Executive Global Summer 2025 (LR)

www.executive-global.com | Summer-Autumn 2025

Productivity | Strategy | Profitability

REGGIE MIDDLETON

Discusses the fascinating concept of SmartMetals

EVA SCHERER

The Coeur d’Alene luxury specialist

ADRIAN DAY

U.S. stumbles to a debt crisis

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ASHLEY COPELAND

Luxury and profitability in Palm Beach

DUAL WEALTH STRATEGY Mark Valek discusses commodities macroeconomics, and building an investment portfolio for affluent institutional and private clients

INSIDE

UK £10 Europe €12 USA $14

FINANCE | LEGAL | FDI | TECHNOLOGY | PROFITABILITY | EXECUTIVE EDUCATION | HNW LIFESTYLE

BEAUTIFUL IS RELENTLESS

Aston Martin Geneva, Pegasus Automotive Group SA, Route de Saint Cergue 298, Nyon 1260, Switzerland T. +41 22 36 38 007, F. +41 22 36 38 017, sales@astonmartingeneva.ch, www.astonmartingeneva.ch Indicative fuel consumption figures in litres/100km (mpg) for the 2020 MY Aston Martin DBX: urban 12.2 (23.1); extra urban 13.5 (20.8); combined 14.3 (19.7). CO2 emissions 269g/ km. The mpg/fuel economy figures quoted are sourced from regulated test results obtained through laboratory testing. These figures are strictly indicative and preliminary and are for early comparability purposes only and may not reflect your real driving experience, which may vary depending on factors including road conditions, weather, vehicle load and driving style. These early prototype figures are intended for indicative comparability purposes.

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CONTENTS

SUMMER-AUTUMN 2025

EXECUTIVE GLOBAL

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16 EDITOR-IN-CHIEF John Marshall HEAD OF PRODUCTION Peter Green EDITORIAL Thomas Hughes, Rachel Smith, Oliver Taylor, Shannon Berkley, Vincenzo Morello, Cheryl Jones ART DIRECTION & DESIGN Stormcues Limited BUSINESS DEVELOPMENT Steve Williams, David Warmann, Jack Moore, David Goldwin, Mike Walsh COMMERCIAL DIRECTOR Luke Francis PHOTOGRAPHY James Drake, Sarah Dean, Rick Thompson, Danielle H. LeFebvre Executive Global Magazine is published by: Stormcues Limited 405 Kings Road Chelsea London SW10 0BB Tel: +44(0)207 993 4782 www.executive-global.com ADVERTISING advertising@executive-global.com EDITORIAL editorial@executive-global.com The information in this publication has been obtained from sources the proprietors believe to be correct, however no legal liability can be accepted for any errors. No part of this magazine may be reproduced without the consent of the publisher.

Executive Global is registered trademark ® of Stormcues Limited.

Copyright © 2025 Stormcues Limited. All Rights Reserved.

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• Productivity, Strategy, Profitability

FRONT COVER FEATURE Dual Wealth Strategy

Top and crash of our lifetimes 24

Our cover feature and CEO Profile on Dual Wealth Strategy explores Austrian School Economic principles and building an investment portfolio with Mark Valek, Fund Manager and Partner of Incrementum AG.

When Panama becomes Plan A 20

Trust legislation in Guernsey

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Thomas Hughes reviews asset protection in the self-governing British Crown Dependency.

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Taxes in Switzerland are federal, cantonal and municipal. Cheryl Jones tells us more.

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Adrian Day, CEO, Adrian Day Asset Management, returns to deliver his expert analysis on gold.

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David Morgan, CEO, The Morgan Report, discusses why silver’s ascent is now essential.

Banana trees grow in D.C.

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Abel Gomez, Founding Partner, Gomez Tomiczek International on Panama’s benefits.

Tax legislation in Switzerland

FINANCE

The final call for sound money

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LEGAL & ADVOCACY

Executive Global’s bespoke series of interviews on Productivity, Strategy, and Profitability. We discuss profitability with Ashley Copeland, a consistent top producer and Senior Realtor Associate of Brown Harris Stevens Palm Beach.

U.S. stumbles to a debt crisis

The case for gold in 2025

Egon Von Greyerz and Matthew Piepenburg on why now is a good a time to consider this asset.

PROFITABILITY Profitability and Palm Beach

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Demographic expert Harry Dent, The HS Dent Forecast, presents his outlook on the market.

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Michael Pento, CEO, Pento Portfolio Strategies, gives his intelligent insight on the bond market.

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CONTENTS

SUMMER-AUTUMN 2025

EXECUTIVE GLOBAL

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FDI & INWARD INVESTMENT The economy in Hungary

PRIVATE AVIATION 38 Flying luxuriously

Rachel Smith reports on the landlocked Central European nation east of the Alps.

FDI, sunshine and Santorini

42 Fuelling your private jet There are different kinds of fuels for specific kinds of aircraft. Rachel Smith tells us more.

TECHNOLOGY

EXECUTIVE EDUCATION 46 The next management

Oliver Taylor on how the financial system may be disrupted and Epic Cash’s superior offering.

Payments and value transfer

Shannon Berkley warns of the threat to liberty posed by CBDCs and corporate stablecoins.

