Each year, Portfolio Construction Forum Markets Summit kicks off with a video retrospective of the prior year, reflecting on the biggest geopolitical, economic, market, environmental, sporting, and human interest stories of the prior year...

Investors should assign a higher weighting to the possibility of President Trump and President Xi striking a bargain on Taiwanese sovereignty.

The global rules-based order is cracking, resulting in an increasingly complex and uncertain macro backdrop. Practitioners will need to consider information from a broader array of specialists to understand the drivers of and outlook for markets.

Investors will look back on 2025 as the beginning of the end of US exceptionalism. Practitioners must now consider geopolitics in their fundamental analysis, alongside macroeconomic and company factors.