Quarterly Update - 2nd Quarter 2017

First and foremost a happy 4th of July! The first half of the year has not been short of surprises, with plenty of political folly as was anticipated. The elections were less controversial than expected, but that has been a great thing for the overall economy.

Most indexes are at all time highs, and central banks are now looking into taking the foot off the pedal on items such as quantitative easing. This is significantly important for us due to the impact on the Euro, the Pound, and the Swiss Franc. We look forward to what will begin to be a time of prosperity for Europe (if the politicians can get out of the way).

While the US markets are certainly expensive, our biggest risk is a potential impeachment of Donald Trump. This is because the markets have certainly priced in the anticipated tax cuts, and if those plans don't go through, we could see a significant drop in the market. The Trump policies have already been evaluated as weak by the economy and that has been represented by the weakest quarter for the USD in nearly a decade.

We have started expanding our purchases in Emerging Markets due to this weakness of the USD. We might also expand on our European and British positions in the next few quarters. The summer should be quite dull for the markets, except in the banking sector where all the banks have passed their stress test (first time ever) and this has given them some clear strength.

If you would like to measure your current risk appetite, check out our new risk measuring feature here. If you missed the American Financial Forum in Brussels you can access the presentations here. If you would like to see the presentations from the Financial Forum in Paris, please find them here.

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