Russ Mould

And in the end, this comes back to Walter Wriston's law of capital.

Former chairman of Citibank, money goes where it feels welcome and well cared for.

Capital goes, and that includes people and ideas as well as money.

And generally, low taxes attract capital, higher taxes, not so much.

No, and there'll be all of your listeners absolutely tearing their hair out thinking that, you know, again, there's been a short-term prioritization of capital over climate change.

And a lot of very, very frustrated people in Switzerland and beyond.

Of that, there is absolutely no doubt at all.

I think it's a really good question.

I think the thing with the U.S.

is Warren Buffett, the master investor, once said, high expectations ultimately forge their own anchor.

And the U.S.

has been a fantastic performer.

It's out, it's beat pretty much everybody hands flat for most of the last decade.

But that does mean that American share valuations are very near record highs, certainly in the top 10% of valuations historically in pretty much any way you slice them.

expectations were high you have a capricious president who's not everybody's taste and some us and some investors have therefore looked to diversify away from the dollar and ultimately europe itself hadn't done so well valuations were cheaper expectations were lower and growths actually come in above expectations and with germany looking to now setting new debt rules there is a prospect potentially of europe's economic engine giving everything giving everything a bit of a lift once the once that money starts to be spent

Again, given that you've had a good run this year, the valuations aren't as attractive as they were.

Europe's probably trading broadly in line with some of its long-term averages now.

But when stock markets get going, they tend to trade well above that.

So if things continue to go well, there's nothing to stop Europe going ahead.

Equally, there are questions being asked about global economic growth.