There was something hyperbolic about the trends observed in August. Firstly, in the political arena Donald Trump is becoming increasingly aggressive in his treatment of his partners and allies. Partners who are powerless, like Karin Keller-Sutter, who cannot even get a meeting with the President to discuss the punitive 39% tariffs impose on Switzerland, or allies who seemed resigned, like European leaders who capitulated by signing a defavorable trade agreement. The president's violence has no frontier and can be felt domestically: massive military force deployment in Washington, abrupt firing of a Fed Governor. When talking about hyperbole, it’s difficult not to mention also Nvidia, which seems invincible as Intel once was. After a hot summer, we felt that a little long-term perspective would be useful to dispel the effects of the political and financial news and approach the back to school period with serenity, staying put on our convictions and focused on the benefits of diversification
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