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LATEST INSIGHTS //
Quarterly Letter – Q4 2025: Shock Proof Economy?
The final quarter of 2025 closed out a remarkable year for investors. Markets that had weathered one shock after another since January rose still further in the three months to end-December. Despite enormous changes in the global trading system, in US governance, and in US relations with the rest of the world, US equities ended 2025 in record territory, after climbing 2.7% in the three months to end-December. Around the world, the story was largely the same.
RESEARCH // January 16, 2026

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Quarterly Letter – Q4 2025: Shock Proof Economy?

January 16, 2026

The final quarter of 2025 closed out a remarkable year for investors. Markets that had weathered one shock after another since January rose still further in the three months to end-December. Despite enormous changes in the global trading system, in US governance, and in US relations with the rest of the world, US equities ended 2025 in record territory, after climbing 2.7% in the three months to end-December. Around the world, the story was largely the same.

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Nuclear Energy in Emerging Economies

January 09, 2026

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