Tresmark: Imagine sitting in a courtroom as the judge reads out a sentence: – US 10Y: 5.04%, highest since 2007

Tresmark: We now have a remarkable combination. – Oil > $100 – G10 bond yields on the rise – Fed

Tresmark: Caliph Umar was once travelling towards Syria when news reached him that a plague had broken out. After consulting

Tresmark: A few weeks ago, we asked whether a global family office looking at Pakistan would actually invest. This week,

Tresmark: Last week we spoke about 3 key trades: Dollar Forward Booking This trade looks intact. Premiums have consolidated and

Tresmark: The term ‘Forever Wars’ emerged from the US’ seemingly endless conflicts. They have destroyed presidencies before. In 1979, Iran

Gold is perhaps the only asset that can be both expensive and cheap at the same time. For more than

Zurich Family Office – Investment Committee

Tresmark: For the last few weeks we have been talking about cycles. Interestingly, every asset now seems to be trading

Tresmark: Inflation in the US has climbed back above 4%, but surely markets are overreacting. After all, we’ve seen inflation

Tresmark: One of the most famous battles in Islamic history was the Battle of Hattin in 1187 led by Salahuddin.

Tresmark: Most analysts get interest rate forecasts wrong because they focus almost exclusively on inflation. That may work for a

The problem with a three-way street is that everyone thinks they have the right of way. Three narratives. Three directions.

Tresmark: Turkey’s President Erdogan pushed aggressively for lower interest rates believing cheaper borrowing would help control inflation and support growth,

Global markets have seen a sharp repricing in yields over recent weeks as oil prices, geopolitical risks and inflation concerns

Tresmark: Over the last few months, a few corporates took what at the time felt like over-indulgence. Large IRS (Interest

Tresmark: In April 1815, people living near Mount Tambora, Indonesia, believed the world was ending. The earth trembled for days

Tresmark: Key Takeaways Oil shock: Brent near 93/$; every $5 rise adds ~$1bn to Pakistan’s import bill, pressuring the current

Tresmark: The Rupee has appreciated by roughly 60 paisa since the start of the year. On its own, that move

Tresmark: Scientists, including Albert Einstein, created the Doomsday Clock in 1947. One of their stated rules is: “The clock is

Before the Rumble in the Jungle, the conclusion was unanimous. Muhammad Ali was walking into a disaster. George Foreman was

Tresmark: Who remembers 1998, when Pakistan’s currency market broke down? The trigger was nuclear testing and the sudden pullback of

Tresmark: In early 2001, Turkey faced a full-blown economic crisis: overnight rates briefly spiked above 5,000%, the lira was forced

Tresmark: The Manhattan Project (MP) was a top-secret United States government program during World War II whose sole objective was

When the bomb fell on Hiroshima at 8:15 a.m. on 6 August 1945, Dr. Hachiya was getting ready for an

Tresmark: In 480 BC, the Persians believed numbers would drown the Greeks. It was mathematics versus maneuver. The Persians brought

Ever wondered where Halloween really began? It started with huge fires. Two thousand years ago, during Samhain, the Celts lit

Tresmark: Ever had a $5,000 breakfast? In the California Gold Rush, the price of breakfast soared to equivalent of $5,000

From far, the glass palace shines — elegant, orderly, magnificent. But on closer inspection you realise: it isn’t marble or

The Great Fire of Rome Legend says that when Rome caught fire, Emperor Nero stood on his balcony and played

The Marble Halls of Power Beneath the great dome of the US Capitol, marble columns rise like a temple —

The European Renaissance wasn’t born from calm. It came out of a series of shocks. – A plague wiped out

Did you know that buried in the NATO treaty is one exceptional line: “An armed attack against one shall be

Tresmark – In the late 1970s, Texas oil billionaires Bunker and Herbert Hunt quietly began buying silver — first bars,

In 1258, Baghdad — once the beating heart of the Muslim world, alive with scholars, poets, and the great House

In the early 1990s, the Sterling was pegged to the ERM (Exchange Rate Mechanism) — a political promise about the

Export Vision & Reality With a five-year plan to double exports, Pakistan finally has the chance to narrow the gap

Trump & Putin In February 1945, as World War II neared its end, the world’s eyes turned to a small

The Saddam Miscalculation – Underestimating the Man Behind the Office Back in August 1990, Saddam Hussain rolled his tanks into

Tresmark: In 2008, Tiger Woods was at the peak of a successful golf career. His car crash that year, however,

Tresmark: Remember when our note ‘Danda is coming’ went viral about 2 years ago. Not much has changed since then.

Mehmed the Conqueror Sultan Mehmed II pulled off what many before him couldn’t. At just 21, he broke through the

Early signs point to the Rupee extending its losing streak. Last week, it shed 25 paisa, where as MTD it

Why is there pressure on the Rupee? Why are open market rates/Imports higher? Why is there a dollar shortage? Why

Tresmark: With dollars becoming harder to find, there’s a visible anxiety in the currency markets. Yesterday, while the interbank closed

Tresmark: Key factors for holding rates on the monetary policy meeting on Monday – IMF influence – Support for Rupee

Tresmark: With every new piece of intel, the scale of India’s embarrassment is getting harder to hide. What was initially

America’s Fiscal Reckoning call Moody’s has finally delivered a long-overdue verdict on the U.S. government’s fiscal trajectory, stripping away the

If you look at the USD/PKR chart over the past six months, you might feel it was purposefully choreographed—showing a

The Oracle’s Prophecy: A Parable for the Present Before marching on Persia, King Croesus of Lydia asked the Oracle of

Pak-India cross-border strikes have spiked regional tensions, rattling markets. However, the dollar-Rupee dynamic has remained reasonably stable despite the noise.

Markets on Edge: Recession, Remittances & Rate Risk In a charged webinar hosted by Tresmark and FMA, some sobering signals

Rupee’s Return Above 281 The Rupee closed above 281 last week, snapping a 15-month hiatus—even though the Dollar Index has

While strange things are happening in the global financial markets, something stranger unfolded in Pakistan, which recorded a billion dollar

Tresmark: It’s easy to say markets are volatile or panicked—but behind the headlines, trillions of dollars have vanished, companies are

Tresmark: History teaches us a lot, but it’s amazing how we unsee the obvious. – When the U.S. hiked tariffs