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• Productivity, Strategy, Profitability

Is multifamily or single family property the best investment option? We explore pros and cons.

Cheryl Jones discusses tips to optimise space, style and function in the modern kitchen.

The Lady Moura 58

Johan Roos, HULT International Business School, discusses the TNM framework.

Some cities grow and reinvent themselves daily. Cheryl Jones on some exciting options.

The GENIUS Act? Not so smart! 50 Beyond buzzwords

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56 Functionality in luxury kitchens 68

48 Most entrepreneurial cities (Part 2) 60

Reggie Middleton, CEO, Veritaseum Capital, explores the concept of SmartMetals.

We interview Eva Scherer, luxury realtor, Tomlinson Sotheby’s International Realty.

54 Real estate investing

Thomas Hughes finds a few gems in a new series on the best business travel experiences.

Rachel Smith on tourism and foreign direct investment in the Hellenic Republic.

The coming financial storm

52 Coeur d’Alene’s luxury specialist 64

Rachel Smith takes a closer look at the largest airline in the Republic of China (Taiwan).

A philosophical approach to wealth 40 The world’s best airline lounges Stefan Kremeth and Anton Balint take a deeper look at wealth in the first of a series of articles.

LUXURY LIFESTYLE

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Andrew Main Wilson, CEO, AMBA & BGA on how business schools can effectively adopt AI.

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Widely known as the world’s first megayacht, Rachel Smith reports on this functional beauty.

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EDITOR NOTE

Foreword

EXECUTIVE GLOBAL Editor’s Note

Wealth Restoration And The Gold Reserve Act of 1934 It was the father of legendary investor Warren Buffet who identified that one of the first moves by Vladimir Lenin, Benito Mussolini and Adolf Hitler was to outlaw individual ownership of gold. n his 1948 paper Human Freedom Rests on Gold Redeemable Money, U.S. Congressman Howard Buffett begins his article by identifying the inextricable link between money redeemable in gold and human liberty, pondering why some of history’s worst totalitarian dictators felt so compelled to seize this fundamental component of private wealth from citizens first, before proceeding with their malevolent intentions and subjugating the masses to authoritarian measures.

Why did the dictators take the gold first? And how does this decoupling from honest money put us on a slippery slope towards Fascism and totalitarianism? Buffett goes on to highlight Lenin’s declaration that ‘the best way to destroy the capitalist system is to debauch the currency through printing press paper money’, further elaborating that the subject of such a dictator is a serf by the mere fact that his money can be called in and depreciated at the whim of his rulers, and that the redemption right gives the owner of gold redeemable currency, economic independence that is outside of political control.

Fast forward to today and we can clearly see the emergence of an attempt for the economic control of the masses through concepts like Central Bank Digital Currencies, stable coins, digital IDs and even ‘social credit scores’, which ultimately represent a magnitude of power grab that no degree of government or central bank rationalisation can honestly justify.

Before 1933, whenever people were disturbed by Federal spending, they could easily pop along to the bank, redeem their paper dollars in gold- and wait for common sense to return to Washington. Several decades ago, a man could support his wife and children, with a house and car on a single income alone. It is no coincidence that this was all attainable under some form of a gold standard. Ever since the events of the Nixon Shock of 1971 and the decoupling of gold from the world monetary system, the inevitable decline in our quality of life was a foregone conclusion.

In order to reverse course from the entrapment that a new ‘permissioned money’ system running on CBDCs, private

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10 executive global • Productivity, Strategy, Profitability

stable coins and programmable money would create, (with all of the tokenisation and unlimited debasement problems that this entails), a return back to a wealth-based paradigm is essential. According to financial experts like Gregory Mannarino, the President of the United States has the power to curtail inflation and this inexorable decline in living standards caused by central banks, through the implementation of the Gold Reserve Act of 1934. If this were to be done by executive order it would officially monetise gold, (which would then have to be revalued significantly higher from current prices to account for the monetisation over the past few decades) and this could be used to underpin the currency. Such an enactment, in combination with making the U.S. dollar redeemable in fractional gold at all levels of denomination, would save not just the American, but the world economy- overnight.

Human freedom rests not on gold convertible, but on gold redeemable money. Zimbabwe’s ZiG currency supposedly being ‘backed’ by 2.5 tons of gold, illustrates why it is so important to distinguish between the two. Warren Buffett’s father agreed with this concept of redeemable gold to such an extent that in his paper, he emphasised that the producers of wealth — taxpayers — must regain their right to obtain gold in exchange for the fruits of their labour (not CBDCs, not stable coins or fiat paper currencies!) and that this restoration would enable wealth producers to control the issuance of paper money and bonds. Profitability for executives in 2025, would mean taking heed of the wisdom of U.S. Congressman Howard Buffett. After all- he did raise one of the wealthiest and most successful investors in the United States of America! EG

John Marshall John Marshall Editor-in-Chief, Executive Global

A H U N T E R S D R E AM A HUNTE RS DRE AM

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Hand-hewn timber trusses, Montana Chief Cliff stone, and radiant in-floor heating define the interior.

