Welcome back. NASDAQ hitting a record high today. Nvidia becoming the first company ever to reach $4 trillion in market cap.Question now, should you continue to lean into that trade or diversify elsewhere. Joined now by Elizabeth Burton, chief investment strategist for Goldman Sachs Asset Management. Welcome back.It's good to see you. Good to see you. You're on the diversification train, right.Don't don't just lean into tech or or large cap. We're always on the diversification train. Yeah, but I mean, you k ...

From US Exceptionalism to Sell America and Back Again. What next? US Exceptionalism: Extreme value creation meets macro uncertainties ab 23 June 2025 Global Research UBS HOLT Macro Webinar UBS HOLT Macro Webinar 23 June 2025 ab 2 How to position (time to look at GEM again?) Equities Global Financial Michel Lerner, CFA Head of HOLT michel.lerner@ubs.com +44-20-7883 3649 This report has been prepared by UBS AG London Branch. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantita ...

Jim South to the president of Apollo Global Management. Jim, good morning. Good morning, Jonathan, and happy birthday, sir.It's good. Thank you very much. I appreciate it.We will spend too much time on the Federal Reserve, but I do want your reaction to this journal piece overnight. Well, I think I think that the president's already one, it's a great distraction of headlines. I personally don't think he's going to name anybody too early because right now he's in the catbird seat of blaming without accountab ...

25 June 2025 | 5:00AM BST Global Strategy Views Diversify to Amplify; Part 2 1. For much of the post financial crisis era, diversification has not been an effective strategy. As an asset allocator, a simple US based 60/40 approach would have generated unusually high risk adjusted returns without the need to add additional assets. Within equities, the sustained outperformance of the US, mega-cap growth and technology meant that global investors would have reduced risk adjusted returns as a result of broad se ...

June 20, 2025 11:35 AM GMT Cross-Asset Flows and Allocations Where Are Equity Flows Going? Demand for US equities is weakening to almost the sole benefit of European stocks. Section 899 concerns can sustain these trends, but we think the narrative of foreign investors deserting US stocks is overdone. Flows are not a zero-sum game; the US market should still see inflows, just less of them. Key Takeaways Exhibit 1: Net flows to ex US 'international' funds have increased dramatically since end-2024 -3 -2 -1 0 ...

每周精选 --- weekly mash - Market Insights 市场洞察 weekly mash - 每周简报 - A few charts / thoughts, without extensive commentary, in a week that felt like one of the quieter weeks in markets year-to-date – in spite of all the geopolitical focus on the evolving situation in the Middle East : 本周市场相对平静，尽管中东局势不断演变引发⼴泛的地缘政治关注，以下是⼀些图表和思考， 未做过多评论 ： 1. A lot of ink and intellectual horsepower has been deployed around the theme of US exceptionalism, USD strength and US asset performance. In conversations with a large Nordic a ...

The Flow Show The Eurovision Long Contest Scores on the Doors: gold 28.4%, commodities 7.8%, stocks 6.9%, govt bonds 6.2%, IG bonds 6.1%, HY bonds 5.4%, oil 4.8%, cash 2.0%, US dollar -8.8%, crypto -14.1% YTD. Tale of the Tape: $3.9tn BofA private client assets of which Magnificent 7 stocks = 14.8% (common stocks & ETFs), US Treasury bonds (2-30-year) = 3.6%, international stocks = 3.4% (common stocks & ETFs), and gold = 0.4% of AUM. The Biggest Picture: client feedback from London/Europe on Iran, geopoliti ...

J P M O R G A N Global FX Strategy 06 June 2025 Key Currency Views All beautiful things must come to an end Figure 1: Growth is projected to decline in the US and several countries in 2025, but there are several winners as well: Antipodeans, NOK, EUR and JPY in DM and EMEA in EM J.P. Morgan economists' growth forecasts for 2025 vs. actual in 2024 See page 48 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a res ...

10 June 2025 | 12:24AM BST GOAL Kickstart US exceptionalism - fundamental shifts and technical headwinds from Section 899 Last week both US Manufacturing and Services ISM came in below consensus, while NFPs growth slightly beat consensus (but still points to slowing US growth) and the unemployment rate remained flat. Key economic data releases this week will be US CPI and UofM reports. The ECB lowered the deposit rate by 25bps and downgraded its 2026 inflation projection to 1.6%. Yield curves flattened acro ...

10 June 2025 | 12:24AM BST Andrea Ferrario +44(20)7552-4353 | andrea.ferrario@gs.com Goldman Sachs International Christian Mueller-Glissmann, CFA GOAL Kickstart US exceptionalism - fundamental shifts and technical headwinds from Section 899 Last week both US Manufacturing and Services ISM came in below consensus, while NFPs growth slightly beat consensus (but still points to slowing US growth) and the unemployment rate remained flat. Key economic data releases this week will be US CPI and UofM reports. The ...