Shernel Thielman

When geopolitical tensions rise or a conflict breaks out, financial markets often react immediately. Prices suddenly move, oil prices rise, and investors temporarily seek safety in gold or government bonds. Yet history shows that wars often have a less lasting impact on stock markets than initially expected. The first reaction of the market is usually based on uncertainty. As soon as a conflict erupts, investors try to assess the possible economic consequences. This often leads to a short...

Political tensions, trade conflicts, and central banks adjusting their course create the feeling that the economic rules of the game are constantly changing. Uncertainty seems to be a permanent part of the landscape. Yet uncertainty itself is not a new phenomenon. Financial markets have historically always been shaped by periods of ambiguity. Wars, oil crises, recessions, waves of inflation, and technological revolutions have followed one another. And each time, companies adapted. The problem...

After years in which financial markets were dominated by technology, growth narratives, and digital concepts, a gradual shift is becoming visible. Increasingly, attention is turning toward tangible, productive assets. Think of energy, infrastructure, commodities, farmland, and economically functional real estate. These so-called real assets are quietly making a comeback. This development is no coincidence. The global economy has entered a phase in which supply security, strategic autonomy,...