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FINANCE

Adrian Day Asset Management

Gold Benefits From Multiple Drivers as U.S. Stumbles To A Debt Crisis Gold has moved steadily higher over the past three years, the price more than doubling, well-outperforming global equities, though few seem to have noticed.

Article By

Adrian Day

CEO, ADRIAN DAY ASSET MANAGEMENT

he gold move has been driven primarily by central bank buying , which continues, even if volumes are below the record levels of 2023 and 2024; buying remains well above longer-term levels.

Inflows into global ETFs have picked up over the past year, though they remain soft in North America.

Meanwhile, though the gold stocks have appreciated a very respectable 45% over the last 12 months, we are not yet seeing the kind of leverage that the stocks normally exhibit to bullion, and the investing public does not appear to be interested. The largest gold miner ETF (GDX) has experienced $3.6 billion in net outflows this year, and these outflows are continuing. That is a large amount for a $15 billion fund. The dichotomy between prices and flows has never been greater.

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WHAT’S GOING ON? Traditional economic factors have not been the main drivers of gold. Central banks are buying to diversify their assets in the face of dollar weaponisation. Non-official Chinese savers were buying to preserve their purchasing power out of concern for a possible yuan devaluation and a fragile banking system. Wealthy individuals and families in the Middle East and Asia have been buying in the face of unsustainable fiscal deficits around the world, including in the U.S.

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So looking at who has been buying gold and why, it is not at all illogical that they have not been buying North American gold stocks. North Americans typically buy gold assets in a certain economic environment: a weakening economy; high and rising inflation; low and falling interest rates (preferably negative real rates); and a weak dollar. Until recently, that was the precise opposite of the economic environment in the U.S., so again it was not illogical that North Americans were not rushing into gold.

Add to this unfavourable economic environment (unfavourable for gold) the fact the the U.S. stock market continues to move up month after month.

Yes, the valuations are at their highest in history, the breadth is narrow, and the insider selling-tobuying ratio is at extremes, but the S&P Index just continues to move up fuelled by automatic passive flows. So it is no surprise that U.S. investors have little interest in gold.

That is beginning to change, if slowly, and as the narrative shifts, U.S. interest in gold will increase.

For now sentiment remains very weak, yet global fund managers think that gold is the ‘most crowded’ trade, according to a survey from Bank of America, with 58% of managers choosing gold against 22% naming the Magnificent 7. This is perhaps a reflection of managers who missed the bull move.

S&P investors have lagged not only gold stocks but gold itself the past four-, three-, two- and oneyear periods, as well as year to date, and increasingly handsomely so (with gold up virtually 30% this year and gold stocks, per GDX, up over 50% against less than 7% for the S&P). In the graph are gold (white), the XAU (blue) and the S&P (red) year to date.

• Productivity, Strategy, Profitability

GOLD STOCKS REMAIN UNDERVALUED DESPITE PRICE MOVE Oscar Wilde berated those who know the price of everything but the value of nothing. Certainly, the 50% plus increase in the gold indices this year has led many to instinctively think that the gold stocks are expensive. But the stocks are still very undervalued.

As the price of gold moves up, from the low $1,600s less than three years ago, to today’s $3,360, the value of the gold in the ground moves up; the price-to-net asset value has therefore not increased over that period. As the price of gold has moved up far more rapidly than the cost of mining, the margins have expanded and with it corporate cash flows increased; thus the price-to-cash flow multiples have declined. For example, Agnico Eagle,

FINANCE

Adrian Day Asset Management Photo: Joel Carillet / istock.com

TRADITIONAL ECONOMIC FACTORS HAVE NOT BEEN THE MAIN DRIVERS OF GOLD. CENTRAL BANKS ARE BUYING TO DIVERSIFY THEIR ASSETS IN THE FACE OF DOLLAR WEAPONISATION.

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the world’s #3 gold miner, is trading in its lowest quartile of price-to-cash flow metric in over 20 years; while Barrick, the #2 gold producer, is trading in the lowest decile of price-to-NAV in its history.

U.S. ECONOMY NOT AS STRONG AS IT APPEARS What will change this? Investors are slowly beginning to see gold’s outperformance, and see too the rapid growth in margins, (and thus cash flows) that the gold stocks are generating quarter after quarter. No industry sector has exhibited stronger growth in cash flow over the past 18 months than the gold miners. The trigger, however, may come from a change in the economic narrative.

The labor market, already weaker than headlines suggest, is deteriorating. The latest U.S. jobs report saw downwards revisions to the previous two month’s reports of 258,000 (that’s a revision of more than three times the latest number). The unemployment rate ticked up, despite the labor participation rate dropping. The respected Challenger report shows layoff up 29% in July from June, and 60% from last July. And the last piece of bad news is that the average duration of unemployment––already long–-rose to over 24 weeks, reflecting a slowdown in hiring.

It is clear that the jobs market is far from the ‘solid’ that Federal Reserve Chairman Jerome Powell asserts.

Given that the ‘solid’ jobs market has been the main pillar on which Powell was resting his case for not cutting rates, the report adds significantly to the pressure to cut in September. If other economic data come in

weak, then the expectations the Fed will cut rates will build, and with it gold will continue to move up.

