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Frontier, emerging, and developed markets

Vietnamese finance minister Nguyen Van Thang met with representatives from FTSE Russell last week to discuss the potential reclassification of Vietnam’s capital market. This marks an important moment in Vietnam’s journey from frontier market to emerging market status in 2025—a long-awaited upgrade that has been on the table since 2018.

Artificially intelligent wealth management

We are at the beginning of a fundamental transformation in wealth management. Financial decisions are increasingly being made by algorithms. Within just a few years, AI-driven applications will become the primary source of advice for retail investors, with usage expected to grow to 80 percent by 2028. This is not some distant vision of the future—it’s already happening.

The underestimation of artificial intelligence

Artificial intelligence continues to be underestimated—both in terms of its scale and the speed of its adoption. We’ve seen this story before. Each time, revolutionary technologies were massively underestimated by analysts, investors, and even the most optimistic visionaries. The same is happening now with artificial intelligence, but at a pace that puts all previous technological revolutions in the shade.

AI and the balanced portfolio

For generations of investors, the gospel was simple: invest in a balanced portfolio with 60 percent stocks and 40 percent bonds. This sacred formula was passed down from wealth manager to wealth manager, from father to son, as an immutable law of financial physics. But what happens when artificial intelligence scrutinizes this age-old wisdom?

The dollar remains king

The US dollar has experienced a spectacular decline in recent months. Investors call it a correction, analysts see a turning point, and pessimists even predict the end of dollar hegemony. But let’s pause for a moment. While the dollar is indeed falling rapidly, it is far from collapsing.

Triple-A tango

Last Friday, it finally happened: Moody’s—the last credit rating agency still holding on to a shred of faith in Uncle Sam—downgraded the United States from AAA to Aa1. America is now officially among the ranks of “almost-but-not-quite-perfect” countries. It’s a bit like a high school student going from a 10 to a 9.5—still excellent, but mom and dad are disappointed nonetheless.

Über-capitalist becomes communist

One fascinating espionage technique during the Cold War was the “sleeper mole.” These were Soviet agents who operated inconspicuously in the West for years—sometimes even decades—awaiting activation. To avoid being recognized as communists, these moles had to cultivate the opposite image. In the eyes of Soviet strategists, the perfect cover? An extreme capitalist: someone who lines his house with gold, plasters his name in gold letters on buildings, and constantly boasts about wealth and success.