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Resilience is a historical trend

The S&P 500’s history shows that despite recessions, wars, inflation, and corrections, the market’s long-term trajectory has remained upward. As the U.S. marks 250 years of resilience, the lesson for investors is clear: wealth is built through patience, discipline and staying invested.


The S&P 500, in its current form, was introduced in 1957, building on Standard & Poor’s earlier 90-stock index, launched in 1926. Over the decades, it has endured recessions, wars, inflation, political division, corrections and bubbles — yet its long-term trajectory has remained upward. Its history is defined not by continuous gains, but by resilience: the capacity to absorb shocks and recover over time.

That lesson feels especially relevant as the U.S. marks its 250th anniversary. Like the market, the country’s history has never been smooth or free of conflict. Yet the broader American story is also one of endurance and long-term progress.

For investors, the message is simple: wealth building is a long-term mindset. Setbacks are inevitable, but history suggests that staying patient, disciplined and invested matters far more than trying to time every rise and fall of the market.

In a real regime shift?

Higher inflation has been a dominant theme of the current decade. In addition to price shocks, it is being shaped by secular investment trends in infrastructure, defense spending, onshoring and the ongoing AI buildout. These structural changes reinforce the case for looking beyond traditional 60/40 portfolios to include real assets as a source of diversification and return potential in portfolios.

02 September | English

Getting real with real assets

Inflation appears to have transitioned from its pre-Covid average of 2% to a stickier point closer to 3%, and we do not expect a near-term return to prior levels. In this environment, we believe real assets, such as commodities, infrastructure and REITs, can provide inflation protection, diversification and return potential.

25 August | English

Not in a bubble

As the S&P 500 approaches all-time highs, there are renewed concerns among investors about elevated valuations. However, historically strong profitability and expected earnings growth appear to support current pricing. In addition, the current S&P 500 price-to-earnings (P/E) ratio is roughly equal to the average since Covid. As a result, we do not view U.S. equities as being in bubble territory and we remain constructive on the asset class.

18 August | English

Is the market rally broadening?

Stocks, as measured by the S&P 500, are up over 13% through early August. The solid gains have been fueled by a resilient economy, steady consumer spending, optimism around artificial intelligence and better-than-expected earnings growth. Still, some investors worry the advance may be too concentrated in technology and that AI-capex monetization may fall short of expectations. A closer look suggests that it is not just tech moving the market higher.

11 August | English