Market Update 4 November 2025, with columns by Harry Geels, Bob Homan and Anton Kramer
Market Update 4 November 2025

Bob Homan: Is the broad stock market rally a cause for celebration or concern?

The stock market rally appears broad, but appearances can be deceiving. It is not what is rising that is crucial, but why it is rising.

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European Sovereignty: the case for listed equities

In conversation with Tikehau Capital, the recent turbulence and stagnating growth underscore the urgent need for Europe to strengthen its autonomy and resilience.

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Anton Kramer: Fund equals benchmark

The Wtp offers opportunities for illiquid investments, but sound valuation and transparency require more ambition than the credo ‘fund equals benchmark’.

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How the AI gold rush is changing our economic system

Seven tech giants will invest more than $300 billion in AI by 2025. Will this lead to beneficial innovation or a new kind of feudalism?

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