This annual guide to historical long-run returns is put together by UBS Investment Bank and UBS Global Wealth Management’s Chief Investment Office, in partnership with Professor Paul Marsh and Dr Mike Staunton of the London Business School and Professor Elroy Dimson of the University of Cambridge. The latest edition explores how 125 years of historical data can provide crucial insights for the future. Featuring Marsh, Kiran Ganesh and Tim Ramskill.

This annual guide to historical long-run returns is put together by UBS Investment Bank and UBS Global Wealth Management&rsquo;s Chief Investment Office, in partnership with Professor Paul Marsh and Dr Mike Staunton of the London Business School and Professor Elroy Dimson of the University of Cambridge. The latest edition explores how 125 years of historical data can provide crucial insights for the future. Featuring Marsh, Kiran Ganesh and Tim Ramskill.

Delivering insights into the people, places and products shaping the financial week ahead. Hear from the finest minds and freshest thinkers as they take you beyond the numbers and the hype to get to the heart of the day’s big issues.

The Bulletin with UBS

‘Global Investment Returns Yearbook 2025’

While the US dollar has been the dominant – but not the only – reserve currency since 1947, its role has been eroded as other currencies have gained market share. UBS’s Paul Donovan explains what might happen next.  

While the US dollar has been the dominant &ndash; but not the only &ndash; reserve currency since 1947, its role has been eroded as other currencies have gained market share. UBS&rsquo;s Paul Donovan explains what might happen next.&nbsp;&nbsp;

What makes a reserve currency?

The ninth annual Art Basel and UBS Global Art Market Report, compiled by Dr Clare McAndrew of Arts Economics, provides a comprehensive, macroeconomic analysis of the state of the global art market in the past year. It examines the industry’s various segments, including galleries, dealers, auction houses and art fairs, and assesses their performance against the backdrop of changes in global economics and wealth. We hear from McAndrew, Art Basel CEO, Noah Horowitz, and Paul Donovan of UBS. 

The ninth annual Art Basel and UBS Global Art Market Report, compiled by Dr Clare McAndrew of Arts Economics, provides a comprehensive, macroeconomic analysis of the state of the global art market in the past year. It examines the industry&rsquo;s various segments, including galleries, dealers, auction houses and art fairs, and assesses their performance against the backdrop of changes in global economics and wealth. We hear from McAndrew, Art Basel CEO, Noah Horowitz, and Paul Donovan of UBS.&nbsp;

The Art Basel and UBS Global Art Market Report 2025

Donald Trump’s tariffs amount to a generational shift in US economic policy, with the measures bringing the effective tariff rate on imports into the US to its highest level in at least 100 years. Markets have since been digesting the fallout, with equities dropping sharply, bonds and gold rallying, and the US dollar depreciating against most major currencies. We’re joined by Kurt Reiman, head of fixed income at UBS in New York, to consider the outlook from here, discuss the effects on economies and markets, and ponder – as ever – what smart investors should do.

Donald Trump&rsquo;s tariffs amount to a generational shift in US economic policy, with the measures bringing the effective tariff rate on imports into the US to its highest level in at least 100 years. Markets have since been digesting the fallout, with equities dropping sharply, bonds and gold rallying, and the US dollar depreciating against most major currencies. We&rsquo;re joined by Kurt Reiman, head of fixed income at UBS in New York, to consider the outlook from here, discuss the effects on economies and markets, and ponder &ndash; as ever &ndash; what smart investors should do.

‘Global Investment Returns Yearbook 2025’

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