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. Gold briefly kissed USD 5’600 before plunging more than 20% at the end of the month. Bond markets saw their strongest inflows in a decade. Corporate earnings smashed estimates yet received a collective yawn from traders pricing perfection into already stretched valuations.

Beneath the headlines, a more subtle story is unfolding. The AI revolution is shifting from hype to execution, separating winners from pretenders. Capital is rotating out of crowded US trades and into international markets, fixed income, and real assets.

The message from the smart money is clear: in an era of policy whiplash, diversification is no longer optional, it’s survival.

We wish you a pleasant and insightful read.