ENGLISH TEXTS
of War,“ strategy without tactics is the slowest route to victory; tactics without strategy is the noise before defeat.” The current tactical approach, led by the Trump administration, is to restore dialogue among all parties( even with the Europeans, who are somewhat sidelined in this story), with the ultimate goal being a durable peace and strong economic ties— a strategic endgame— between the world’ s major powers to“ isolate” the China-Iran-North Korea axis. The stock markets reacted positively to this development. Even though peace will take time, it is now on the horizon, the word“ mir”( мир in both Russian and Ukrainian Cyrillic) fittingly means“ peace.” Xi Jinping has also made gestures of goodwill, notably by rehabilitating billionaire Jack Ma, founder of Alibaba— whose share price promptly soared by 50 %. Emulating the Trumpian model, the Chinese leader has grasped the value of techno-national capitalism( served spicy, with a red twist), especially as the world edges into a new digital era, powered by the rise of artificial intelligence. A $ 109 billion investment plan in AI was even announced by the French President at a special summit held in Paris. Across the Rhine, Germany’ s legislative elections brought no surprises: the CDU-CSU bloc came out on top with 28.5 %, ahead of AfD at 20.8 %. The German stock index( DAX) had already partly priced in this outcome, posting a 14 % gain year-to-date, slightly ahead of the CAC 40 at + 10 %. Equity investors have maintained a strong appetite for European stock markets, marking the first positive inflows into the asset class. Meanwhile, Japanese equities are increasingly part of a distinctive global equity diversification strategy. Previously underrepresented in global portfolios, Japanese stocks are expected to yield returns close to 15 %, driven by a mix of earnings growth, dividends, and share buybacks. Moreover, the long-term impact of the Abenomics reforms— pioneered by Shinzo Abe during his tenure from 2012 to 2020— is beginning to show. These structural reforms, often referred to as the“ three arrows”( a nod to the traditional Japanese art of yabusame, horseback archery), are making their mark on governance and transparency in Japanese capitalism. As a result, the Nikkei 225 could well lead the pack— like a front-running thoroughbred— outpacing other global indices in the coming years.
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SALES
VICKI GIBBINS’ CHRONICLE
OVERVIEW OF SALES ACROSS THE GLOBE
TATTERSALLS CHEL- TENHAM FESTIVAL SALE – 13 MARCH The sale on the Thursday of the Cheltenham Festival always attracts a curious post-racing crowd and Tattersalls Cheltenham put on a spectacle, achieving a new record aggregate of £ 3,650,000 for the session. Lot 12, Cristal d’ Estruval, has already made headlines as the first four-year-old point-to-point winner for new sire Crystal Ocean and topped the sale at £ 400,000, knocked down to trainer Harry Derham and agent Ed Bailey. Out of a Grade 1 placed Nickname mare, the gelding is an exciting prospect for the yard.“ He is for an existing client in the yard,” said Derham.“ When I am at the sales, I like to be critical of a horse, try and think what I don’ t like about them – I could not find anything wrong with him. He is just my kind of horse; I just love him.”
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