Publications

The Art of Destabilization: Is "Trump 2.0" Heralding a New American Transformation?

In his latest article published today on Allnews, Jean-Christophe Rochat, Chief Investment Officer, explores the implications of a potential return of Donald Trump to the presidency.

Jean-Christophe Rochat delves into the historical roots of illiberalism in the United States, from 19th-century policies like the Indian Removal Act to contemporary racial and immigration challenges. He argues that Trump embodies a modern evolution of this trend, leveraging unpredictability and divisive rhetoric to galvanize his base while unsettling the political establishment.

The article highlights Trump’s strategic shift in his second campaign, marked by alliances with influential figures from technology and finance, such as Elon Musk and Vivek Ramaswamy. This new alignment suggests a more pragmatic, technocratic approach compared to his first term's chaotic style, potentially enabling sweeping reforms.

However, challenges loom. Jean-Christophe Rochat underscores the risks of Trump’s proposed policies, including recessionary pressures from a reduced state apparatus, healthcare reforms, and protectionist tariffs. These measures, while aimed at economic growth, may heighten inflationary tensions and consumer costs, raising concerns among investors.

As the U.S. approaches this critical juncture, the potential impact on financial markets, global trade, and the geopolitical landscape cannot be overstated.

👉 Read the full analysis, published on Allnews, on December 11, in French: L’art de la déstabilisation | Allnews

December 11, 2024

Publications

2025 Outlook – Second Half

The first six months of 2025 have reshaped our view of global macroeconomic dynamics. A sequence of unexpected events has led us to reassessour convictions and adjust our positioning.

July 10, 2025

Publications

The Myth of Perfect Timing in Investing

Every investor has fantasized about making the perfect trade—buying low and selling high within a very short time frame.

July 01, 2025

Publications

Letter from the CIO - June 2025

Market rebound: Trade détente eases uncertainty, but risks remain

June 12, 2025