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Quarterly Investment Letter Q4 2025
Review - New Highs in World Equity Markets and Dollar weakness For the third consecutive year, above-average returns were seen in all major equity markets. The year started cautiously in the first quarter, and we still remember the "Liberation Day" selloff in April, which caused a massive spike in market volatility not seen for years. However, equity markets turned around once it became clear that U.S. tariffs would be less dramatic than initially announced. Corporate profits
Jan 22


Quarterly Investment Letter Q3 2025
Review - Smooth road into new High The past three months were marked by an unusually subdued level of vola-tility across financial...
Oct 3, 2025


Quarterly Investment Letter Q2 2025
Review - Rollercoaster Markets in the 2nd Quarter After witnessing one of the fastest bear markets in history, in which the S&P 500 index...
Jul 9, 2025


Quarterly Investment Letter Q1 2025
The anxiously awaited ‘Liberation Day’ has shaken world financial markets and the US dollar has sold off like rarely ever before. Sceptics are afraid that the higher-than-expected new tariffs, announced by the White House, will temper growth around the world and counter-tariffs by US trading partners will most likely contaminate international relations even more. Growth and inflation outlooks have been negatively impacted any several large banks are now forecasting a recessio
May 22, 2025
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