Global markets are entering a new phase marked by falling interest rates, abundant liquidity, and structural changes in technology and resources. These dynamics are reshaping returns, asset allocation, and long-term investment opportunities.

• Lower rates squeeze returns
  Central banks worldwide, led by the U.S. Federal Reserve, continue to cut rates, pushing short-term yields near zero and dragging long-term bond returns lower. Savers face minimal returns on cash and government bonds, while corporate spreads remain at cycle lows—reviving the hunt for yield. 
• Liquidity fuels equities
  Strong liquidity, robust earnings, record buybacks, and retail optimism could drive global stocks higher despite stretched U.S. valuations. Volatility, however, is expected to rise as the bull market enters its fourth year. 
• Dollar weakness and global shift
  The dollar’s sharp depreciation signals a turning point for U.S. exceptionalism. We see opportunities in non-U.S. equities and tech-heavy Asian markets dominating critical hardware sectors. 
• AI’s next wave
  Artificial Intelligence moves beyond language models toward robotics, automation, and autonomous vehicles—boosting demand for electricity and ultra-clean water. 
• Resource scarcity reshapes commodities
  Rising demand for strategic metals and energy, combined with supply constraints and geopolitical leverage, points to a long-term bull market in commodities.