Coming into 2025, investors and the wider public can be forgiven for feeling slightly exhausted. It has been a long year, with a lot going on – both politically and economically.  Looking into 2025, it seems to me that we are in the midst of a political and economic regime shift, which entails larger fiscal deficits, higher long-end interest rates and a clear shift in trade patterns towards more local supply chains (re-shoring/friend shoring/deglobalisation). The latter effect will be augmented and enhanced by the increasing use of tariffs and non-tariff barriers to trade. In a sense, it appears that we are…

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