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"Make Russia Great Again"

For more than eighty years, Europe has been protected under the security umbrella of the United States. Now, as negotiations take place regarding the war in Europe without the involvement of Ukraine or any other European nations, Europe is forced to adopt an independent stance both politically and militarily.

‘Animal spirits’

The Bund in Shanghai is a one-and-a-half-kilometre waterfront promenade along the Yellow River. With its luxury restaurants and Italian racing cars, the view of Pudong from Bar Rouge on the Bund resembles the capitalist pinnacle of the communist utopia.

The wisdom of the collective

Passive investing can be seen as a disruptive innovation that has also reduced costs for active investors. It has made active investors more engaged, aligning their compensation more closely with their added value. Meanwhile, passive investors benefit as free riders from the extensive work undertaken by active investors.

The next Microsoft

Time and again, the arrival of new technology is underestimated, while the latest technological advancements are adopted at an ever-increasing pace. This makes investing in new technology attractive, as both its profit potential and profit growth are often undervalued.

American ambition and European opportunities

The underperformance of European equities compared to U.S. equities reached unprecedented levels in 2024. This divergence has widened the valuation gap between the United States and Europe. While the relative scarcity of tech companies listed in Europe is often cited as a reason, other explanations also account for this undervaluation.

Certificate inflation

The number of candidates taking CFA exams has declined again, according to the latest figures. At its peak in 2019, over 270,000 individuals registered, but the most recent figure stalled at 163,000. As is often the case, there are likely multiple explanations for this trend.