Nvidia Outlook Calms AI Froth Concerns | Insight with Haslinda Amin 11/20/2025

Key Concepts

• NVIDIA's Performance and AI Boom: NVIDIA's strong sales forecasts, particularly for its Blackwell GPUs, are driving market optimism and easing fears of an AI bubble. The company's GPUs in the cloud are sold out, indicating high demand.
• China Market Outlook for NVIDIA: NVIDIA's forecast for the China market is currently zero due to U.S. restrictions. The company is actively engaging with both U.S. and Chinese governments to be allowed to compete in the open market.
• Nasdaq's Role as a Technology Company: Nasdaq is transforming into an advanced technology company serving the global financial system, providing technology infrastructure to exchanges, central banks, and financial institutions, and utilizing AI for anti-financial crime and risk management.
• Nasdaq's 24/5 Trading Ambition: Nasdaq aims to transition to a 24/5 trading environment by the end of 2026, leveraging technology to enhance market modernization and investor protection.
• Nasdaq-SGX Partnership: A new agreement between Nasdaq and the Singapore Exchange (SGX) aims to create a seamless regulatory process for Asian tech companies to access both domestic and global capital markets.
• China's Property Sector Stimulus: China is considering a new property stimulus package, including mortgage subsidies and tax rebates, to address the ongoing crisis in its property sector.
• Australia's Future Fund Strategy: The Future Fund is reducing its exposure to the U.S. market due to policy uncertainty and increasing its investments in Japan, Europe, and Australia, focusing on infrastructure, private credit, real estate, and private equity.
• Private Credit Market: While the Future Fund sees private credit as beneficial for economic growth, it acknowledges concerns about outlier actors leveraging portfolios and advises regulators to monitor such activities.
• India's Semiconductor Ambitions: India aims to become a significant player in the semiconductor industry by 2032, focusing on chip design and manufacturing, though it faces challenges in scaling advanced manufacturing.
• US-China Tech Competition: The competition for technological supremacy between the US and China is a central theme, particularly concerning semiconductor architecture and AI chip exports.
• AI Race Framing: The discussion shifts from who will "win" the AI race to who can adopt and infuse AI technology into their economies and societies the fastest.
• US-China Relations and Asia's Position: Singapore's Prime Minister emphasizes that fierce competition between the US and China will persist, but countries like Singapore and ASEAN will prioritize their national interests and avoid choosing sides.

NVIDIA's Booming Business and China Outlook

Main Topics and Key Points:

• Exceptional Sales Performance: NVIDIA is experiencing "off the charts" sales, with GPUs in the cloud being sold out. The company has significant inventory of Blackwell GPUs and anticipates the arrival of Hopper and Rubin architectures.
• Blackwell and Rubin Architectures: Blackwell GPUs are in high demand, and the company is ramping up production. The Rubin architecture is on track for delivery around Q3 of next year, with significant engineering efforts underway.
• Rack Scale Architecture: NVIDIA is utilizing a revolutionary rack scale architecture, including the Envy Link switch, which will be seamlessly transitioned for both Grace Blackwell and Rubin architectures, streamlining supply chains.
• China Market Forecast: NVIDIA's forecast for the China market is explicitly stated as "zero." This is due to U.S. restrictions on exporting advanced AI chips.
• Engagement with Governments: NVIDIA is actively engaging with both the U.S. and Chinese governments, advising them and encouraging them to allow the company to compete in the open market.
• Market Impact of NVIDIA's Performance: NVIDIA's strong sales forecast has eased concerns about an AI bubble, boosting Asian stocks and contributing to the market rally. The company's stock saw a significant jump in late U.S. trading.
• Supply Chain Management: NVIDIA has planned its supply chain "incredibly well," working with partners like TSMC, SK Hynix, Micron, Samsung, Foxconn, Quanta, and Wistron to support its strong year and upcoming product ramps.
• Addressing Depreciation Concerns: NVIDIA's GPUs are designed for versatility and can be used across all phases of AI (pre-training, post-training, inference). Software updates continuously add value, and their GPUs remain significantly faster than CPUs, extending their useful life. Unlike other accelerators, NVIDIA's GPUs maintain value due to their broad applicability.
• Hyperscaler Commitments: NVIDIA is disciplined in aligning its build-out with the visibility of demand and financing capabilities of hyperscalers like OpenAI and Anthropic, recognizing them as the fastest-growing companies in history.

