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Felix Zulauf: Where to Invest in 2025

Global Macro Update

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Economic Cycles and Future Prospects

This chapter analyzes the potential shift from a prolonged upward trend in equities to a bear market by 2026, alongside the closing phase of commodity corrections. It emphasizes the significance of gold and oil in an era of currency debasement and discusses challenges faced by Europe and Japan's economic resilience amid global financial fluctuations. The chapter concludes with a call for investors to prioritize risk management over opportunity management as economic conditions evolve.

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