Market developments

23 June 2026

At present, several themes are unfolding simultaneously. The geopolitical situation remains unsettled, and we are also seeing new dynamics in the financial markets. For example, there is a new Chair of the Federal Reserve (Fed), which influences interest rate policy and the direction of the markets.

Although such developments are not new, we are observing a shift in context. A good example is the recent IPO of SpaceX. Within the company, there is an AI business unit that is currently loss-making, yet it has been brought to market at a high valuation. This is reminiscent of earlier periods, such as the dot-com bubble, when growth expectations were heavily priced in.

At the same time, there are also differences compared to the past. Where previously companies often stood alone, loss-making activities are now more frequently combined with profitable divisions. This may create a more robust structure, but still requires careful analysis.

There are also mixed signals emerging from conflict regions in Eastern Europe and the Middle East. Sentiment around energy and defence competes for prominence, resulting in volatility in both equity and bond markets. The asset managers entrusted with our clients’ capital are performing well, as evidenced by results.

New dynamics: information and behaviour

What has clearly changed is the way investors consume information and act upon it. Increasingly, we see retail investors being influenced by so-called “finfluencers” and online trends.

Marketing techniques and behavioural psychology are often used to shape investor behaviour. This makes independent investing more complex. While short-term gains can sometimes be achieved, consistently realising long-term objectives becomes more challenging.

For us, this once again underlines the importance of a structured and professional approach.

Our approach

This is precisely why we work with specialised asset managers. They have teams of analysts who are dedicated daily to market analysis, risk management, and portfolio construction.

We believe in everyone’s expertise: we focus on your financial plan and translating it into the appropriate strategy, while the asset managers take care of execution and the day-to-day management of investments.

One principle always remains central: zooming out.

Short-term developments drive today’s movements, but your ultimate goal is determined by years of consistent decisions and discipline.

Focus on your goals

At least once a year, during our review meetings, we discuss the progress of your portfolio in light of your personal goals. Where necessary, we make adjustments. And if you would like more frequent alignment, this can of course be arranged.

Ultimately, this is what it is all about: not the noise of the day, but progress towards your financial future.