Technical Terms:

• GPU (Graphics Processing Unit): Specialized electronic circuit designed to rapidly manipulate and alter memory to accelerate the creation of images in a frame buffer intended for output to a display device. In AI, they are crucial for parallel processing of complex computations.
• Blackwell: NVIDIA's next-generation GPU architecture.
• Hopper: NVIDIA's current-generation GPU architecture.
• Rubin: NVIDIA's upcoming GPU architecture.
• Grace Blackwell: A specific NVIDIA chip combining the Grace CPU and Blackwell GPU.
• Envy Link: A high-speed interconnect technology developed by NVIDIA for connecting GPUs.
• Rack Scale Architecture: A system design approach for data centers that optimizes the integration and management of computing, storage, and networking resources within a rack.
• Hyperscalers: Large cloud computing providers like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud.
• AI Pre-training, Post-training, and Inference: Stages of AI model development and deployment. Pre-training involves initial learning from large datasets, post-training fine-tunes the model, and inference is the process of using the trained model to make predictions.
• CPU (Central Processing Unit): The primary component of a computer that performs most of the processing.

Nasdaq's Evolution and Market Infrastructure

Main Topics and Key Points:

• Transformation into a Technology Company: Nasdaq has evolved into an advanced technology company serving the entire global financial system, not just operating exchanges.
• Technology Infrastructure Provider: Nasdaq provides critical technology to over 140 exchanges worldwide, including the Singapore Exchange, and to 20 central banks.
• Services Offered: These services include risk management, treasury management, anti-financial crime technology, regulatory reporting, and surveillance technology.
• AI Integration: Nasdaq is leveraging AI across its anti-financial crime technologies to enhance efficiency and effectiveness in identifying and rooting out financial criminals. AI is also being embedded in platforms for digital workers to improve their performance.
• 24/5 Trading Ambition: Nasdaq is working towards a 24/5 trading environment for the Nasdaq stock market by the end of 2026. This involves using its own market technology capabilities, which are already deployed in 24/7 markets like crypto and futures exchanges.
• Investor Protection in 24/5 Trading: The goal is to bring central transparency of the tape and enhanced resiliency to the 24/5 trading experience, ensuring greater investor protection.
• Nasdaq-SGX Partnership: A significant partnership with the Singapore Exchange (SGX) aims to simplify the process for Asian tech and high-growth companies to access both domestic and global capital markets.
• Streamlined Regulatory Process: The Nasdaq-SGX agreement creates a single regulatory process for issuers to tap into both markets, a first of its kind.
• Differentiating IPO Markets: This partnership is seen as a differentiator for Nasdaq and SGX against other IPO markets like London and Hong Kong, offering Asian companies access to deep and liquid U.S. markets while also enabling participation in domestic Asian capital.
• Advocacy for IPO Reforms: Nasdaq is advocating for changes to make IPOs more attractive, including rethinking disclosure requirements (e.g., semi-annual reports), modernizing proxy reforms, and supporting litigation reform that allows for mandatory arbitration clauses.
• Market Correlation with Earnings: Adena Friedman highlights that the Nasdaq 100 index's performance is closely correlated with the earnings power of the companies within it, noting a 17% index gain versus 18% earnings growth year-to-date.
• Addressing Concentration Risk: While acknowledging concerns about market concentration, Friedman argues that major tech companies provide crucial indicators of the overall trend of AI technology and its economic impact due to their capital, reach, and integration across sectors. She also points to broad-based returns across different market cap segments this year.

Technical Terms:

• Equities Exchange: A marketplace where securities (stocks) are bought and sold.
• Technology Infrastructure: The underlying hardware, software, and networking systems that support technological operations.
• Anti-Financial Crime Technologies: Systems designed to detect, prevent, and investigate financial crimes like fraud and money laundering.
• Regulatory Reporting: The process of submitting required information to regulatory bodies.
• Surveillance Technology: Systems used to monitor trading activity for market abuse or manipulation.
• Treasury Management Technology: Software and systems used to manage a company's financial assets and liabilities.
• IPO (Initial Public Offering): The process by which a private company becomes public by selling shares to investors for the first time.
• Nasdaq 100 Index: A stock market index that includes the 100 largest non-financial companies listed on the Nasdaq stock exchange.
• Basis Point: A unit of measure used in finance to describe the percentage change in a financial instrument. One basis point is equal to 0.01% or 1/100th of a percent.
• Concentration Risk: The risk that a portfolio is overly exposed to a single asset, sector, or company.

