Big Picture - Key Themes for 2025

As we step into 2025, a confluence of geopolitical, economic and generational shifts will impact markets. The anti-establishment sweep of 2024 brought anti-elitist and anti-immigration leaders to power, sparking a wave of protectionist policies - from tariffs to subsidies and sanctions. While many believe the new U.S. administration's tariff strategy will drive higher inflation, stronger rates and a surging U.S. dollar, history shows that market relationships are rarely so linear.

Global trade and capital flows are evolving. The U.S. champions a "China Plus One" strategy to diversify supply chains, while Beijing counters with its own "U.S. Plus One" approach. This geopolitical tug-of-war will create clear winners and losers. And, the competition extends beyond our planet, as space emerges as the next commercial frontier.

Meanwhile, back on Earth, demographic and generational shifts are reshaping economies and consumption patterns. Aging populations drive demand for specialized infrastructure and services, while Millennials and Gen Z exert their purchasing power through digital connectivity and dopamine drive. For these younger generations, joy is just a click away.

Read more in our Key Themes for 2025.

BIG PICTURE - KEY THEMES FOR 2025

1. Too Much Linear Thinking
2. The 3 Antis
3. The 3 Ss: Subsidies, Sanctions, Security
4. Follow the Ships
5. Follow the Money
6. China's Stimulus Fatigue
7. Emerging Markets in Motion
8. Orbiting Opportunities
9. The Global Edge
10. Navigating the Age Wave
11. Bonus Theme: Dopamine Overdrive