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Hold the champagne — Jamie Dimon just gave investors a cause for pause. The JPMorgan Chase CEO told Bloomberg the markets may have “too much exuberance” and he’s “kind of a skeptic (1).”

These comments come at a time when the stock market has rallied sharply off its March lows. The S&P 500 Index (SPX) fell about 9% from its January high before recovering to a nearly 9% gain for the year (2). Dimon’s cold-water remarks are a soft departure from general optimism.

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Outlier though he may be, Dimon isn’t the only forecaster taking a cautious market stance. Michael Burry, who predicted the 2008 housing crash, recently posted on Substack that the stock market party may be coming to an end (3). Both men cite broad-based signals as reason investors might want to think twice before diving into today’s frothy market.

Dimon says consumers may be underestimating the risk posed by a potential oil crisis.

“Every day, it gets a little bit worse,” Dimon told Bloomberg in a discussion that touched on the war raging in the Middle East. On oil, the CEO said Chinese demand has fallen and U.S. supply has risen, cushioning prices for now. He warned the situation could escalate because inventories are dropping. “It gets a little more serious every day,” he said.

Right now, Dimon isn’t worried about consumer spending. However, he highlighted a split between the top 50% and the bottom 30% of spenders, who are “struggling a little bit” thanks to stagnant wages. This claim is supported by 2025 data from the Economic Policy Institute, which shows real wages for low-income workers declined 0.3% (4).

That could change if oil prices go up. An analysis published by asset manager Vanguard suggests that rising oil prices could push inflation higher and, if sustained, lead to stagflation — when prices go up, unemployment rises, and the economy stops growing. It highlights the conflict in Iran, suggesting a prolonged war could raise prices and keep them high (5).

Read More: Here’s the average income of Americans by age in 2026. Are you falling behind?

Burry blames AI for feeding what could be a massive, money-burning bubble. “Absolutely non-stop AI. Nobody is talking about anything else all day,” Burry wrote in a May Substack post.

Burry compared current market conditions to the end of the 1999-2000 dot-com bubble. He points to the Philadelphia Semiconductor Index (SOX), which has more than doubled in the last year and risen over 60% in 2026 alone. Semiconductor gains have been driven by surging data center demand tied to the generative AI boom, led by companies like OpenAI and Anthropic (6).

Industry insiders have pushed back against Burry’s AI skepticism. Last year, Alex Karp, CEO of software company Palantir, called out Burry for betting against Palantir and Nvidia (7).

“The two companies he’s shorting are the ones making all the money, which is super weird,” Karp told CNBC’s Squawk Box. “The idea that chips and ontology is what you want to short is bats*** crazy.” Burry recently said he’s still betting against Palantir (8).

Dimon is optimistic about the benefits of AI, but he does highlight one major risk that could impact the market: cybersecurity. It’s an open question whether AI will trigger a cybersecurity crisis, one the nation’s military complex is taking seriously. Recently, Reuters reported the Pentagon has deployed Anthropic’s unreleased Mythos model to patch cybersecurity gaps (9).

Burry suggests investors reduce their exposure to stocks benefiting from the AI boom. But that doesn’t necessarily mean selling everything.

“An easier way for most is to simply reduce exposure to stocks, to tech stocks in particular,” Burry wrote in a separate Substack post. “For any stocks going parabolic reduce positions almost entirely (10).” The advice suggests Burry thinks the correction will be concentrated among the buzziest stocks.

The investor famous for shorting warns against shorting the market. “It is not something most people should ever do,” he said. He said the idea is to raise cash for when prices inevitably fall.

Burry’s investment philosophy echoes the famous Warren Buffett quote, “Be fearful when others are greedy, and be greedy when others are fearful (11).” The CNN Fear and Greed Index (12) measures the position of today’s stock market as “Greed.”

Based on the Oracle of Omaha’s classic wisdom, it may be time to be at least a bit fearful in your reliance on the S&P 500 — currently driven by “Extreme Greed,” reports CNN.

On the other hand, trying to time the market can be a risky gambit. Here’s an example: Between 1990 and 2024, the S&P 500 generated an annualized return of 10.7% for those who remained invested during the entire period. Investors who missed just the 15 best days during that period only saw returns of 7.6% — a sizable difference when you account for annual compounding (13).

