Skip to main content
Subject:

Tactical Asset Allocation

What – me worry? I'm climbing the wall of worry!

Tuesday, 28 October 2025, written by Maarten Spek

Investors seem to believe in a Goldilocks scenario — steady growth, easing inflation, and supportive liquidity. Yet, while markets brush aside concerns like the government shutdown and trade tensions, more fundamental risks are quietly building. Liquidity can change course abruptly, as last week’s sharp drop in precious metals reminded us. We adjust our tactical asset allocation to reflect a short-term bullish stance amid rapidly rising risks.

This report is published: Monthly

Get access to this report

Request Report

Previous Reports

Are we in an AI bubble?

Monday, 29 September 2025

In this months’ Tactical Asset Allocation report we explore whether AI related stocks are forming a bubble, the crucial role long-term rates are playing  and what this means for the stock market outlook and tactical asset allocation in general. We also discuss three alternative scenarios to our base case.

Request Report

Is the Fed breathing new life into the bull market?

Wednesday, 27 August 2025

A bubble is brewing in equity and corporate bond markets. How far it inflates hinges on the battle between looser monetary policy and rising long-term interest rates.

Request Report

Climbing a wall of worry

Monday, 28 July 2025

Despite all the economic and political concerns, the trend for equities is upward and that for credit spreads is downward. What are the reasons for this and how long will the markets continue to climb the proverbial “wall of worry”?

Request Report

What's in this report?

Video file