IN THIS ISSUE

• Macro Strategy — All Systems Go: Global economic growth signals are driving equity markets to new highs, with improving earnings spreading from Artificial Intelligence leaders to cyclical value stocks, favoring broader international diversification.
  
  
• Market View — Grand Delusions: China at 25 in the World Trade Organization: China's World Trade Organization entry 25 years ago aimed to integrate it into the liberal global order, but instead China transformed the world—becoming the top manufacturer and fueling a shift away from multilateralism.
  
  
• Thought of the Week — As Goes January, So Goes the Year?: While January market indicators can offer some insight, long term investors should continue to focus on fundamentals like earnings, liquidity, and economic conditions.​