The consensus among global strategists remains constructive. The S&P 500 is projected to reach near 7,600 points in 2026, and virtually no major banks in Europe are expecting a significant decline.

The backdrop is clear: a gradual rotation towards underperforming stocks in 2025, a weaker dollar, and the absence of negative catalysts in the short term.

When everyone sees the same positive scenario, the risk ceases to be the event itself and becomes the price.