A message from our President

Globalisation is being rewired as industrial policy and economic security move to the fore. Artificial intelligence is driving extraordinary innovation while testing business models and risk controls. For investors, one thing is clear: the tailwinds that lifted the last cycle are unlikely to do the heavy lifting again. In uncertain regimes, edge comes less from bold predictions and more from adaptability—the willingness to test our priors, look for disconfirming evidence, and update when the facts change. As Richard Feynman reminded us: “You must not fool yourself—and you are the easiest person to fool.” This report asks six courageous questions about US market concentration, the real economics of AI, rebuilding critical industrial capacity, diversifying beyond the index heavyweights at home and abroad, the risk of avoiding emerging markets, and whether the world’s ‘safest’ currency still deserves the name. For each, we set out what we know, what we don’t, what would change our minds, and the implications for portfolios. Use these questions to test assumptions—and act with discipline and conviction in 2026.