THE JULY/AUGUST ISSUE

As we are well into the second half of the year, it is a good moment to take stock. The markets in 2025 were not supposed to be like this – at least based on many investor assessments published late last year looking at the year ahead.
Yet market volatility has been the norm for President’s Trump second term.
We really shouldn’t be surprised. What Trump has done, he planned all along. He famously said tariff is the “most beautiful” word to him. His plan is to very much restructure the global economic system in a way that he thinks will truly benefit America.
Given all the changes that the global economic system has undergone, we ask in our cover story, whether it is time for a global reset of institutional investor portfolios.