Quarterly Report

Gutmann Portfolio Management Report
Q1 2025

The market's short memory.

What a difference a quarter makes. At the end of April, nervousness and pessimism hung in the air. The world of yesterday seemed lost, old alliances appeared fractured, and friendships across the Atlantic felt strained. At the same time, equity prices fell and with them, investor confidence. But fear dissipated quickly. Today there is barely even a shrug; yesterday’s worries seem forgotten.

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