IN THIS ISSUE

• Macro Strategy — War with Iran: Some Lessons and the Long View: Despite war-driven volatility, the world still relies on fossil fuels, U.S. assets remain resilient, and we believe history favors a long-term, recovery-focused view.
  
  
• Market View — In Retrospect: A Year On From “Liberation Day”: The tariffs triggered short-term turmoil but ultimately led to a resilient adjustment in global trade, strong U.S. corporate performance, and a swift market recovery rather than lasting damage.
  
  
• Thought of the Week — When All That Glitters Isn’t Gold: Gold’s recent weakness reflects positioning, rates, and dollar dynamics rather than fading fundamentals, and it still has a role as a long-term portfolio diversifier.