Insights

One consistent source of investor concern in 2025 has been valuations, particularly for U.S. stocks. Price/earnings ratios south of the border are indeed above long-term averages, reflecting healthy earnings growth. We are often asked what will happen...

The rally in 2025 and throughout the longer bull market cycle has been uneven with the largest of large-cap stocks dominating. Key charts illustrate this phenomenon, and we discuss how to factor this into portfolio strategies.

Stagflation lite exacerbates growing K-shape divergence Heading into 2026, we see a US economy that is increasingly on track for a stagflation lite scenario: GDP growth running below the typical 2% trend, while inflation remains uncomfortably high. Still...

After three consecutive years of strong gains for most equity markets, nothing historically rules out a fourth.

Key themes have the potential to shape economic developments and drive certain sectors for decades to come.

The longstanding relationship between the U.S. and Europe is changing, with deep consequences for the euro area and its economy. We look into the impact of this metamorphosis on the corporate sector and discuss the related investment opportunities.

Opportunities to reduce taxes, both for you and your corporation

Long-term economic trends have left the U.S. economy increasingly reliant on spending by upper-income households. We unpack the potential implications for economic stability and Federal Reserve policymaking.

Opportunities to reduce your 2025 tax bill