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The US: An Artificial Paradise?

Broad diversification is rightly regarded as the recipe for long-term success in asset management. Last year, however, the most successful investors were those who threw this advice to the wind

European Exceptionalism?

Divergence between the US and Europe should continue to shape the narrative in 2025, and in particular the one trend that has persisted in recent quarters and that investors shouldn’t resist: US exceptionalism. In terms of absolute performance, in late November the S&P 500 registered its 60th record closing high this year.

The economic policy challenges of the next German Federal Government

The new elections in Germany and a possible political reorientation are unlikely to fundamentally change the difficult situation of the German economy overnight. Structural changes take time.