▪ Markets passed the midyear test, but the final exam looms. Companies that can sustain or expand margins will be the ones to watch in a potentially tougher second half.

▪ Like the late ’90s, investor focus is shifting from the builders of new technology to the businesses best at putting it to work to deepen moats and structurally improve profitability.

▪ The policy backdrop remains volatile, but more visible. Even modest clarity on rates and tariffs has been enough to keep risk assets afloat—at least for now.

▪ Strategic allocation favors balance: real assets for resilience, active equity exposure for margin capture, a growing tilt toward international markets—and a small but meaningful role for crypto as a diversifier.