Jaroslav Spacil
Czech Republic
4m
Monthly Update – November 2025 Commentary: US equity markets, as measured by the S&P 500, have fallen over the past month. Technology stocks, as measured by the NASDAQ 100, have fallen at a faster pace. European stocks have fallen at a very similar pace over the past month, as measured by the Euro Stoxx 50. Looking at the MSCI global index, we see that global equities as a whole have fallen. Overall, it has been a negative month for equity markets. The US dollar strengthened slightly against a basket of other currencies last month. US Treasury yields have seen mixed movements over the past month. Some maturities have fallen slightly, while others have risen slightly. Yields remain higher for most maturities than in previous years, providing investors with more attractive returns than in the past. These higher yields may also put pressure on equity prices. In the precious metals market, gold and silver prices have risen. Brent and WTI crude oil prices have declined over the same period. The current key interest rate set by the US Federal Reserve is between 3.75% and 4.00%. Current policy and expectations suggest that we can continue the downward trend and further gradual rate cuts are expected in the future. However, the outlook remains uncertain as the inflation situation and the economic impact of interest rates are continuously assessed. The European Central Bank has maintained its key interest rate at 2.15% and is expected to remain around this level. Inflation in the US and the euro area is at an acceptable level. The latest annual inflation rate is 3.00% in the US and 2.10% in the euro area. Macro environment: USA GDP Growth: 3.80 Interest Rate: 4.00 Inflation: 3.00 Jobless Rate: 4.40 Euro Area: GDP Growth: 0.20 Interest Rate: 2.15 Inflation: 2.10 Jobless Rate: 6.30 Government bond yields: USA (USD) 1Y: 3.61 2Y: 3.47 10Y: 4.01 20Y: 4.62 Germany (EUR) 1Y: 1.87 2Y: 2.02 10Y: 2.68 20Y: 3.20 Significant positions in the portfolio: BRK.B - Berkshire Hathaway Inc IB01.L - iShares $ Treasury Bond 0-1yr UCITS ETF TLT - 20+ Year Trsy Bond Ishares WBD - Warner Bros Discovery Inc C - Citigroup INTC - Intel MKL - Markel Corp VOW3.DE - Volkswagen AG PSKY - Paramount Skydance Corp SOFI - SoFi Technologies Inc Best regards, Jaroslav Spacil
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