Beyond Markets

A survey done by the National Federation of Independent Business finds a surge of optimism among small business owners in the United States since the election. Meanwhile, not one of the world’s largest economies is expected to be in a recession next year. That sentiment is reflected in the world stock market index, which is back to touching the upper band of its ascending channel, for the first time since late 2021. A large venture capital-backed unicorn has a successful IPO last week, despite still being loss making. With 27% of the S&P 500 index’s market capitalisation in just five companies, concentration in the stock market is at an all-time high. But concentration has never been a useful predictor for forward returns; in fact high levels of concentration have historically coincided with good forward returns.

What is Beyond Markets?

“Beyond Markets” by Julius Baer is a series featuring conversations with experts to share recent market developments, key insights, and strategic inputs from around the globe. In each episode, we cut through the noise to offer practical advice and macro research on today’s shifting economic and market landscape.
The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.