Mosaique Insights: Issue 08
War does not determine who is right – only who is left.”
This Spring saw many emerge from a second winter of Covid-19 restrictions as we learn to live with the virus. It is a time of renewal but also increased uncertainty from the geo-political events which unfolded in the first quarter of this year.
Reminded by the wise words attributed to the philosopher Bertrand Russel, war does not determine who is right – only who is left. Our thoughts go out to all those affected by the war in Ukraine.
The events of the last three months reminds us of the importance of maintaining a long-term wealth preservation strategy, one which gives perspectives, seeks to understand the present and moves in anticipation for the future. As set out following articles our investment and strategists have been moving swiftly, dialling back the market noise and positioning portfolios for times ahead.
Whether it’s inflation, rising interest rates, supply chain bottlenecks or the ramifications of sanctions on a less globalised world, we bring you our latest thought leadership, views and analysis during this season of change.
Drawing on seven generations of wealth preservation, it is our collective knowledge across the centuries which serve as our most valued asset to our clients. We look forward to continuing this service, safe in the knowledge that what has come before will come again.
We look forward to seeing you soon
Bis bald, à la prochaine
Laurent Gagnebin
CEO, Rothschild & Co Bank AG
Dr. Carlos Mejia
CIO, Rothschild & Co Bank AG
Read more articles
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The dollar - down but not out
Strategy Blog
The dollar weakened despite initial strength from Trump’s trade policies. Skepticism about the administration’s credibility and potential shifts in global reserve currency status contributed to its decline. The dollar’s future remains uncertain amid ongoing economic and governance issues in Europe.
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Growth Equity Update
Insights
We review a strong Q1 for the value of Growth Equity raises on both sides of the Atlantic ( US +48% yoy, Europe +22%) and the potential impact of the ‘Liberation Day’ tariffs on trading conditions for venture backed firms, the flow of funding into the asset class and valuation.
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Asset Management: Monthly Macro Insights - April 2025
Market Commentary
Global growth remained relatively resilient in early 2025. However, front-loading of global trade flows, particularly between Asia and North America, greatly distorted the reality. In fact, stagflation and recession risks have both increased significantly.
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Pause for breath
CIO Lens
On the afternoon of Wednesday, April 9, President Trump announced a 90-day pause on reciprocal tariffs for countries not engaging in retaliatory measures, along with the temporary implementation of a 10% “baseline” tariff applied broadly.
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Don't just do something, stand there
Strategy Blog
The last 24 hours highlight the dangers of reactive investing. Despite market volatility from tariffs and trades, the S&P500 saw a major rally. Investors should remain cautious, sticking to their plans amid geopolitical uncertainties and market fluctuations.
