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Editor's note
As we enter the final quarter, it’s worth noting how many unexpected and traditionally market-negative things have happened this year. We’ve had war in the Middle East, oil over $100, higher inflation, central banks hiking interest rates, bond yields surging and equity valuations falling. Normally a recipe for a down market, and yet stocks are still flying high.
We need to talk about bonds
If we had known in January that 2026 would bring war in the Middle East, oil prices over $100, higher inflation, interest rates and bond yields going up instead of down, the United States Treasury Secretary fighting with bond markets, artificial intelligence (AI) models running amok, and equity valuations contracting, we would have feared a down year for stocks.
The swan
It’s been an interesting year for stocks and a little complicated to explain how markets have behaved. Through multiple conflicts, an energy shock and AI safety scares, equities have delivered strong returns. The Developed World index is up close to 16% and emerging market indices have returned 28%.
Can AI be responsible?
The geopolitical landscape has shifted significantly in recent years as the world has moved from a multilateral, globalised order towards a more multipolar and fragmented regime, where national interests and strategic autonomy have come to the fore.
Private markets in focus: understanding a transforming investment landscape
Private markets investments, where appropriate for an investor, can be a powerful and diversifying portfolio allocation. They encompass a broad range of asset classes and strategies, ranging from buyouts and take-privates of longestablished businesses to growth equity in fastscaling newer ventures.
