Though medium-term risks exist, the UBP ‘Start-Stop’ framework highlights the priority President Trump’s appears to place on pursuing tax reform and a repeal of the Affordable Care Act to solidify his perceived legitimacy via the 2018 Congressional Elections. These priorities enhance the existing strong global growth momentum which should be the near-term focus for investors. Equities remain best positioned to capitalize on these trends as fixed income markets no longer compensate investors well for interest rate or credit risk. Gold and risk premia strategies remain our preferred vehicles to hedge against medium-term policy uncertainty.
Group CIO and Co-CEO Asset Management
CIO Private Banking