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mBaer Insights 06/25

mBaer Insights 06/25

June marked a turning point, but not because risks disappeared, but rather because investors stopped fearing them. Equity markets surged to new highs, not in spite of tariffs, fiscal strain, and geopolitical shocks, but because those threats proved manageable. The "wall of worry" is still standing, but markets are sprinting up it. The S&P 500 rallied another +5.1%, closing the best first half since 2019. And the dollar continued its slide, marking its worst half-year performance since 1973. Beneath the volatility, the narrative shifted. Investors are beginning to look through the noise to a 2026 defined by looser policy, AI-driven productivity gains, and a rebalancing of global growth. June was less about resolution and more about revaluation. Risk appetite returned not because the macro turned clean, but because it turned more predictable.

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mBaer Insights 05/25

mBaer Insights 05/25

Markets in May were anything but quiet. What began with elevated anxiety fueled by escalating trade rhetoric and surging bond yields, quickly pivoted into a broad-based rally, as investors responded to a series of headline-driven shifts. At the center stood President Trump, whose abrupt softening on China tariffs and temporary delay of punitive measures against the EU triggered a powerful reversal in sentiment. Equities surged, led by the U.S., as fears of a global trade war gave way to hopes of renewed negotiation. Robust corporate earnings and a rebound in consumer confidence added to the momentum, helping to offset concerns over fiscal sustainability and persistent inflation pressures. The result was a market driven more by political headlines than economic fundamentals. Yet one that delivered a decisive recovery from April’s lows.

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mBaer Necessities 05 / 2025

mBaer Necessities 05 / 2025

History is unkind to those who mistake motion for progress. The violent equity drawdown in April, followed by an equally intense rebound in early May, has left investors torn between relief and suspicion. But market participants have been here before. From the Great Depression to the Global Financial Crisis, equity markets have a habit of luring investors back in with sharp recoveries, just before plunging to new lows. Still, not all rebounds are illusions. In 1982, 2009, and 2020, early rallies proved prescient, anticipating monetary or fiscal shifts that reignited growth.

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mBaer Necessities 04/25

mBaer Necessities 04/25

The violent repricing in April, from long-end Treasury selloffs to a dollar slide, signals something deeper than market noise. It points to a growing fragility at the core of U.S. financial credibility. What was once considered risk-free is now being repriced. The rise in long-term yields reflects not inflation fears or stronger growth, but rising concern over supply, trust, and structural imbalances. These are not the typical ripples of cyclical weakness. They signal a market reappraising the core assumptions behind America’s “risk-free” status.

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mBaer Insights 03/25

mBaer Insights 03/25

Q1 2025 ended with stark divergence in regional performance, driven by geopolitics, policy surprises, and sector-specific risks. What began as a promising start to the year, supported by solid economic data and resilient consumer demand, shifted abruptly toward risk aversion. The reintroduction of aggressive US tariffs under the new Trump administration sparked fears of a trade war and stagflation, leading to sharp losses in US equities and tech-heavy indices. Meanwhile, Europe experienced a fiscal renaissance, China leaned into AI and pro-growth reforms, and safe-haven assets surged. While volatility may persist, the quarter’s events are shaping a new global investment narrative - one where policy-driven dispersion and strategic selectivity are key.

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mBaer Necessities 03/25

mBaer Necessities 03/25

Imagine a world where the U.S. dollar is no longer the undisputed reserve currency. Where foreign governments, once eager to stockpile U.S. Treasuries, are instead forced to accept financial terms dictated by Washington. Where economic diplomacy is no longer a delicate balancing act but a game of hardball, played from the gilded halls of Mar-a-Lago. This, according to its proponents, is the future promised by the so-called Mar-A-Lago Accord, a radical restructuring of global trade and monetary relations, designed to tilt the playing field back in favor of the United States.

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