One of the greatest comebacks ever

One of the greatest comebacks ever

On April 8, the SP 500 was down 15.3% on the year, its 4th worst start to a calendar year ever.

But after a 37.6% rally, its now up 16.6% in 2025, hitting 36 (!) new all-time highs.

One of the greatest market comebacks in history!

One should have bought stocks massively in April. Unfortunately, we missed that opportunity.

But at least we rebalanced the equity allocation in our asset management mandates in mid-April.

At the time, that was considered bold, but in hindsight, we should have done more.