The world today looks very different from the world we knew back in January, when we sent out our last investment update. Our focus back the

Even though the dominant story in the news continues to be the pandemic. While the situation was still pretty much under control before

While financial markets have been resilient with no major downside moves in the past few weeks, there have been some major developments on t

Finally, the outlook is turning more positive for the future, as the world is starting to get the pandemic under control. While more and mor

Finally, 2020 is behind us. It was a year that probably no one among us will ever forget. The Covid pandemic has impacted all of our lives a

While the contraction in Europe was still below 10%, the economic crisis in the U.S. has been more severe with much higher levels of unem- p

Coming out of the global lockdown The title of our February 2020 update was: “The year ahead: Expect the best, prepare for the worst”and...

The past year was ex- ceptional from an investing point of view. After a very difficult fourth quarter in 2018, with heavy losses in global

We talked about the sharp reversal of expectations for the global economy. We also anticipated the immediate reaction from central banks tha

Despite a more challenging market en- vironment in Q2/2019, we have not changed our opinion, but we do expect a more difficult terrain ahead