Markets

Markets have been turbulent since April, with 13F filings showing a shift from pricey big tech into healthcare, construction, and rate-sensitive sectors. Howard Marks warns equities are overvalued—urging rebalancing, patience, and defensive positioning.

Executive Summary The global capital markets stand at an inflection point. Three disruptive forces—tariff realignments, AI-driven productivity, and the democratization of retirement capital through alternative assets—are colliding to reshape investment paradigms. President Trump’s August 2025 executive order allowing 401(k) retirement plans to invest directly in

Pension CIOs see volatility but focus on long-term strategy, scaling private markets, fee discipline, and selective real assets.

Reflections on crisis, capital, and continuity—from witnessing the Asian and Global Financial Crises to exploring Cuba, China, and the Nordics. Lessons on resilience, systems, and the future of wealth-building in an age of change, AI, and generational wealth transfer.

1. What Moved the Markets? Europe 🏈 Bottom Line: European stocks showed mixed performance with the STOXX Europe 600 near a one-year high, while the UK economy faces inflation slowdown and potential recession, and German business sentiment worsens, with European Central Bank officials indicating interest rates will remain high for