The US-Iran conflict has abruptly moved stagflation from a tail risk to a live risk that could undermine the growth momentum observed at the start of the year.
The leveraged finance market is confronting an “AI faultline” whereby the early promise of operational efficiency is giving way to clear fractures in legacy business profiles in certain issuer segments.
Emerging market (EM) equities currently trade near their widest discount to developed markets in 20 years—paired with faster expected earnings growth and exposure to companies powering the global AI value chain.
For much of the past 15 years, global investing felt deceptively simple: stay overweight US equities, especially large-cap growth stocks, and you’ll be rewarded handsomely with above historical average returns.