ENGLISH TEXTS
tolerance , and optimize cardiovascular performance . Another major advantage lies in the possibility of conducting active recovery sessions without the weight of a rider . This practice is widespread in Australia due to its efficiency ( particularly in large stables where staff shortages can be an issue ) and because it allows for “ lighter “ training days without limiting horses to simple walking or using a mechanical walker . It can also help avoid interruptions in a training program due to saddle-related discomfort or other minor issues . Since my arrival in Australia , where I discovered this tool , I have collected a vast amount of data and identified correlations between genetics , age , sex , lactate levels , and other recovery parameters . This enables me to conduct in-depth analyses and design tailored training programs for clients . I can confidently state that the treadmill ’ s effectiveness applies to all types of horses , though it remains one tool among others available to trainers . It is not essential for success , but it can serve as a springboard when used skillfully .
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ECONOMY
IGOR DE MAACK ’ S CHRONICLE
HOLD TIGHT TO THE AMERICAN HALTER 2024 will undeniably be remembered as a “ magical “ year for stock market investors , especially for those fortunate or astute enough to have invested in American equities . With the Nasdaq nearing an annual performance of nearly 30 %, other U . S . indices like the S & P 500 and Dow Jones posted gains of 24 % and 13 %, respectively . Japan and China also delivered strong performances , with the Nikkei up 20 % and the MSCI China gaining 17 %. In contrast , the CAC 40 posted a slightly negative performance , its worst relative showing since the eurozone crisis of 2011 . Burdened by its heavy weighting in luxury and automotive stocks , and further ostracized by the reckless political move of the French parliament ’ s dissolution , investors abandoned the French market as if their stirrups had broken mid-ride . In the bond market , long-term yields rose at the end of the year — either due to excess growth and inflation in the U . S . or the resurgence of sovereign risk in the eurozone . Investors , however , benefited from a strong year of carry returns , despite recent short-rate cuts by central banks . Corporate default rates , especially in the U . S ., still leave room for further investment in American credit . In Europe , however , a more selective approach is needed , avoiding the core eurozone in favor of the “ periphery “ ( southern European countries ) or the “ Grand North “ ( Scandinavian nations ). The global economy continues to grow at a pace of around 3 %, creating opportunities for businesses to thrive and generate added value . Nonetheless , military conflicts exert pressure on international trade , as does the threat of new trade barriers raised by the new U . S . administration . This will be a key point of contention in the economic race between regions . Remarkably , voters have handed full power to Donald Trump for a second term , which already promises to be “ hair-raising “ ( think Greenland annexation or a takeover of the Panama Canal ). His official inauguration on January 20 marks the start of a new era , with Elon Musk emerging as the thought leader of global — and soon interplanetary — capitalism . Musk ’ s plans for a Martian conquest may provoke smiles , but behind his projects ( e . g ., Starlink ), his calls for a more direct democracy , as opposed to representative governance , could destabilize Europe ’ s fragile construction . For 2025 , investors would be wise to follow the Polynesian proverb : “ Turn your face to the sun , and the shadows will fall behind you .“ American equities , American credit , and the dollar form an indispensable triptych , even though French equities are beginning to enter buy territory . The CAC 40 has been steadily rebounding since December . Managing cash holdings , whose returns have already declined and will drop further , will also pose a new challenge for savers , who may find themselves slowing their pace from a trot to a walk on this matter .
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