Explore different forms of capital and what they mean to you

Steep, erratically implemented US tariffs have shaken financial markets, business and consumer confidence, and the global economy. Growth is expected to slow—with the potential for a sharper deterioration if threatened ‘reciprocal tariffs’ are implemented later in the year. To be sure, the US can fall back on strong fundamentals including its technology leadership and greater dynamism and competitiveness than many peer economies—all of which Trump is keen to promote through supply side and tax reform. And the President has already retreated from some of his maximalist policy positions as the dollar sinks and US Treasury market swings wildly. But the volatility is likely to persist—and a ‘hard landing’ may yet close out this cycle. In this environment, we like precious metals and cash and government bonds, as well as hedge fund diversifiers

This month we discuss the wild market ride sparked by Trump’s tariff policy gyrations.

We sit down with Alex Ikonn, Co-Founder and CEO of Intelligent Change, to explore the deeply personal journey behind building a brand that has helped millions cultivate gratitude and intentional living. From being fired from a banking job to launching the Five Minute Journal and curating transformational wellness experiences, Alex shares how moments of adversity, purpose-driven product design, and a belief in inner growth shaped the foundation of Intelligent Change.

At the start of 2025, we published our Top 10 Market Themes which we believed would influence the markets in the coming year and identified the assets best positioned to capitalise on these opportunities. Now, four months into the year, we revisit each of the ten themes, and assess what’s played out so far.

European defence stocks have soared since Donald Trump’s return to the White House. In this article, our Research Team explores how European defense equities are gearing up for increased investment and growth opportunities in the evolving security landscape.