Lower interest rates amid a slowing economy may also finally see North American investors turn to the well-performing gold equities. It is not only lower interest rates that will drive gold. Another Fed policy shift may be even more significant, and that is a new round of Quantitative Easing.

At nearly $37 trillion, the national debt stands at over 120% of GDP. That the interest of the debt has increased less than the debt itself over the past half century is because rates were declining for most of this period (1980 to 2022). As the shorter-term five-and seven-year Treasuries issued at far lower rates mature, they have to be rolled over at higher rates today, ensuring that the interest payments, in both absolute and relative terms, increase. Debt service is estimated to be 17% of next year’s budget, the largest single item in the federal budget.

Now the debt ceiling has been lifted, the Treasury is on a mad scramble to catch up, with the need to issue about $1.6 trillion over the balance of the year, about 66% more than in the same period last year. There remains the question of who will buy all the bonds, and at what price.

Many of the large traditional buyers are no longer buyers. This includes China and Japan, for varying reasons. Moody’s recent downgrade of the U.S. credit rating, the last of the major rating agencies to do so, limits the ability of many foreign institutions to hold Treasuries. Other traditional buyers, for one reason or another, are less likely to be buyers going forward.

Additional buying will come from a variety of sources. The major banks have been told that they need to keep less money on reserve at the Fed, but in return are expected to buy more Treasuries at auction. The so-called Genius Act encourages the issuance of ‘stablecoins’ fully backed by U.S. Treasuries, creating new demand. And so on.

But all these buyers are unlikely to come close to absorbing the entire Treasury issuance, this year at any rate. (Changes in the SLR and new stablecoins will take time to go through the regulatory process.)

Here is where the Fed comes in. It has been winding down its Quantitative Tightening, reducing the reductions from $35 billion a month to just $5 billion a month, a rounding error for a balance sheet of almost $7 trillion. QT has effectively ended, and once the Treasury resumes issuing new bonds, the Fed may, once again, be in a position of re-instituting QE, creating credit to mop up the Treasuries.

A resumption of QE would be likely bullish for stocks, negative for the dollar, and wildly bullish for gold. EG

For further information, please visit: www.AdrianDayAssetManagement.com Adrian Day is the CIO of his eponymous asset management firm, which manages in global markets as well as gold and resources.For further information, visit his website, adriandayassetmanagement.com. He can be reached at assetmanagement@adrianday.com.

Summer-Autumn 2025 •

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FINANCE

The Morgan Report

The Quiet Metal, The Loud Crisis and The Final Call For Sound Money Why Silver’s Ascent, SmartMetals, and the Return to Real Assets Are No Longer Optional — But Essential.

Article By

David Morgan PUBLISHER & CEO, THE MORGAN REPORT

here are moments in market history when quiet assets begin to speak volumes. Silver is one such asset, and this moment is one such time. For decades, silver has played second fiddle to gold in the monetary metals conversation.

Dismissed as ‘poor man’s gold,’ it has endured manipulation, suppression, and mockery. But in truth, silver is the monetary underdog with industrial muscle — and its voice is growing louder.

We are entering the late innings of a longdebauched global financial game. Fiat currencies have become terminal patients, and the symptoms are everywhere: debt saturation, bond market convulsions, stagflation, broken trust, and a public increasingly gaslit by digital promises. Against this backdrop, the resurgence of silver — both as a hedge and as an industrial imperative — is not just a price story. It is a freedom story.

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SILVER: A QUIET METAL WITH LOUD POTENTIAL Silver’s recent moves have been anything but accidental. With tightening supply from mining shortfalls, ever-increasing industrial demand from solar, AI infrastructure, and electrification, and the return of investment demand amid inflation anxiety, the forces are aligning. Yet silver remains misunderstood.

It is not merely a commodity. It is the only metal that is both a monetary store of value and a critical industrial component. That dual nature makes silver unique — and underpriced. Silver has quietly outperformed most traditional asset

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classes over long monetary resets, yet still sits at a fraction of its inflation-adjusted high. The market has not priced in the full scope of what is coming.

Silver is the firewall in a world set ablaze by monetary mismanagement.

SOUND MONEY: THE CORNERSTONE OF A FREE SOCIETY The deeper issue is not just price — it is principle. Sound money is the cornerstone of any genuinely free society. When the medium of exchange can be created at will, diluted without consent, and used as a tool of control, freedom itself becomes an illusion.

Throughout history, great civilisations have decayed not from external enemies but from internal currency debasement. We are no different.

The U.S. dollar — and by extension, the global fiat system — is being sacrificed on the altar of unsustainable debt and geopolitical overreach. We are witnessing a monetary system in the throes of decline.

When money is honest, people can trust the future. When it’s not, they scramble to survive it.

Precious metals have always emerged at the end of these cycles — not because of luck, but because of truth. Gold and silver are truth in physical form.

SMARTMETALS: A BRIDGE BETWEEN SOUND MONEY AND THE DIGITAL AGE If we accept that precious metals are essential, we must also confront a practical challenge: how do we integrate metals into an increasingly digital, decentralised world?

That’s where innovators like Reggie Middleton and his SmartMetals initiative at Veritaseum come in. By utilising peer-to-peer distributed ledger technology backed by physical metals, Reggie is reintroducing trust, transparency, and portability into a broken system, without relying on central banks or intermediaries.

