September marked a shift in market sentiment. Risk assets experienced a moderate correction, but market dispersion once again created investment opportunities. 

Ulysses knew that, when the moment came, he might no longer be able to trust his own judgment. That is why he chose to tie himself to the mast before hearing the sirens. 

The markets have maintained favourable performance throughout the summer, confirming the resilience of risk assets, although with an increasingly narrow margin for error. 

The first half of 2026 has confirmed an environment supportive for risk assets, albeit less uniform and more demanding. 

Over time, generations change, family members take on new roles and the project evolves with them as well. 

The relevant question is not only whether the scenario defined at the beginning of 2026 remains valid, but also how best to execute it in a more demanding market environment.

Efficiency has been one of the great obsessions of businesses, economies, and investors. Yet history shows that the most efficient systems are not always the most resilient.

For years, we have repeated that diversification reduces risk. Yet in many wealth structures, the opposite is happening: seemingly diversified portfolios that, at critical moments, behave like a single exposure.

Commodities are back at the center of the analysis, with oil acting as the main transmission channel for geopolitical risk. The energy shock has reinforced an environment of more persistent inflation and higher interest rates.