Investment Letter Q2 2025

The second quarter produced a few events which appear genuinely historic in nature. Whether or not they prove transformational for financial markets will depend on the degree of follow-through from politicians around the world, particularly in relation to trade and...

Dollar Dilemma

” If we lost the dollar as the world currency… that would be the equivalent of losing a war.” – Donald Trump The US dollar (USD) has long stood as the dominant reserve currency of the world, underpinning international trade, financial markets and central bank...

Investment Letter Q1 2025

In an eventful quarter, markets have begun to question US exceptionalism, a concept which buoyed many USassets when President Trump secured an election victory in November. However, as the euphoria of Trump’s win has faded, the market has begun to re-evaluate what...