The Cost of the U.S. Government Shutdown

Published on November 4, 2025

The U.S. government shutdown is about to enter its second month. We did not rush to comment on it, because we didn’t think that it would have much of an economic impact. But the risk that lasting damage will be done is rising.

Continue reading on website
Other news

Chart to Watch: Higher Valuations Supported by Stronger Fundamentals

November 4, 2025
The market has become much less cyclical over time, and valuations have increased alongside growth and quality.

Crypto Ain’t Digital Gold

November 4, 2025
The term 'digital gold' is often used by cryptocurrency enthusiasts to describe Bitcoin, Ethereum, and similar assets. However, our latest research shows they behave differently in portfolios. We look at how liquidity and uncertainty drive returns, and why that matters for positioning. ​​​​