Asset Owner

When everyone expects the same thing, it is time to think differently. A good example comes from Value Line, a company that makes stock market forecasts. They predict higher returns when valuations are low. Individual investors do exactly the opposite.

An insignificant Danish pension fund dumps all its US Treasuries. Financial media eagerly jump on this headline, because that is not something most investors would just expect. About the underlying structural cause, which has little to do with a president gone off the rails, you hear a lot less.

Local currency government bonds in Latin America and South Africa had a strong year in 2025, while major Asian countries lagged the broader market.

Donald Trump’s return to the Davos stage on Wednesday has sharpened investor focus on Europe’s exposure to a world in which geopolitics is once again shaping trade, security and capital allocation. “Everything has changed,” said Sabrina Khanniche, senior economist at Pictet.

The latest appointments and people transfers in Luxembourg and elsewhere’s in Europe’s investment industry.

Luxembourg is increasingly becoming an operational necessity rather than a strategic option. From independent wealth structuring firms such as Norman K to larger private banking groups including Rothschild Martin Maurel, institutions are reinforcing their presence in the grand duchy to serve an increasingly international client base amid growing cross-border complexity and regulatory pressure.

The global economy is facing significant challenges. Geopolitical tensions are often palpable, and the sharp rise in precious metal prices suggests that fear is widespread, likely driven by a range of perceived threats.

While the wealth of affluent Germans is surging, traditional private banks are falling behind. Their dependence on interest income is increasingly clashing with a savings culture that discourages investing.

As global leaders and investors arrive in Davos this week, the central question for markets is no longer whether geopolitics matters, but how quickly political risk is being priced into assets. Donald Trump’s return to the World Economic Forum, where he is due to speak on Wednesday, comes at a moment when institutional credibility, fiscal discipline and capital concentration have become investment variables rather than background noise.

In the run-up to the Senate elections later this year, a presidential candidate has been making some rather odd moves. After briefly plucking away the president of a, at least on paper, sovereign state, and more or less annexing Greenland, again on paper, the chair of the US central bank was next in line. As a result, crucial charts that already tend to stay out of the spotlight receive even less attention. Fortunately, not here.