Mark Haefele

Gold remains a strategic hedge against de-dollarization, weaponization of the US dollar, and sanctions. Central bank buying and client interest in dedollarization support the gold trade over the long term.

The market is transitioning to a higher nominal growth world where equities outperform. A broadening of the rally is expected once energy costs decline. Portfolios should tilt more toward equities, including small and mid-caps.

Speaker stated the firm is repositioning "into equities... more in Switzerland and European health care." In a climate of uncertainty and potential demand destruction, defensive sectors like healthcare are favored. Swiss assets may offer a perceived quality or stability haven. Explicit addition to these areas signals a bullish, defensive rotation within a broader equity repositioning strategy. A severe global economic downturn impacts healthcare budgets and earnings; Swiss franc strength hurts export-oriented companies.

Speaker stated the firm is repositioning "into equities... more in Switzerland and European health care." In a climate of uncertainty and potential demand destruction, defensive sectors like healthcare are favored. Swiss assets may offer a perceived quality or stability haven. Explicit addition to these areas signals a bullish, defensive rotation within a broader equity repositioning strategy. A severe global economic downturn impacts healthcare budgets and earnings; Swiss franc strength hurts export-oriented companies.