China's Property Sector and Economic Adjustment

Main Topics and Key Points:

• New Property Stimulus Package: China is reportedly weighing a new stimulus package for its property sector, aiming to address the ongoing crisis.
• Potential Measures: This package could include mortgage subsidies for new homebuyers, income tax rebates for mortgage borrowers, and lower home transaction costs.
• Previous Easing Measures: Previous efforts, such as easing multiple purchase restrictions in tier-one cities and lowering loan thresholds, have not significantly rekindled interest in the property sector.
• Economic Impact of Property Sector: The property sector crisis is a significant factor contributing to China's economic challenges, including persistent deflation and weak consumption. Household wealth is heavily tied to property, impacting consumer sentiment.
• Bloomberg Intelligence Analysis: Bloomberg Intelligence estimates hundreds of billions of yuan in negative equity within the property sector, a trend expected to accelerate into 2026, further pressuring banks and bondholders.
• Financial System Stability Concern: The potential destabilization of the financial system due to the property crisis is a paramount concern for Chinese authorities.
• Policy Urgency: There is a growing call for more forceful and timely policy support, with some suggesting measures need to be implemented before the National People's Congress in March.
• Market Reaction: Chinese property stocks showed a positive reaction to the news of potential stimulus, with some indices reversing earlier drops.
• Economic Adjustment: China's economy is undergoing an adjustment post-COVID, with the "froth" coming out of the property sector, which is seen as appropriate over time, but managing this transition is crucial.

Technical Terms:

• Stimulus Package: Government measures designed to boost economic activity.
• Mortgage Subsidies: Financial assistance provided to reduce the cost of home loans.
• Income Tax Rebates: Refunds of taxes paid by individuals.
• Home Transaction Costs: Fees and taxes associated with buying or selling property.
• Tier-One Cities: Major metropolitan areas in China, typically with the highest economic development and population.
• Deflation: A general decline in prices for goods and services, usually associated with a contraction in the supply of money and credit in the economy.
• Consumption: The use of goods and services by households and individuals.
• Negative Equity: A situation where the value of an asset is less than the amount owed on it.
• Nonperforming Loans (NPLs): Loans that are in default or close to default.

Australia's Future Fund: Diversification and Investment Strategy

Main Topics and Key Points:

• Reduced U.S. Exposure: The Future Fund is reducing its exposure to the U.S. market due to increasing policy uncertainty under the new administration, affecting trade, capital flows, taxes, and immigration.
• Diversification Strategy: With nearly half of its portfolio in the U.S., the fund is seeking to diversify its investments.
• Attractive Markets: The fund is showing interest in Japan, Europe (particularly fiscal stimulus), and Australia.
• Japan Investment Rationale: Japan is attractive due to corporate and household delivery, readiness for equity risk, improving interest rates, and returning Japanese savings. The fund is investing in private equity, active Japanese equities, real estate, and credit.
• Australia Investment Focus: In Australia, the fund sees opportunities in infrastructure, private credit, real estate, private equity, and venture capital, despite the ASX being considered expensive.
• Private Equity Growth in Australia: The growth of private equity in Australia is seen as filling a gap left by banks, which are increasingly constrained in funding small and medium businesses due to regulatory capital systems.
• Private Credit Market View: The Future Fund does not believe there is a bubble in private credit that will cause systemic risk. They view it as beneficial for economic growth by providing more financing options for companies. However, they emphasize the need for strong credit skills and avoiding portfolio elevation.
• Regulator Oversight for Private Credit: The fund suggests regulators should examine outlier actors in private credit who take undue risks, especially when selling to retail investors.
• Building Portfolio Resilience: In an uncertain global environment, the Future Fund is focused on building resilience into its portfolio by considering a wide range of scenarios and making necessary adjustments.
• AI and India: The fund is a fan of AI, investing in early-stage venture companies, and sees its potential to improve corporate margins and deliver better services. India is recognized as an important, growing economy with significant investment potential, but it needs to deepen its capital markets and deregulate to attract more capital.
• Concentration Risk Management: The Future Fund manages concentration risk across its entire portfolio, not just within specific markets, ensuring manageable exposure to any individual company, including NVIDIA.

