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This preface was originally written in Dutch. This is an English translation.
Exploiting short-term opportunities
May was the best month for many stock markets in 35 years. Despite geopolitical uncertainty, the markets are still being buoyed by three fundamentals: the economy, liquidity and valuations – factors that improved after the correction in April. With some European countries in recession, the question arose as to whether the United States would also enter a negative growth phase. For now, it appears to be merely a slowdown in growth. US import tariffs are not as high as expected and are functioning as a mild tax increase. Meanwhile, earnings figures are stronger than expected, particularly in the technology sector thanks to AI.
The slowdown in growth gives central banks room to lower interest rates. The ECB has already done so eight times. In the US, import tariffs are clouding the inflation picture, but interest rate cuts in the second half of the year seem likely. This creates room for recovery. However, stock market volatility – notably also in bonds – has been high in recent months. This underscores the importance of alternative investments, such as private assets. These also offer opportunities to make an impact, for example in the areas of green infrastructure, energy transition, biodiversity, and natural capital.
These four themes are closely interlinked. Reason enough for Financial Investigator to devote extensive attention to them with reports on roundtable discussions and panel discussions, a cover interview with Jean-Jacques Barbéris of Amundi, and in-depth articles by experts. The common thread: the capital requirement is enormous, the opportunities are numerous, and investments can yield both financial and ecological benefits.
So there are plenty of opportunities and possibilities, even though there is no time to lose. However, such optimism is hard to find in the portrait of Nobel Prize winner Paul Krugman, who is highly critical of President Trump. In his view, the US is suffering from collective madness. Johan Van Overtveldt, Belgian economist and politician, is also not entirely positive, but he is even more critical of developments in Europe. However, he hopes to be able to contribute personally to improvements. That is to his credit.
Finally, this edition features the outlooks of eight experts for the second half of 2025. Positive and negative views alternate, but as one of the experts so powerfully puts it: “Smart investors create the space to seize short-term opportunities.” I wish you a wonderful summer!
Jolanda de Groot, Editor-in-Chief