The Phoney Peace? Investment Conclusion The market reaction to reduced US-China tariffs is unwarranted. The S&P 500 has clawed back all of its post Liberation Day losses and is only 5% below its peak. The existing tariffs and uncertainty will do a lot more... Read More

Wealth Preservation Portfolio - Weekly Update - 05.07.2025 The markets are priced for a normalisation of global trade. I do not believe this will happen. The conversation between China and the US will not lead us back to normal trade. Tariffs will settle at 20% on average... Read More

China Spokesperson Statement on US Tariff Talks This is the statement (translated) this morning" “China has noted the repeated statements from senior US officials expressing a willingness to negotiate with China on tariff issues. At the same time, the US side has r... Read More

Why the US war on trade is fatal for US$ role as reserve currency and US Exceptionalism. What does this mean for US stocks & Treasuries? Read More

Great Waves Look Over Others Coming In. Investment Conclusion Stick to the conservative asset allocation in the Wealth Preservation Portfolio at the end of this note. President Trump’s postponement of reciprocal tariffs and conciliatory texts about China do not indic... Read More

Below is the content of joint European & Ukrainian Ceasefire Proposal finalised in London this week. It was given to the US side before Witkoff's visit to Putin. We shall see what comes out of that. The relevance to investors is this. US objectives diverge inceasi... Read More