Technical Terms:

• Sovereign Wealth Fund: A state-owned investment fund that invests in a variety of assets.
• Assets Under Management (AUM): The total market value of the assets that a financial institution manages on behalf of its clients.
• Policy Uncertainty: The unpredictability of future government policies, which can deter investment.
• Fiscal Stimulus: Government spending intended to boost economic activity.
• Private Equity: Investment capital that is not listed on a public exchange.
• Private Credit: Loans made by non-bank lenders to companies.
• Venture Capital: Funding provided to startups and small businesses with perceived long-term growth potential.
• ASX (Australian Securities Exchange): The primary stock exchange in Australia.
• Leverage: The use of borrowed money to increase the potential return of an investment.
• Portfolio Resilience: The ability of an investment portfolio to withstand adverse market conditions.
• Geopolitics: The study of the influence of geography on politics and international relations.

India's Semiconductor Ambitions and Global Tech Landscape

Main Topics and Key Points:

• India's Semiconductor Goals: India aims to be on par with major chip-making countries by 2032, with significant progress already made in chip design and production within three to three-and-a-half years.
• Current Strengths: India is already a force in semiconductor design, leveraging its large population and strong tech education ecosystem (e.g., Indian Institutes of Technology).
• Manufacturing Challenges: The primary challenge for India lies in scaling advanced semiconductor manufacturing to the level of global leaders. Currently, only Taiwan can manufacture at the most advanced nodes (e.g., 2-nanometer).
• Global Manufacturing Landscape: The U.S. is struggling to reach advanced manufacturing nodes, and even TSMC's fabs in America are not expected to produce 2-nanometer chips.
• US-China Tech Competition: The competition for technological supremacy between the US and China is a major geopolitical dispute. The U.S. has a lead in semiconductor architecture and manufacturing, partly due to its partnership with TSMC.
• AI Chip Export Restrictions: The U.S. government is considering measures to limit NVIDIA's ability to sell advanced AI chips to China and other adversarial nations, citing concerns about dual-use technology for surveillance or military purposes.
• White House vs. Congress on Chip Exports: There is a tension between White House officials urging Congress to oppose measures limiting NVIDIA's exports to China and some members of Congress who are resistant.
• NVIDIA's Lobbying: NVIDIA has publicly lobbied against such legislation, arguing that restricting China's AI advancements could push them towards greater self-sufficiency.
• "Gain AI Act" and "Safe Act of 2025": Proposed U.S. legislation aims to codify export controls on AI chips to China, with the "Gain AI Act" requiring U.S. companies to give U.S. firms first dibs on controlled chips, and the "Safe Act of 2025" proposing denial of applications for sales of more powerful chips to China.
• China's Self-Sufficiency Drive: U.S. restrictions are seen as strengthening China's resolve to achieve technological self-sufficiency and move faster in this area.
• "Only China Can Stop China": A commentator suggests that China's progress can only be halted by China itself, highlighting its determination to grow.
• AI Race Framing: The discussion emphasizes that the race is not about who will reach Artificial General Intelligence (AGI) first, but rather who can adopt and infuse AI technology into their economies and societies the fastest.
• US Edge in Hardware: The U.S. is seen to have an edge in hardware and compute, particularly in semiconductors, making it difficult for China to catch up without advanced lithography equipment.
• India's Reliance on China: Despite its growth, India remains reliant on China for technology and other areas.

Technical Terms:

• Semiconductor: A material with electrical conductivity between that of a conductor and an insulator, used in the manufacture of electronic components such as integrated circuits.
• Lithography: A process used in semiconductor manufacturing to transfer a pattern from a mask onto a substrate.
• Nanometer (nm): A unit of length equal to one billionth of a meter, used to measure the size of features on semiconductor chips.
• Fabs (Fabrication Plants): Facilities where semiconductor chips are manufactured.
• Dual-Use Technology: Technology that can be used for both civilian and military purposes.
• Artificial General Intelligence (AGI): A hypothetical type of artificial intelligence that possesses the ability to understand or learn any intellectual task that a human being can.
• Reshoring: The practice of bringing manufacturing back to a company's home country.

