Market Perspectives
We wrote in January that 2026 would test nerves. We did however not anticipate it would arrive with quite this force, this quickly. We owe you an honest account of where we stand — on markets, on the macro environment, and on your capital.
Q1 2026 has delivered a convergence of shocks that, taken individually, would each warrant serious attention. Taken together, they represent the most challenging macro environment since the pandemic dislocations of 2020. We say this not to alarm, but because our relationship with you is built on clarity — and clarity demands we call this environment by its proper name.
And yet: we remain invested. Deliberately, eyes open, and without panic.
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BONDS & MACROECONOMICS
Bonds declined as markets interpreted the midweek extension of the ceasefire as reducing the likelihood of a near-term resolution. Risk-off in Europe contrasted with a tech-led bid in the US.
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