Sergio Ermotti

we've seen this movie before last april got over it pretty quickly we've thrown a lot of this market in the last 12 months it hasn't stuck is there something different about the way we're set up for 2026 well i would say that it's probably the accumulation of issues that are now out there and not resolved that is becoming a little bit troubling in my point of view so i think that this is the only major change but we have to stay tuned for more volatility going forward and predictability

and rapid changes.

So I think that staying diversified in financial markets nowadays is pretty important.

Well, diversifying away from America is impossible.

I think that in any major asset allocation, one could probably think about having an overweight or underweight, but diversifying away from the U.S.

and also from the dollar is a quite dangerous bet.

Things can change rapidly, and the US is the strongest economy in the world, the one who has the highest level of innovation.

Right now it's a little bit bumpy, but I would say that I wouldn't really bet against the US.

Well, because from our standpoint of view, we see two big levers.

First of all, wealth creation, GDP growth, innovations, and also more idiosyncratic to UBS is that we see potential for us to become more present, increase our market share.

So that's one place.

On the other end, we are also very big in Asia.

I mean, we manage one trillion of assets there.

We are growing very fast.

The economy is growing.

You know, half of the population in the world is living there and is creating new wealth.

But, you know, in the Americas, in the U.S., by the way, last year, the U.S.

created 25 millions of new millionaires.

So basically 1,000 millionaires a day.

So it's a place for a financial institution, a wealth manager like UBS is a place to be.