There are good reasons for excitement, but a grain of realism is needed not expecting AI to solve all world problems. We are following the AI revolution which will probably be more of an evolutionary process.

Equity investing is not just about managing risk but also understanding the dynamics of oppor­tunity. Twelve months ago, an extreme peak in the mo­netary cycle coincided with a peak in asset mar­kets.

Central banks have since the financial crisis in 2008, through low interest rates and liquidity, aggressively used the financial levers of the economy to pull the real economy forward. Now the central banks need to make a U-turn.

As we try to assess the longer-term implications of Russia’s vicious attack on Ukraine some conclusions come quickly and are hard to dispute. These are the known knowns.

We are deeply disturbed about the future of Ukraine and the western liberal order. However, it is also a time to reflect and consider what has brought Europe into this calamity.