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JPOW coming to the office last week (click). Meanwhile, Deutsche Bank warns that the 20% chance Powell is fired this year (Polymarket), in reality is much higher. The most "under-appreciated" risk for global markets? They see a severe scenario for such an event: USD to drop 3-4% within 24h, while a FX sell-off would push Treasury yields ~40bp higher. "With the Fed sitting at the pinnacle of the global dollar monetary system, it is also stating the obvious that the consequences would be felt far beyond US borders", DB said in the report. Has Trump tested the market earlier this week ? His scorecard. Ok, the circumstances have not exactly been easy
 Chinese biotech's advance is stunning, eclipsing the EU and catching up to the US (see article below) The above might also be a (non-obvious) factor in the recent Healthcare underperformance (source)
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Baillie Gifford: Trading spaces: How DSV became global freight´s top dog (see article above) Stefan Fritz asks: "Who will manage the AI agents in our companies in the future?" He´s looking at Serviceware, SAP, Microsoft, IBM and Salesforce. But also at legal frameworks and human labor displacement (see article above) 
If you have trouble falling asleep, reading about Corporate Governance might help. In reality it´s a fantastic inroad to a company´s culture. Michael Fritzell is summarizing Bob Tricker´s book on the topic. Best practices include 1) small boards, 2) a balance between insiders and independent directors 3) insiders having a sizeable stake in the company, 4) presence of a nomination committee, 5) pay-for-performance CEO remuneration, 6) no dual class shares, 7) no takeover defenses and 8) limited cross-shareholdings.
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Close to Carrara (ITA), sculpture robots work for artists like Jeff Koons. One of the firms is even listed: MicroCap Litix SpA In Italy, inheritance flow comes close to 20% of GDP (source) AI already showing up in long-term productivity charts ? The worst thing of the passive revolution: Market ETFs being required to buy all the hyped crap, effectively bailling out the
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Jamie Dimon ia new format with the Acquired people Outgoing Brenntag CEO Kohlpaintner in WiWo interview: His track record is "mixed", Brenntag shares underperformed the DAX by 9% p.a. during his 5- year reign, with all the underperformance occuring in the last 14 months.  When circumstances change, give yourself a bit of time to adjust. Life is sometimes hart. Or is it heart (click) ? Captain Donald Enjoy the Weekend!
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