Robertson Stephens Weekly Commentary – April 6, 2026

Economist Mohamed El-Erian, former CEO of bond market giant PIMCO, has a useful, intuitive way of thinking about exogenous shocks, i.e., unexpected events with unpredictable timing that occur outside of the normal framework of industries and national economies. The first quarter was eventful for markets. Stocks traded higher to start the year, with the S&P 500 posting a modest gain in January. However, the market traded lower in March due to escalating geopolitical tensions in the Middle East and the Strait of Hormuz closure, which led to a spike in oil prices. On the wealth planning front, we discuss repurposing forgotten annuities to reduce fees and taxes.