Michael Kao: Market faces a divide between disinflationary growth and risks of stagflation

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23.05.2026

Michael Kao: Market faces a divide between disinflationary growth and risks of stagflation — Markets at risk of stagflation or growth

Michael Kao, CIO at Akadia Capital, compares the current macroeconomic environment to a tightrope walk between two starkly different outcomes.

He describes one possible path leading to a period of disinflationary growth, while cautioning that another could result in stagflation or reflation. The analysis highlights the high level of uncertainty facing investors in oil, macroeconomics, and broader investment decisions.

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Kao has previously highlighted risks in secondary market speculation, pointing to investor FOMO fueling dangerous trends in pre-IPO shares. He has also addressed investor concerns around CLOs, noting the structural resilience of the market based on recent data. These views frame his assessment of the current environment's high uncertainty.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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