In times like these, financial decisions become increasingly nuanced — which is why working with a financial advisor can help reduce costly mistakes.

If you have a portfolio of $250,000 or more, platforms like WiserAdvisor can connect you with vetted professionals who specialize in this kind of planning.

Simply answer a few questions about your savings, retirement timeline and overall investment portfolio. From there, WiserAdvisor will review its network to match you — for free — with up to three vetted, reputable advisors aligned with your specific needs.

You can then schedule no-obligation consultations with your matches to determine who is the best fit for your long-term goals.

WiserAdvisor is a matching service and does not provide financial advice directly. All matched advisors are third parties and specific financial results are not guaranteed.

If, like Dimon and Burry, you feel cautious in the face of an overheated market, you may want to invest in tangible assets that have historically maintained purchasing power in turbulent times.

Many consider gold to be one such asset and a more secure place to invest and protect their wealth — and with reason. The precious metal has proven its resilience in seasons of financial and geopolitical instability.

A longtime skeptic, Dimon himself said last year that gold is now “semi-rational” to buy (14). Citadel CEO Ken Griffin took that sentiment a step further, saying he now sees the precious metal as a “safe harbor asset in a way that the dollar used to be viewed (15).”

If you’re curious about adding precious metals to your broader inflation-hedging strategy, a gold IRA from Goldco lets you hold physical gold and other metals while still getting the tax advantages of an IRA.

Goldco is widely regarded as one of the leading companies in the space, with a 4.8/5 rating on Trustpilot and an A+ from the Better Business Bureau. They also offer a guaranteed buyback program, meaning they’ll repurchase your metals at the highest price according to market value if you ever decide to sell.

If you want to explore whether precious metals could be a helpful hedge for your portfolio, you can download Goldco’s free gold and silver guide to see if it’s a good fit for you. Just keep in mind that gold is typically best used as just one part of a well-balanced portfolio.

Real estate is another tangible asset with a long history of adding stability to investors’ portfolios. However, the time, effort and costs involved in managing and maintaining multiple properties prevent many from investing. So unless you’re a hedge fund titan or an oil baron, you’ve likely been shut out of this profitable sector.

Mogul unlocks this barrier to entry. This real estate investment platform offers fractional ownership in blue-chip rental properties, which gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or late-night tenant calls.

Mogul founders are former Goldman Sachs real estate investors and their team handpicks the top 1% of single-family rental homes nationwide for you. Simply put, you can invest in institutional quality offerings for a fraction of the usual cost — no down payments or 4 a.m. tenant calls required.

Each property undergoes a vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Their cash-on-cash yields, meanwhile, average between 10% and 12% annually. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.

Every investment is secured by real assets, not dependent on the platform’s viability. Each property is held in a standalone Propco LLC, so investors own the property — not the platform. Blockchain-based fractionalization adds a layer of safety, ensuring a permanent, verifiable record of each stake.

Getting started is a quick and easy process. You can sign up for an account and then browse available properties. Once you verify your information with their team, you can invest like a mogul in just a few clicks.

Beyond single-family assets, multifamily and industrial rentals represent another excellent investment opportunity. Both have a strong outlook for 2026 (16).

In fact, in a report prepared by J.P. Morgan, Al Brooks — the firm’s vice chair of Commercial Banking — said, “I think multifamily housing is absolutely where you want to be as an investor (17).”

Accredited investors can now tap into this opportunity through platforms such as Lightstone DIRECT, which gives accredited investors access to single-asset multifamily and industrial deals.

Lightstone DIRECT’s direct-to-investor model ensures a high degree of alignment between individual investors and a vertically integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.

With Lightstone DIRECT, accredited individuals can access the same multifamily and industrial assets Lightstone pursues with its own capital, with minimum investments starting at $100,000.

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- With files from Cole Tretheway.

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Bloomberg (1); Yahoo Finance (2); CNBC (3), (7), (8), (10); Economic Policy Institute (4); Vanguard (5); Reuters (6), (9); New York Times (11); CNN (12); Morgan Stanley (13); @fortune (14); Business Insider (15); J.P. Morgan (16), (17)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.