• Productivity, Strategy, Profitability

Veritaseum’s approach doesn’t just digitise metals. It weaponises them against financial centralisation, creating a model for truly sovereign, asset-backed exchange. It’s not crypto. It’s not Fiat.

It’s real money, with real tech — and it’s where the financial system may be heading.

CBDCS: THE TROJAN HORSE OF DIGITAL TYRANNY Central bank digital currencies (CBDCs) are the antithesis of everything freedom-minded investors stand for. They are not ‘innovations.’

They are instruments of surveillance, compliance, and programmable control. Once the populace is corralled into a CBDC regime — often sold under the guise of convenience, safety, or stimulus — every transaction becomes visible, taxable, and eventually controllable. Don’t buy the ‘pilot project’ narratives.

The real goal is not efficiency. It is obedience.

That is why distributed, peer-to-peer solutions like SmartMetals and privately held bullion are existential threats to the CBDC agenda. We must fight to keep physical cash and metals viable, tradable, and protected from regulatory suffocation. The time to act is not when CBDCs are launched, but before they take root.

FINANCE

The Morgan Report Photo: John Louie Photos / Shutterstock.com

DEBT, TARIFFS AND FOREIGN PATIENCE WEARING THIN The U.S. national debt has become a mathematical inevitability, with its massive size making something break a near certainty. Foreign holders — especially BRICS-aligned nations — are divesting, hedging, or outright dumping. They see what’s coming.

Meanwhile, political shifts such as Trump’s renewed tariff push may score points at rallies, but risk accelerating global de-dollarisation. Protectionism in a fragile global economy doesn’t protect — it isolates. It forces others to seek alternatives to the U.S. financial system, and they are doing so aggressively.

The future will not be unipolar. It will be fractured, competitive, and volatile. Those without hard assets will be at the mercy of those who do.

MINING SHARES: UNDERVALUED LEVERAGE ON A REPRICING Against this backdrop, mining shares — particularly quality juniors and royalty firms — remain absurdly undervalued. The market has priced in political risk, environmental risk, and even cyclical pain. What it hasn’t priced in is the potential for monetary mayhem.

When silver and gold are revalued higher — and they will be — the earnings power of these companies will explode. The best operators, with good jurisdictional exposure and minimal debt, will be some of the best-performing assets of the next cycle.

This is why we continue to track these opportunities at The Morgan Report — because leverage, when it’s timely and real, is how you build legacy wealth.

FED POLICY AND THE FLIGHT TO REAL ASSETS The Federal Reserve has backed itself into a corner of its design. For decades, it encouraged asset bubbles, bailed out bad bets, and suppressed interest rates. Now, facing a combination of inflation, fiscal insanity, and global de-dollarisation, it is out of tools.

What comes next? At some point, the veneer of control will crack. Whether through yield

REAL YIELDS ARE NEGATIVE, FOREIGN BUYERS ARE RETREATING, AND CONFIDENCE IN SOVEREIGN DEBT IS FRAYING. THIS IS NOT A BUMP. IT IS A STRUCTURAL UNRAVELING.

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curve control, outright monetisation of debt, or a manufactured ‘financial emergency,’ the Fed will return to expansionary policy — and when it does, the global flight to tangible assets will be unstoppable.

Gold, silver, platinum, and essential resource stocks will move with a force that shocks the mainstream — but not those paying attention.

BONDS, REAL ESTATE AND THE STAGFLATION TRAP Meanwhile, the bond market — once the most stable asset class in the world — has become a chaos machine. Real yields are negative, foreign buyers are retreating, and confidence in sovereign debt is fraying. This is not a bump. It is a structural unraveling.

Real estate, too, is headed for a reckoning.

With mortgage rates still historically elevated and a glut of commercial properties facing refinance cliffs, we are on the cusp of a meltdown — one that will make headlines not just in financial pages, but on Main Street. Welcome to stagflation 2.0: low growth, high costs, social unrest, and central banks pretending to fix the very problems they created.

A FINAL WORD ON HYPERINFLATION, SILVER AND PLATINUM Hyperinflation is not always Weimar or Zimbabwe. Sometimes, it’s slower — like a snake eating its tail. The dollar may not collapse overnight, but it is collapsing in real terms every day. Grocery receipts and rent bills tell the truth.

Government data does not. Silver still has a long way to go — both in price and in public awareness.

But when the public awakens, it won’t take much capital to move this thin market in explosive ways.

And let us not forget platinum — the most overlooked precious metal today. With supply disruptions in South Africa, increasing use in green hydrogen, and a price that lags its peers, platinum may be the sleeper opportunity of this moment.

THE EXIT IS OPEN - BUT NOT FOREVER There is still time. Time to exit the Fiat Ponzi.

Time to allocate to physical metals, tangible assets, and decentralised solutions. Time to prepare for the next phase of monetary history. But that window will not stay open.

When the reset accelerates, when the crowd rushes to the same exit, only those who prepared early will get through. Silver’s voice is growing louder. Gold’s shine is getting harder to ignore.

