Market Update 25 November 2025, with columns by Harry Geels, Han Dieperink, Stephan Langen and Evan Clark
Market Update 25 November 2025

Webinar 'Infrastructure Equity in the Age of Transition'

On 2 December from 12:00 to 13:00, Marco van der Geugten (MN), Harry van den Heuvel (Achmea IM) and Igor Lukin (Allianz Capital Partners) will engage in a discussion.

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Stephan Langen: Thinking beyond pigeonholes

Real impact does not lie in pigeonholes: cognitive diversity and psychological safety determine which companies perform better in the long term.

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EDHEC: Listed benchmarks don’t reflect private equity returns

Listed indices mask how Canadian pension funds’ private equity portfolios truly perform, making strong or adequate results appear weak due to poorly chosen benchmarks.

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Harry Geels: People's capitalism as a solution to inequality

People are not made unequal by income, but by ownership. That is why it is time to stop fighting inequality through redistribution and start fighting it through shared ownership.

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Han Dieperink: The junk rally of 2025

Since April 2025, loss-making, unstable companies have been rising more than 40% faster than financially sound companies. This is a dangerous sign.

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