mBaer Necessities 11 / 2025
November interrupted the year’s steady advance, not with a decisive shift in fundamentals but with a bout of volatility that exposed the market’s growing sensitivity to policy expectations and valuation.
November interrupted the year’s steady advance, not with a decisive shift in fundamentals but with a bout of volatility that exposed the market’s growing sensitivity to policy expectations and valuation.
As I sit at my desk this December, watching the final trades of a truly volatile 2025, it is clear that we have lived through a year that defied almost every baseline expectation. Investors entered the year anticipating a predictable normalization, yet markets were instead pulled from one narrative to the next.
January opened not with a whisper but with rupture. Financial markets, having ended 2025 on a cautiously optimistic note, were immediately thrown into uncertainty as geopolitical risks took again center stage. In the first days of the year, the United States launched an unprecedented military operation in Venezuela that resulted in the capture of President Nicolás Maduro and a controversial assertion of control over the country’s political transition.
We are delighted to share that we received the prestigious Finews Award yesterday — officially recognizing us as Switzerland’s most prosperous bank 2025.
Stablecoins are digital tokens that aim to hold a fixed value. Most are backed by traditional currencies like the U.S. Dollar. Each token corresponds to an equivalent amount of assets, typically held in the form of cash or short-term government bonds. This simple mechanism allows them to function like digital cash with a built-in redemption promise.