14th July 2025

Nvidia has become the world’s first $4trln company, the S&P 500 has reclaimed
its all-time high and credit spreads have (almost) never been tighter. Meanwhile
trade policy uncertainty (tariffs), geopolitics (Cold War 2.0?) and global economic
growth are at best unsupportive at worst deeply concerning.
With the additional kicker of (US) real rates at near 20-year highs, one could legitimately
question whether financial markets have ever been this detached from fundamentals.

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