英卓投资管理：2025年第三季度全球股票与多元资产展望报告：危机疲劳下的适应策略（英文版）

The conventional wisdom on market response in the face of increasing geopolitical risk is being challenged. The second quarter of 2025 has seen an escalation of the conflict in the Middle East, a broader and harsher-than-expected tariff war staged by the Trump administration, and – despite some false hopes – no end in sight to the war in Ukraine. Following a well-rehearsed formula, the ‘usual’ asset allocation playbook should have proven effective: sell equities, buy bonds, and whatever you b