Global Debt, Interest Rates, and Economic Stability

Main Topics and Key Points:

• Record Global Debt Levels: Global debt has reached levels comparable to the end of World War II, driven by increased borrowing after the 2008 global financial crisis and the pandemic.
• Debt Sustainability vs. Social Contract: The discussion frames the issue not just as debt sustainability but as a challenge to the global social contract, as governments face increasing costs for aging populations, pensions, and healthcare.
• Entitlements as a Constraint: Over 60% of annual budgets in G7 countries are allocated to entitlements (pensions, healthcare, social welfare benefits), which are difficult for politicians to alter.
• Singapore's Model: Singapore's sovereign wealth fund, which contributes significantly to its annual income, is presented as an example of prudent fiscal management.
• Breaking the Cycle of Debt: Potential solutions discussed include spending cuts on social programs (politically unpopular), major tax increases (politically unpopular), legally binding budget caps, and investing in growth and productivity.
• Market Signals for Debt Crisis: Markets will be the first to signal a debt crisis, with unusual behavior in bond yields or risk-off moments indicating potential issues.
• Government Access to Finance: The U.S. government's access to finance through Treasury auctions remains strong, but market confidence in government leadership is crucial.
• US Debt and Tipping Points: While U.S. Treasury auctions are stable, the markets will ultimately indicate when a tipping point is near.
• Geopolitical Risks and Uncertainty: Geopolitics, populist politicians, and rapid global shifts create significant uncertainties for investors and businesses.
• AI and Global Trade: The global AI race and its implications for trade and technological supremacy are ongoing themes.
• US-China Trade Truce: A recent leaders' summit created a "temporary truce" or "temporary stabilization" in the U.S.-China relationship, opening channels for communication and engagement.
• Persistent US-China Competition: Despite the truce, fierce competition and rivalry between the U.S. and China are expected to continue due to fundamental differences in priorities and agendas. Guardrails are in place to prevent rivalry from escalating into conflict.
• Singapore's Neutral Stance: Singapore aims to maintain its independence and national interest, avoiding choosing sides between the U.S. and China, a stance shared by other ASEAN countries.
• Trump Administration's Impact: The Trump administration's foreign policy priorities and trade approach are seen as potentially disrupting the status quo and extracting concessions, with concerns that future U.S. administrations might learn from these tactics.
• China's Preparedness for Trump 2.0: China is believed to be better prepared to deal with a potential second Trump administration, aiming to maintain relatively peaceful relations with the U.S.

Technical Terms:

• G7: Group of Seven, an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
• Entitlements: Government-mandated benefits, such as pensions and healthcare, that individuals are entitled to receive.
• Sovereign Wealth Fund: A state-owned investment fund that invests in a variety of assets.
• Fiscal Management: The management of government revenue and spending.
• Budget Caps: Limits placed on government spending.
• Productivity: The efficiency with which goods and services are produced.
• Bond Yields: The return an investor realizes on a bond.
• Risk-Off Moment: A period when investors become more risk-averse and move their capital to safer assets.
• Treasury Auctions: The process by which governments sell their debt securities.
• Populist Politicians: Politicians who appeal to the common person, often by opposing the established elite.
• Decoupling: The process of separating economic ties between countries.
• ASEAN (Association of Southeast Asian Nations): A regional organization comprising ten countries in Southeast Asia.
• Proxy Wars: Conflicts in which opposing sides use third parties as substitutes instead of fighting each other directly.

Investment Outlook and AI Adoption

Main Topics and Key Points:

