Markets aren't denying risk; they’re judging that many shocks, from hot inflation prints to geopolitical tension, are proving less catastrophic than feared.
Disruption doesn’t automatically mean decline. Supply chain shifts, industrial policy, and the AI investment cycle all suggest that stress can coexist with adaptation and renewal.
History tends to move in cycles, not straight lines, and periods of disorder may still be able to lay the groundwork for a more constructive phase for investors.
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By Benjamin Jones, Global Head of Research, Strategy & Insights
One of the oddities currently is that the headlines can feel relentlessly alarming while the markets have continued to move higher. That tension has been on my mind. My
