From geopolitics to Warren Buffett’s latest letter
A quick scroll through the Wall Street Journal’s section “CIO Journal” shows that the conversation remains focused on tech (and tech-related developments), tariffs, and geopolitics. This is reflected in some of the papers listed below. Other themes, such as ETFs and the link between gold and fiscal stability, should not be overlooked, however. Read more on these below.
Insights for CIOs
Who Will Suffer Most from U.S. Tariffs? Not China or the EU! (Invesco)
Trump 2.0 is already affecting the global economy in major ways. However, there are subtitles allocators ought to pay attention to.
Thoughts from the Road: Europe and the Middle East (KKR)
For compliance reasons, this paper is only accessible in certain geographies
There is no single “Middle East,” but its collective growth and transition toward a more diversified economy warrants investor attention.
2025 Global ETF Outlook: The Expansion Accelerates (State Street)
The global ETF market continues to evolve, attracting new assets from investors looking to diversify their allocations.
On M&A Activity: Let the Circle Be Unbroken (First Eagle Investments)
For compliance reasons, this paper is only accessible in certain geographies
Middle market loans offer investors complexity and illiquidity premia alongside credit premia, risks that can be mitigated through vigorous underwriting and structuring.
Private Assets for Retail Investors: The Time Has Come (Natixis IM)
For compliance reasons, this paper is only accessible in certain geographies
An overwhelming majority of all companies in all regions of the world are held in private hands and are therefore typically unavailable to individual portfolios.
Views from CIOs
Full Faith and Credit of Gold (Crescat Capital)
In the 1950s, the U.S. held more gold than the rest of the world combined. Since then, an unmistakable and seemingly irreversible downward trajectory has taken hold.
CIO Capital Market Outlook: Updated Weekly (Merrill)
This weekly publication from Merrill provides investors with the latest takes on key markets and economies from around the world.
Market Commentary Feb 2025 (Horizon Kinetics)
Not only does this letter cover the last few months of 2024 with a unique perspective, but it also offers food for thought for this year.
Warren Buffett Annual Letter to Shareholders 2025 (Berkshire Hathaway)
Read Warren Buffett’s 2025 letter to the shareholders of Berkshire Hathaway for his insights into timeless investing principles.
U.S. Exceptionalism in Retreat? (Rockefeller Capital Management)
Rockefeller Global Family Office Chief Investment Officer Jimmy Chang recounts the investment frenzy of the late 1990s and early 2000s.
