Greenlandish Self-Reflection
This week will likely reinforce a point I have made repeatedly over the past months: It is probably not the worst idea to have a diversified portfolio in terms of asset classes.
I had expected gold to have reached a short-term peak last year. After this week’s developments, that assumption may have been a little premature. President Trump’s latest comments and actions, renewed pressure on Europe and the announcement of potential 25% tariffs tied to the demands for Greenland remind me again of the volatility in politics we have seen in the past years.
A Brief Note of Self-Reflection
In the first From The Desk of 2026, I wrote about Greenland and framed the most likely outcome as a negotiated solution between the U.S. and Denmark without any necessary escalation. I expected some tough negotiations, but I did not expect new tariffs. This reminds me of how little we really know and how little we can really predict. We will see what the coming weeks and months will bring.
This week is also shaping up to be interesting from a policy perspective. A court ruling on the current tariff framework is expected mid-week, potentially as early as Wednesday. Depending on the outcome, this could once again shift narratives and markets quickly.
Air Liquide
Over the past days, I also revisited an older podcast conversation between Nicolas Tangen and the CEO of Air Liquide. It remains well worth listening to:
Air Liquide is a truly impressive business that I had wanted to own for some time. The business model seems well positioned with several structural tailwinds: onshoring and reshoring of production, inflation-linked contracts, and exposure to growing markets such as semiconductors, space, and advanced manufacturing. I will be taking a closer look at the company in the next weeks. Perhaps a correction in equity markets will provide a good entry point for me.
Enjoy the week!