SUMMARY OF QUARTERLY ECONOMIC AND INVESTMENT UPDATE CONFERENCE CALL

This first client call of 2026 had two objectives; (i) to review how financial markets and LWP’s recommended investments performed in 2025, and (ii) to outline expectations for the key economic, political, and financial drivers of markets in 2026.

2025 proved to be another year of significant shocks, driven largely by the actions of the US administration. Extensive use of Executive Orders led to material changes in US economic and foreign policy, especially around trade. Events early in January 2026—including intervention in Venezuela and renewed tariff threats related to Greenland—suggest political unpredictability is likely to remain a defining feature of the year ahead. In such an environment, forecasting is particularly challenging. Political decisions can alter economic outcomes overnight, and uncertainty around US policy means outcomes must be considered across a wide range of scenarios.

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