Although the US President has been preoccupied by the Middle East situation and annoyed by the Supreme Court’s recent decision to invalidate most of his tariff policies, to us it seems that Donald Trump has been less focused on domestic economics, at least for the first part of the month. Instead, the spotlight has been largely saturated by, artificial intelligence (AI), with investors focusing on the implications and consequences this could have for the market. The renewed crisis in the Middle East triggered late February by US & Israeli airstrikes on Iran undoubtedly had short term ripple effects on commodities and financial markets. On this topic, the difference between short- and long-term implications also remained important. Albeit painful, it seems to us that the excess of confidence or of pessimism linked to AI and to some extent geopolitics should provide interesting entry (or exit!) points for stock-pickers we are favoring. We are discussing these topics in more detail in this newsletter.
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