And the truth is becoming obvious: sound money is not a luxury — it’s a lifeboat. EG

For further information, please visit: www.TheMorganReport.com Summer-Autumn 2025 •

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PRODUCTIVITY STRATEGY PROFITABILITY

Brown Harris Stevens Palm Beach

PROFITABILITY

Profitability and Palm Beach Luxury Estates Interview with

Ashley Copeland, SENIOR REALTOR ASSOCIATE, WWW.BHSPALMBEACH.COM

Our special interview with ASHLEY COPELAND, Senior Realtor Associate of Brown Harris Stevens, charts the rise of one of Palm Beach’s most successful and award-winning luxury realtors. Executive Global finds out why this top producer consistently achieves some of the highest prices ever paid for real estate among high net worth clients.

What would you say are some of the archetypal characteristics that make Palm Beach a desirable location for real estate?

Foremost Palm Beach is a most beautiful AC paradise, from the wide sandy beaches to the interesting architectural style of the homes, all surrounded by immaculate landscaping. But even more interesting, it has the feeling of a small town, yet it has the most sophisticated residents and world class restaurants and shopping. One can choose the lifestyle they want, whether it be incredibly social or going back to nature with a relaxed healthy lifestyle.

EG

Being an award-winning real estate professional and consistent top producer, what three factors can you identify that make a successful realtor in 2025?

The most important factor is that I like people AC and love my job, and I enjoy the challenge of finding the right property for them. Second, I have 20 years’ experience of successfully selling real estate on the island and the surrounding areas, giving me a real knowledge of the market. I also go the extra mile to follow up with them after the sale to help them as they adjust to their new environment, therefore they often refer their friends to me.

EG

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What critical elements would you say are necessary to successfully sell a property at the maximum asking price in Palm Beach?

The critical elements to successfully selling AC a property are making sure the property shows to its best advantage, good marketing and actively focusing on the right people for that particular property.

EG

How does your extensive background in sales and marketing maximize value and profitability for the clients?

My 20 years in the business has given me an AC in-depth knowledge of the market, so I can identify a good deal for my clients and then successfully negotiate it to their advantage. Most of my life has been spent in marketing and high-end sales in London and in the U.S. EG

And how has your experience living in Paris, London and New York, and the Middle East, broadened your knowledge and sensibilities on the critical needs of affluent buyers and sellers?

My experience in Paris, London, New York, AC and the Middle East has given me a good understanding and appreciation of different

• Productivity, Strategy, Profitability

EG

cultures. I feel very comfortable working with different nationalities, understanding their sensibilities, which is crucial in identifying the type of property and environment they may want.

What is the biggest luxury real estate deal you have ever done, and what enabled you to succeed here?

The biggest deal I have done was for a AC lakefront home in Palm Beach which is now on the market for $98M. There were unknown issues during the inspection, but I got to the bottom of it, which paved the way forward to a successful purchase.

EG

As one of the most successful real estate agents in Palm Beach, what can wealthy clients expect when working with you?

My clients can expect my total dedication AC and focus. By carefully listening to them, I can save them time and effort by zeroing in on what might best work for them. And of course they would have the utmost discretion as well. I take great pride in making my clients happy. EG EG

For further information, please visit: www.bhspalmbeach.com

My clients can expect my total dedication and focus.

FINANCE

Pento Portfolio Strategies

Banana Trees Grow In D.C. The debt spiral in the U.S. is an accelerating crisis that is threatening our standing as the predominant world power.

Article by

Michael Pento

CEO, PENTO PORTFOLIO STRATEGIES

urging deficits are being combined with massive rollovers from our existing humongous debt pile. This is compounding into untenable interest payments, which will soon force the Federal Reserve into being a perpetual buyer of Treasuries— the purchaser of first and last resort.

To appreciate the gravity of the situation, consider that Gross national debt stood at less than $6 trillion in 2000. It has now surged past $37 trillion in mid-2025, marking a 520% increase in just 25 years. Worse yet, our debt equals 740% of federal revenue. This guarantees insolvency unless aggressive reforms are undertaken. For every dollar the government takes in, it owes $7.40.

According to the Congressional Budget Office (CBO), the national debt is projected to exceed $67 trillion by 2035, even under optimistic assumptions about economic growth. To put this in context: it took America 250 years to accumulate the first $37 trillion. The country will add $30 trillion more in just one decade - the fastest debt accumulation in modern history.

Deficits continue to spiral. For FY2025, the shortfall already stands at $1.36 trillion - a 14% increase over last year, with four months remaining in the fiscal calendar year. Annual deficits now represent 6.4% of GDP, and the CBO projects they will rise to 9% of GDP, or $2.7 trillion, by 2035.

According to Treasury data, $9.2 trillion of debt is scheduled to mature in calendar 2025 - nearly 31% of GDP. Even if federal spending were to freeze overnight, the government would still need to refinance almost one-third of all the economy’s output at materially higher interest rates. That’s a death spiral in motion.

Interest payments have overtaken defence as the second-largest line item in the federal budget. The

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U.S. now pays $1.11 trillion in annual interest, more than the entire $1.10 trillion spent on national defence. According to CATO, this will rise to $2 trillion per year over the next decade.

