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January 23, 2026
When Realism Meets Optimism BY FERNANDO DE FRUTOS, CFA, PhD | OCTOBER 2025 CIO of Boreal Capital Management AG Global growth is firming; the U.S. remains the marginal leader: A broader pickup in investment and productivity supports a constructive global cycle. Within that, continued U.S. outperformance and any narrowing in fiscal and trade gaps at...
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