Insights

Strategy Blog

SpaceX: Infinity and beyond?

SpaceX is going public, and the excitement is palpable. If the vertically integrated space company achieves its targeted USD1.75 trillion valuation on Friday it will be the biggest initial public offering (IPO) in history.

Monthly Market Summary

Entorno de inversión Junio 2026

Sigue sin estar claro cuánto durará el alto el fuego entre Estados Unidos e Irán ni cuándo se reabrirá el estrecho de Ormuz, pero en las últimas semanas ha dado la impresión de que ninguna de las partes tiene demasiado interés en una escalada.

Strategy Blog

Macro thoughts on the Swiss referendum

Switzerland’s emotive “No to 10 million” referendum on June 14 seems to be too close to call. We doubt it will be a game-changer economically.

Strategy Blog

Another debt ratio observation

CBO long-term US debt projections have improved since 2021 due to small assumption changes, highlighting forecast sensitivity, while rising bond yields reflect inflation and interest rate dynamics, not fiscal concerns.

Perspectives podcast

Signals through the noise

A resilient economy, a narrow market rally, and an AI spending boom that continues to reshape the investment landscape.

Market Perspective

Inflation, stock valuations, AI FAQs

Global markets remain resilient despite geopolitical tension and rising energy prices, supported by strong earnings and AI-driven optimism.

Thematic Insights

Los robots están (casi) aquí

 Los robots humanoides, durante mucho tiempo un elemento central de la ciencia ficción, se están acercando ahora a su despliegue en el mundo real.

Business with humanity

Preparing portfolios for the unexpected

Financial markets rarely move in isolation. Periods of stress tend to emerge when several pressures unfold simultaneously such as tightening financial conditions, shifting policy expectations, liquidity constraints or sudden repricing of risk.

Strategy Blog

Supply chain update

Global supply chains face rising stress but remain resilient. Hormuz disruption halted key energy flows, prompting rerouting. Delivery times have lengthened slightly, shipping rates remain contained, and trade volumes stay healthy.

Monthly Market Summary

Abril: Mercados al alza, panorama geopolítico inestable

En abril, los mercados globales repuntaron con fuerza, impulsados por la tecnología, a pesar de la inestabilidad geopolítica y del repunte de la inflación ligada a la energía.

Strategy Blog

Why have stocks gone up?

The ceasefire has been extended (again), but the situation seems as fluid and potentially volatile as ever. Genuine insight and perspective is elusive. Bizarre statements are made, over-analysed by a hapless media, and then reversed (and re-analysed). 

Perspectives podcast

Calm in the crosscurrents

Markets have remained strikingly composed in the face of a more uncertain geopolitical backdrop and rising energy costs.

Strategy Blog

Stagflation redux?

Despite war, blockades and oil near $100, global equities hit highs. Stagflation fears echo 1973 and 2022, but today’s shocks look smaller and shorter-lived. With earnings resilient and rates nearer neutral, markets may keep looking past geopolitical risks for now.

Monthly Market Summary

Marzo: El conflicto afecta tanto a las acciones como a los bonos

Las crecientes tensiones en Oriente Medio impulsaron con fuerza los precios de la energía y presionaron a la baja las acciones, los bonos y el oro, mientras que los bancos centrales mantuvieron los tipos y vigilan los riesgos de inflación.

Strategy Blog

Private credit canaries

Even before war broke out in the Middle East, stress was beginning to show up in the private credit market.

Perspectives podcast

Markets on edge

February has been a month of recalibration. Growth remains resilient, central banks remain patient, and equity markets are rotating rather than reversing.

Strategy Blog

Oil and rates

Against the backdrop of Middle East conflict, energy disruptions are lifting inflation expectations, pressuring stocks and bonds. Markets now price fewer rate cuts, though growth risks may temper inflation. From here, equities look more vulnerable than bonds overall for now.

Strategy Blog

Energy price shock?

Energy price spikes from Middle East conflict risk pushing US and European inflation above recent 2–4% ranges, with oil and gas disruptions raising headline CPI and broader costs amid uncertainty.

Strategy Blog

The ‘K shaped’ stock market

Before the market mood darkened, an unusual and potentially significant story had been emerging in recent months.

Monthly Market Summary

Febrero: Las acciones avanzan pese a la fragmentación impulsada por la IA

En febrero, las acciones y los bonos globales avanzaron en un contexto marcado por mercados al alza pese a las tensiones en torno a la IA, una escalada geopolítica en Oriente Medio y un giro arancelario en Estados Unidos tras la decisión de la Corte Suprema.

Market Perspective

Gold, the dollar and another new world

In this issue of Market Perspective we offer our perspective on: the surge in gold; the dollar's weakness, and what it means in a portfolio context; and on the alleged "new world order". 

News Article

The next phase of the AI era: Three possible scenarios for the year ahead

In this report we outline three scenarios for the months ahead: our current Mosaique "central" view, as well as a "worse" and "better" case scenario.

Perspectives podcast

Adjusting the dial

February has been a month of recalibration. Growth remains resilient, central banks remain patient, and equity markets are rotating rather than reversing.

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

Enero: Las acciones hacen caso omiso de la tensa situación geopolítica

Los mercados globales de renta variable subieron en enero a pesar de las crecientes tensiones geopolíticas, impulsados por un crecimiento resiliente y una participación bursátil más amplia, mientras la inflación, la política estadounidense y la evolución de las materias primas marcaron el tono del mes.

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.

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

Diciembre: un sólido cierre de 2025

Los mercados globales cierran 2025 con fuerza: acciones en máximos históricos, inflación moderándose y bancos centrales flexibilizando políticas, pese a tensiones geopolíticas persistentes.

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.