We do not believe that the speculation around UBS leaving Switzerland are based in facts.

The european defense industry has been marginal for decades as european defense spending was low. The new paradigm caused by geopolitical changes will lead to sustainable and predictable growth for the companies in this sector. Investors must not overlook the opportunities in this sector!

While many individuals are talking about a recession in the United States, we believe that this is an unlikely scenario.

Despite solid long-term fundamentals, the housing market is not doing well.

The US government is seeking to possibly breakup Alphabet due its domination of the search market. In our view, the government's case has little chance of succeeding because Google dominates its market due a better product and not because of anti-competitive behavior such as buying competitors. Furthermore, new competitors such as OpenAI (ChatGPT) are entirely disrupting the industry with AI enabled search. The US government does not seem to realize this new era in tech. In any case, if Trump gets elected on november 5, one can sure bet that his new administration will be much less willing to to go after the big US technology companies and may swiftly drop this case against Alphabet. Unsurprisingly, 90% of the financial analysts that cover Alphabet have a buy rating on the stock.