The transition from a unipolar to a multipolar world order – exemplified by simultaneous conflicts in Ukraine and the Middle East – underscores the strategic imperative of abundant energy and large manufacturing capacities.

The US-led global order of Pax Americana is being rebooted by the Trump administration and replaced by a multipolar world.

This paper discusses how passive investment strategies have driven the market narrowness and increased equity markets’ price inelasticity.

We are currently witnessing the beginning of a prolonged structural energy crisis caused by a poor understanding of what energy is and a lack of knowledge of our dependence on fossil fuels.

The European auto industry has for several years seen significant secular headwinds from a technology change that will also challenge the business models of the auto industry in the next decade.

Our investment philosophy is a simple one: our experience tells us that to make a difference as an investor you need to have a different approach than most other investors.

We visited China on two occasions this fall, and though the picture has been very mixed, the bottom-line is that the economy is doing what it’s supposed to do – rebalance away from fixed asset investments and industrial production towards private consumption and services.