• AI Investment Risks: While NVIDIA is a major beneficiary of the AI boom, there are risks related to valuation, leverage, and technological change. The construction of data centers and the associated leverage are areas of keen observation.
• Sustaining Growth and Demand: The long-term sustainability of AI growth and demand is a key question. While optimistic about AI adoption, there's a possibility of architectural shifts that could reduce the need for brute-force compute.
• Data Center Leverage: Significant leverage is creeping into the building of data centers at various levels (project, SPV, company). A downturn in pricing or a step change in architecture could hurt debt holders and equity holders in speculative data centers without locked-in contracts.
• Intrepid Growth Partners' Strategy: The firm invests in application layer companies that use AI and foundation models to solve real business problems, focusing on unit economics (increased revenue or reduced costs).
• Examples of AI Investments:
  • Stack ADAPT: A leader in programmatic advertising for small and medium businesses in North America.
  • Skin Analytics: A leader in skin cancer diagnosis technology.
  • CoLab: A company providing collaboration software for complex design teams to visualize components and predict manufacturing issues.
• China Investment Stance: Intrepid Growth Partners is not investing in China due to the bifurcation of the world and difficulties in investing in advanced technologies across different global spheres. However, they acknowledge China's innovation and the need to monitor potential disruptions from Chinese companies.
• AI Race Framing (Mark Meechan's View): The "race" is not about who wins AGI first, but who can adopt and infuse AI technology into their economies and societies fastest. China is expected to produce competitive foundation models and software, while the U.S. has an edge in hardware and compute, particularly in semiconductors.
• Japan's Market Potential: Katsuya Nagasawa of Tokyo Marine Asset Management is bullish on Japan's market, expecting double-digit or high single-digit growth for the Nikkei in the next 12 months, potentially reaching 60,000. This is driven by economic reforms, corporate mindset shifts, and returning Japanese savings.
• Tokyo Marine Holdings Performance: The stock price of Tokyo Marine Holdings is not fully reflecting its business potential, with a bullish outlook for the insurance industry globally, amplified by climate change.
• Risks for Tokyo Marine: A slowing down in the U.S. economy is identified as a significant risk for Tokyo Marine's business.
• Investment Opportunities in Japan: Beyond AI and defense, investors should focus on company management's ability to diversify or concentrate their business models, including M&A and restructuring, and their focus on return on investment and cost of capital.
• Inflation in Japan: Slight inflation is seen as a catalyst for activating the economy and improving company performance.
• Yen Volatility: The Japanese yen's depreciation is considered within normal fluctuations, and long-term investors may see appreciation rather than further depreciation. Currency intervention is seen as having only short-term impact.
• BOJ Policy: The Bank of Japan (BOJ) is expected to implement gradual increases in short-term interest rates, with markets having already experienced some disappointment regarding the speed of action.

Technical Terms:

• Growth Equity Platform: A type of investment firm that provides capital to companies in the growth stage.
• Foundation Models: Large, pre-trained AI models that can be adapted for a wide range of downstream tasks.
• Unit Economics: The revenue and costs associated with a single unit of a product or service.
• Programmatic Advertising: The automated buying and selling of digital advertising space.
• Bifurcation: The division of something into two branches or parts.
• Artificial General Intelligence (AGI): A hypothetical type of artificial intelligence that possesses the ability to understand or learn any intellectual task that a human being can.
• Nikkei 225: A stock market index that represents the 225 largest and most liquid companies listed on the Tokyo Stock Exchange.
• Bank of Japan (BOJ): The central bank of Japan.
• Cost of Capital: The rate of return a company must earn on its investments to satisfy its investors.

Conclusion and Key Takeaways

The Bloomberg New Economy Forum in Singapore highlighted several critical themes shaping the global economic and technological landscape. NVIDIA's exceptional performance, driven by the AI boom, is a central narrative, with its strong sales forecasts easing market fears of a bubble. However, U.S. restrictions significantly impact NVIDIA's China market outlook, leading to a "zero" forecast for now.

Nasdaq is strategically positioning itself as a technology company, enhancing financial infrastructure and aiming for 24/5 trading, while a new partnership with SGX aims to boost IPO markets for Asian tech firms. China's property sector crisis remains a significant concern, prompting discussions of new stimulus measures, while the U.S. faces policy uncertainty, leading Australia's Future Fund to diversify its investments towards Japan, Europe, and Australia.

India is making ambitious strides in the semiconductor industry, though scaling advanced manufacturing remains a challenge. The overarching theme of U.S.-China technological competition is evident, with debates around AI chip export controls and the framing of the "AI race" shifting towards adoption speed rather than AGI attainment.

Global debt levels are a persistent concern, necessitating careful fiscal management and a focus on debt sustainability within the broader social contract. While a temporary truce exists in U.S.-China relations, fundamental competition is expected to continue. The forum underscored the interconnectedness of technology, economics, and geopolitics, with a clear emphasis on navigating uncertainty and fostering resilience in investment strategies.