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Insights

The World Order Keeps Shifting

By Market Commentary

Since our last commentary in December, financial markets have continued to navigate extraordinary complexity — a new war, an accelerating AI revolution, and the slow but unmistakeable unravelling of a 40-year era of US economic dominance. We have been here before in the broad historical sense, but not in our lifetimes, which is why Since our last commentary in December, financial markets have continued to navigate extraordinary complexity — a new war, an accelerating AI revolution, and the slow but unmistakeable unravelling of a 40-year era of US economic dominance. We have been here before in the broad historical sense, but not in our lifetimes, which is why. READ ON

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Calm, Complacency, Boom?

By Market Commentary

In recent months there has been steady progress in financial markets, and a calm not matched in politics. The welcome gains outside the US, including the UK, arise from global investors seeking opportunities beyond the American bubble, which had dominated in so many prior years. This bodes well for 2026. Not surprisingly, it is Trump that could yet upset this outlook as he is in a bind, as we explain. READ ON

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Of Fear, Opportunities, And The Dalio Cycle

By Market Commentary

The last quarter began with sharp falls in financial markets then bounced back to around where they started, some a bit less, some a bit more. The message from this appears to be one of a lack of direction, even tedium. Yet such a conclusion misses the extremes in volatility. We also explore the emerging opportunities (yes, including the UK!) and two big constants in financial markets, and how they guide us today. Read On.

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