Debt service should be crowding out private sector spending and sending borrowing costs spiking higher, but that’s where the Fed has stepped in to abrogate the free market. Maniacal money printing has led to rapid inflation rates.

This is happening just as the foreign appetite for Treasury issuance is vanishing. The sad truth is that Washington D.C. is looking more like a banana republic.

HOW FAST CAN YOU GROW? Even if yearly deficits were eliminated, excluding interest payments, the debt-to-GDP ratio would not decline unless the economy achieved sustained growth of over 3%. But such growth is virtually impossible for the following reasons: First, the labor force in the United States is shrinking, while productivity declined by 1.5% in the first quarter. Immigration caps and border closures have reduced labor participation, effectively halving GDP growth. At the same time, inflation has severely eroded the financial stability of the middle class, with 60% of Americans now holding less than $1,000 in savings. Consumer credit defaults are on the rise: 10% of FHA loans are currently delinquent, and 9 million borrowers remain delinquent or in default on their student loans following the end of the forbearance period.

This is not the foundation of a strong recovery.

It’s a powder keg waiting for a spark. There are a few short-term tailwinds, such as the extension of the Tax Cuts and Jobs Act (TCJA). Additionally, there is the continued allowance of 100% expensing for capital purchases. Select elements of the so-called ‘Big Beautiful Bill’ are also included. However, these are unlikely to make a significant difference.

Most provisions maintain current tax rates.

But the truth is that growth is anaemic, earnings are stagnant, and fiscal multipliers are weak. According to the BEA, corporate profits

• Productivity, Strategy, Profitability

declined by $118.1 billion in Q1. With weak top-line growth and margin compression from rising wages and input costs, earnings per share will struggle to justify today’s valuations.

WHO WILL BUY U.S. TREASURIES? The most crucial question is: Who will absorb the tsunami of new Treasury issuances?

Historically, the Federal Reserve and foreign central banks have operated as a coalition of buyers of last resort. But for now, both are retreating.

Since the start of quantitative tightening, the Federal Reserve has sold off $2.3 trillion in assets, actively shrinking its balance sheet rather than absorbing longer-term securities.

Additionally, foreign central banks, particularly those in China and Japan, can no longer be relied upon as dependable buyers. In Japan, the 40-year government bond rate has risen to 3.37%, offering domestic investors a more competitive return.

Furthermore, the imposition of tariffs, asset confiscations, and sanctions has injected additional political risk into the market for Treasury securities.

Meanwhile, trade flows have collapsed.

Surpluses are declining. Global dollar reserves are thinner. There is a buyer vacuum, and it is only widening. Some argue that the Federal Reserve can easily save the day again with another round of debt monetisation. They are wrong.

During the GFC, the Fed printed $4.5 trillion

FINANCE

Pento Portfolio Strategies

Photo: William Potter / Shutterstock.com

and absorbed toxic mortgage assets. The liquidity remained on Wall Street, suppressing yields and inflating asset prices, without triggering CPI inflation.

Fast forward to today, and annual deficits have already surpassed $2 trillion. When the next recession arrives, these deficits are projected to soar further, potentially reaching between $4 and $6 trillion each year. Meanwhile, the era of forbearance has ended, defaults are rising, and the labor market is beginning to fracture.

If, or more accurately stated, when the Fed deploys Helicopter Money 2.0, the credit will flow directly to Main Street. Inflation will be

HISTORICALLY, THE FEDERAL RESERVE AND FOREIGN CENTRAL BANKS HAVE OPERATED AS A COALITION OF BUYERS OF LAST RESORT. BUT FOR NOW, BOTH ARE RETREATING.

www.executive-global.com

ignited. Broad monetary aggregates will explode.

And benchmark yields could surge. All forms of consumer debt - mortgages, student loans, and auto loans - are tied to the 10-year Treasury note.

If short-term rates fall but long-term rates rise, the Fed’s ‘put’ will fail. The result: a collapse in housing, credit, and equity prices.

In April 2025, Trump’s Liberation Day tariffs triggered panic, with stocks falling 15% between April 2nd and 8th. Additionally, the Treasury complex froze, and credit markets seized. The bond crisis is real, and its triggers are numerous, including the firing of Powell and his replacement with a presidential puppet, recession-induced deficits paired with inflation, and the global rejection of U.S. debt.

Total non-financial U.S. debt is now 257% of GDP, surpassing the GFC peak of 234%. The credit, real estate, and equity bubbles-the triumvirate of false prosperity are products of 20 years of negative real interest rates. That era is ending.

A housing correction is no longer imminent.

It’s underway. The home price-to-income ratio is at a record high, and affordability is at a record low. Nearly 20% of listings saw price reductions in April, marking the highest rate in a decade. There were 500,000 more sellers than buyers in April, and active listings jumped 28% YoY. Additionally, pending home sales are being cancelled at a record pace. This is what a bursting bubble looks like in slow motion.

This is the most expensive stock market in history. We have a Total Market Cap to GDP (TMC) ratio of 210%, a CAPE ratio of 37.8, levels that have never produced positive real returns over the following decade. The Equity risk premium is negative, and the Price-to-sales ratio is back to 3x. Narratives are nice, but EPS and yield don’t lie.

