Insights

Strategy Blog

Demography and debt revisited

Clients worry – understandably – that a greying, indebted world bodes badly for portfolios. The issues may be more nuanced than they seem, however, and other things matter more to living standards and investment returns. Here is a recap of our take.

Investment Views

Designing better decisions

Behind every investment decision lies more than numbers. Habits, emotions and subtle cues shape our choices, often unconsciously.

Strategy Blog

Buoyant earnings expectations

Equity markets remain resilient despite geopolitical turmoil, supported by robust earnings and high US margins. Growth is broadening across sectors and regions, though sustaining elevated US profitability may prove challenging as conditions evolve further ahead.

Monthly Market Summary

January: Stocks brush aside fraught geopolitics

Global equities rose in January despite heightened geopolitical tensions, supported by resilient growth and broader market participation, while inflation trends, US policy and commodity moves shaped the month’s narrative.

Strategy Blog

The next Fed Chair

Trump has nominated Kevin Warsh as the next Fed Chair. Markets were steady, reflecting confidence in his credibility, though he may pursue lower rates and a smaller balance sheet despite ongoing political pressure.

Corporate

Investment Outlook 2026: Staying the course

We explore why the global backdrop remains more stable than the headlines suggest, and where investors should remain particularly attentive in the year ahead.

Perspectives podcast

Turning the volume back up

January has turned the volume back up, but markets remain relatively resilient beneath the headlines.

Strategy Blog

Fed independence: Q&A

Despite President Trump’s pressure and a criminal probe into Jerome Powell, the Fed’s independence largely held. Market reaction stayed muted, legal limits constrain Trump’s influence, and any politicised rate cuts risk credibility, inflation, and broader financial instability for global markets ahead. 

Perspectives podcast

In conversation with Mark Sedwill, former UK Cabinet Secretary and National Security Adviser

Clarity can feel scarce in uncertain times. Mark Sedwill offers a measured view on global dynamics and the value of long-term thinking.

Strategy Blog

The Three Body Problem

Since WWII, geopolitics split into East and West, but that model may fade. U.S. assertiveness contrasts Europe’s passivity, hinting at three major players.

Monthly Market Summary

December: A strong end to 2025

Global markets ended 2025 on a strong note: equities at record highs, inflation easing, and central banks shifting to looser policies, despite ongoing geopolitical tensions. 

Strategy Blog

2025: a year of resilience

Despite protectionism, conflict, and fiscal concerns, 2025 delivered resilient growth, falling rates, and easing geopolitical risks. Stocks soared, bonds rebounded, gold surged, and fundamentals strengthened, driving broad market gains despite dollar weakness and fragmented AI-driven momentum.

Corporate

Five key questions for a carefree retirement

Planning for retirement early helps secure your finances and gives you the freedom to enjoy travel, hobbies or family time. These key questions can guide you

Thomas Bamert

Strategy Blog

Trump tariff observations

US tariffs hit post-war highs but haven’t derailed growth. Global trade rose 4%, supply chains rerouted, and US demand stayed resilient. Inflation impact muted as tariff revenues recycle into tax cuts, softening consumer costs.

Strategy Blog

Five Macro Myths

Five Macro Myths: AI drives U.S. growth but with limits; layoffs fears overstated; Trump’s influence wanes; UK remains stable, not emerging; and year-end market optimism persists despite uncertainty.

Perspectives podcast

Understanding 2025, Anticipating 2026

Tariffs, elections, AI and a shining moment for gold: 2025 gave us plenty to discuss.

CIO Lens

Bubbles, brooding and balance

AI-driven optimism keeps markets buoyant, but stretched valuations and lingering global uncertainty remind investors to stay vigilant.

Carlos Mejia

Monthly Market Summary

November: Stocks pause as AI trade wobbles

Global equities paused in November as volatility returned and defensive sectors outperformed, while the economy showed resilience despite patchy U.S. data.

Strategy Blog

Europe’s fiscal impetus

European growth optimism has faded as AI leads globally, yet major fiscal initiatives, Germany’s €500bn plan plus EU defence, green, and Ukraine spending, could boost growth from 2026, despite consensus forecasts remaining muted and likely underestimating potential.

Strategy Blog

UK budget – is that it?

The UK budget offers offsetting tax hikes and spending increases, leaving the economy largely unchanged. Growth forecasts dip, inflation target slips to 2027, and later fiscal tightening remains modest.

Market Perspective

FAQs II: Business cycle, bubbles and budgets

After a turbulent yet resilient year, we focus on inflation, AI-driven valuations and the impact of public debt.

ESG

Longevity and health span: a new frontier for ESG investing

Longevity, driven by healthy and connected lifestyles, is emerging as a megatrend. It is reshaping economies and opening new avenues for ESG investing.

Strategy Blog

What goes up...?

Global equities surged since April, driven by AI stocks, sparking Dotcom-era comparisons. Unlike the 2000 bubble, valuations and leverage are milder. Yet, AI’s payoff may lag, leaving lofty valuations exposed to near-term revenue risks.

Investment Views

From Swiss Peaks to Martian Dreams

How does one go from a small Swiss village to leading NASA’s Mars missions? In our latest Investment Views feature, astrophysicist Professor Dr Thomas Zurbuchen reflects on his remarkable journey and on what Switzerland can teach the world about leadership, innovation and resilience.

Monthly Market Summary

October: AI-hopes propel stocks to new highs

AI hopes push global equities to new highs in October, as the Fed cuts rates again and US-China tensions ease.

Strategy Blog

Products matter

European growth needs more than demand-side fixes, it requires focus on output and products. Innovation, targeted government support, and sustainable production are key to driving inclusive, lasting economic development.

Perspectives podcast

Even gold must cool after a forge

From gold’s pause to echoes of the dot-com boom, our latest podcast explores the forces shaping markets as the year nears its end.

Thematic Insights

Chain reaction: The potential of blockchain

Blockchain has a transformative power across industries and plays a role in reshaping trust and security in the digital age. Conditions are increasingly favorable for investing in Blockchain. 

Strategy Blog

Japan: change of leadership

Sanae Takaichi, a close ally of the late Shinzo Abe, is looking to become Japan’s first female PM after unexpectedly winning the latest Liberal Democratic Party (LDP) leadership race. 

CIO Lens

The silent allocator

The US dollar may not appear on our asset allocation chart, yet it plays a powerful role in shaping portfolio outcomes.

Carlos Mejia

Monthly Market Summary

September: Fed and AI push stocks to new highs

Markets hit fresh highs, driven by AI momentum and Fed easing, despite rising political and geopolitical tensions.

Strategy Blog

US government shutdown

The US government entered a partial shutdown due to healthcare funding disputes. Economic impact depends on duration.

Insights

Insights Issue 16: The Swiss Edge

In this edition of Insights – The Swiss Edge, we explore how Switzerland blends tradition with adaptability to remain a trusted home for wealth.

Perspectives podcast

The Fed, the dollar and the road ahead

Equities higher, bond yields rising, the Fed back in easing mode, and the US dollar under pressure -investors have had plenty to digest in recent weeks. 

Strategy Blog

The Fed resumes easing

The Fed cut rates amid strong demand and inflation, signaling more easing ahead despite resilient growth, market optimism, and rising geopolitical, valuation, and policy risks.

Strategy Blog

Entente Misérable?

Britain and France face political instability, weak economies, and rising populism. Yet, despite fiscal strains and public discontent, markets remain resilient, and long-term debt challenges may still be manageable.