A lot has changed since the last edition of The Bulletin, almost a year ago. Throughout 2025, global equity markets navigated a testing backdrop, with increased uncertainty resulting from geopolitical shocks. Fears relating to inflation, recession, US trade tariffs and the possibility of a stock market bubble have been plain to see. Now, as I write to you in April 2026, the Iran war is a huge concern for all. Apart from the obvious personal cost, this conflict has already precipitated a sudden increase in oil prices and has potential to cause significant long-term economic damage to economies around the world.
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