Dichotomies and Bifurcations After consecutive years of strong returns, global stock markets were expected to take a breather and slow down in 2025. Those expectations seemed to be on track during the first two quarters. After a solid start to the year, prospects of a global trade war raised the specter of a recession and led to a manic selloff in stocks. The worst fears on the trade front, however, proved to be ephemeral as trade tensions de-escalated and markets […]