Latest issue of Financial Investigator now online
Latest issue of Financial Investigator now online
This preface was originally written in Dutch. This is an English translation.
Between realism and irrationality
2025 is drawing to a close with an economy that has proven more resilient than many had expected, although the contours of a new era remain clearly visible. Inflation has continued to decline, central banks are taking their first cautious steps towards easing, and growth is holding steady. At the same time, the world remains dominated by geopolitical tensions, rising debt and an increasingly fragmented economic landscape. The Outlook contributions in this edition reflect the same picture: a mix of realism and cautious hope for stability.
What is particularly striking is how quickly technology is setting the tone. AI is shifting from experimentation to becoming a structural factor in business models, valuations and portfolios. Crypto is also developing at a rapid pace. With MiCA, further professionalisation and the rise of tokenisation, this market is no longer a playground, but a domain that institutional investors must take seriously.
In addition, there are movements that colour the broader investment landscape: ETFs that continue to gain relevance, ten years of SDGs that show where progress has been made and where ambitions are still lagging behind, and continued attention to climate and circularity.
This December edition brings all these lines together, offering a broad picture of where the market stands now – and where the discussion will move in the coming year.
We also like to highlight personal perspectives. Nobel Prize winner Richard Thaler is a sharp critic of Trump and expects that the current American economic policy, based on “irrationality”, is unsustainable. Prof. Dr. Sweder van Wijnbergen criticises pension funds' support for climate policy. According to the emeritus professor, this goes against the rule of the well-known economist Jan Tinbergen, who argues that it is more effective for pension funds to focus strictly on their core objective: providing a good pension for their participants.
In the cover interview, Wouter Sturkenboom reveals a more personal side. His switch from the institutional investment sector to the private wealth and family office world also required him to take a more personal approach to his profession. At its core, however, it is about solving puzzles and dealing with uncertain times. A fitting perspective in this latest, extra-thick edition of the year.
I wish you enjoyable reading, happy holidays and a prosperous and healthy New Year!
Jolanda de Groot, Editor-in-Chief