Key Takeaways 1. Should investors cheer or fear Trump 2.0? We think markets in the United States, Europe and Japan can make new highs over the next 12 months. 2. Is your portfolio resilient to growing risks? Risk management is critical in the face of two-way risks to growth and inflation, and ongoing policy uncertainty. 3. Is this the downfall of the U.S. dollar? The dollar is in a downtrend, but we think it will remain the world’s reserve currency. 4. Why isn’t anyone talking about AI anymore? The AI race will continue to accelerate, driven by lower costs and stronger performance. 5. What’s the deal with dealmaking? Aging assets and growing evergreen funds will create opportunity in private markets.