Quarterly Investment Letter Q2 2026

Review - Geopolitics driving market correction

The past quarter told a story of resilience and excess in equal measures. Markets staged a strong comeback after the sharp sell-off in March triggered by the outbreak of war in Iran. Following ten weeks of fighting, a tentative peace agreement brought the conflict to a close, and crude oil prices fell from a peak of $120 per barrel to below $70, removing one of the year's most acute sources of risk. Most major equity indices recovered their conflict-driven losses and are now trading at or near all-time highs.

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