms; US National Wealth Tax Debate ·
Shows
- CNBC Closing Bell · 1 episode
- Bloomberg Surveillance · 1 episode
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