Insights

The Shifting (Global) Order    We are living through a period of shifting order. Global alliances are outwardly frayed, old rules have been bent, and new ones are being formed. As Prime Minister Carney reminded the world in January: “The old order is not coming back. We shouldn’t mourn it.

Download this PDF here. The End of an Era—and to New Beginnings It is the end of an era: after 60 years at the helm, one of the world’s most closely watched investors has stepped down as CEO. Very few people stay in one role for six decades. For context,

A Bifurcation in Sentiment Download this PDF here. Markets rarely linger in equilibrium. The pendulum of sentiment swings between fear and greed, and this year has been no exception. After April’s lows, the S&P surged over 30 percent in just two months, one of the fastest rallies in recent history,

Download this PDF here. The Illusion of Speed It has been said that “there are decades where nothing seems to happen, and there are weeks where decades happen.”  The sweeping global tariffs, announced by the U.S. on April’s “Liberation Day,” caught the world off guard—disrupting long-held norms in global trade

It has been said that “there are decades where nothing seems to happen, and there are weeks where decades happen.” The sweeping global tariffs, announced by the U.S. on April’s “Liberation Day,” caught the world off guard—disrupting longheld norms in global trade and world order.

The rhetorical tautology, “Predictions are difficult, especially about the future” may feel particularly relevant today.1 The start of 2025 has been marked by low visibility, with two events casting a cloud of uncertainty over investor sentiment: the launch of DeepSeek’s AI platform—claiming to be a significantly lower-cost model—and U.S. President Trump unleashing a trade war.