April was a reminder that war rarely moves markets the way textbooks predict.
The closure of the Strait of Hormuz should, by any traditional reading, have spelled trouble for risk assets. It did, briefly. What happened next is more surprising, and more instructive, than the initial shock.
March was, in short, a very difficult month for investors and for anyone trying to make sense of what is happening in the world.
The euphoria that carried AI stocks to unprecedented heights has given way to a darker question: what happens when the technology we’ve celebrated begins to displace us?
From the surprise capture of President Maduro in Venezuela to President Trump’s nomination of Kevin Warsh for Fed Chair, geopolitical shockwaves and policy pivots kept investors on edge.
We have just completed one of the most resilient years in decades. Global equities hit record highs, risky assets rose sharply and the economy proved far more resilient than many had anticipated.
If we had to choose one word to describe the past month, it would be recalibration. We didn’t see a crash or a boom, but rather a thoughtful pause where the market took a deep breath and reassessed its assumptions.
