Chasing Winners Vs Betting On Comebacks: Asset Allocation For 2026

Gold and silver stunned investors in 2025 by massively outperforming equities, with silver surging nearly 182% and gold delivering 80–85% returns, while the Nifty managed only a modest rise. As investors look ahead to 2026, the key question is whether to chase past winners or position for a potential equity rebound. Market expert Aashish Somaiyaa cautions against investing based on what has already performed, using the classic analogy of “not shooting where the rabbit was.” He highlights that relative valuation models are now favouring equities over commodities, prompting a gradual reduction in gold and silver exposure. While geopolitical and global uncertainties may keep commodities in focus, the bulk of the rally, he believes, is already behind us.