WHAT HAPPENS WHEN THE BOND BUBBLE BURSTS? The tremors are already visible. The dollar is weakening. Yields are rising. Credit markets are wobbling. When the bond market enters panic mode and liquidity dries up, it will serve as the catalyst that bursts the real estate bubble, the business credit bubble, and the equity market bubble in tandem.

Traditional portfolio models, such as the 60/40 blend of long-duration bonds and passive equity exposure, will crumble under the weight of rate volatility and earnings compression. Instead, investors may be far better off owning the short end of the yield curve right now while actively trading the equity portion according to the second derivative of inflation and growth. Maintaining maximum flexibility has become the most effective way to achieve success. EG

For further information, please visit: www.pentoport.com Summer-Autumn 2025 •

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CEOPROFILE

Mark Valek

Fund Manager & Partner, Incrementum AG

Their ability to compound returns over time makes them fundamental to most investment strategies.

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• Productivity, Strategy, Profitability

CEOPROFILE

Mark Valek

Fund Manager & Partner, Incrementum AG

DUAL WEALTH STRATEGY Our special interview on Dual Wealth Strategy with MARK VALEK, Fund Manager and Partner at Incrementum AG, explores building an investment portfolio with Austrian School Economic principles. Executive Global discusses macroeconomics, commodities and central bank policy with a leading expert on integrating hard assets for affluent institutional and private clients.

What are the fundamental characteristics that you would say comprise a risk-adjusted, well-diversified portfolio?

Modern Portfolio Theory (MPT) and the MV principle of diversification have been well established in the asset management industry for decades. Moreover, within the fund management community, it is widely recognized that an investor’s strategic asset allocation is the primary determinant of the portfolio’s long-term risk-return profile.

However, what remains more contentious is the selection of asset classes that qualify for any given strategic asset allocation. Most fund managers traditionally consider interest-bearing assets as the cornerstone of portfolio construction, as these investments are expected to appreciate over time due to their productive nature. This expectation primarily applies to asset classes such as equities, bonds, and real estate, which generate returns in the form of interest, dividends, rent, or reinvested earnings. Their ability to compound returns over time makes them fundamental to most investment strategies.

While we align with this general view, we believe that a well-diversified, risk-adjusted portfolio— especially in the current environment—should go beyond traditional yield-bearing assets and include a substantial allocation to non-inflationary hard assets such as commodities, gold, and Bitcoin.

EG

EG

www.executive-global.com

As an advocate of diversification, tell us some of the ways in which yield-bearing assets like

stocks and bonds when combined with hard assets like commodities, may mitigate risk for investors in this environment?

Commodities have fundamentally different MV economic drivers than stocks or bonds, often resulting in low correlation with traditional financial assets. This makes them a valuable diversifier, particularly in challenging macroeconomic environments characterized by inflation, supply chain disruptions, or geopolitical uncertainty.

Hard assets like commodities can act as a hedge against inflation and currency depreciation, preserving purchasing power when fiat-based assets lose value. In contrast, stocks and bonds derive their value from discounted cash flows, which may be negatively impacted by rising yields during such environments. The most notable recent example of such an incident was the year 2022, in which both stocks and bonds had terrible returns.

Commodities were one of the very few asset classes that were able to contribute significant returns in that year and therefore had the potential to substantially reduce the drawdowns of a welldiversified portfolio.

However, direct commodity investments come with challenges. Unlike stocks or bonds, commodities do not generate yield, leading to a negative carry due to storage costs and the opportunity cost of capital. This means that while commodities do serve as a portfolio diversifier, there is an argument to be made that a strategic allocation to this asset class can be a headwind for long-term performance.

Summer-Autumn 2025 •

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CEOPROFILE

Mark Valek

Fund Manager & Partner, Incrementum AG

Given our gold price target of $4,800 per ounce by that time, this projection would place Bitcoin close to a seven-digit price range in USD. CV MARK VALEK BORN Moedling, Austria.

ALMA MATER Vienna University of Economics.

EXPERIENCE 2022 Founding Partner, Sound Money Capital AG. 2013 Founding Partner, Incrementum AG. (Fund Management) 2011 Founding Partner, Philoro Edelmetalle.

2007 Portfolio Management, Raiffeisen Capital Management.

2002 Fund Sales, Raiffeisen Capital Management / RfPs, Vienna, Austria.

2001 Private Banking, Merrill Lynch Vienna, Austria / Frankfurt, Germany.

1999 Equity Trading, Raiffeisen Zentralbank, Vienna, Austria.

EXECUTIVE RECOMMENDATIONS

» PRODUCTIVITY

Discipline beats motivation. Show up every day - no matter what.

» STRATEGY

Think independently, act counter-cyclically.

» PROFITABILITY

Focus on long-term value creation.

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You have been referred to as the ‘world’s foremost expert on combining gold and Bitcoin into a portfolio’. What advantages may this Dual Wealth Strategy offer that investors should be aware of ?

In our In Gold We Trust Report 2019, we MV published the article ‘Gold & Bitcoin – Stronger Together’, in which we argued that precious metals should be combined with Bitcoin within a dedicated ”non-inflatable money” portfolio bucket.

This approach offers several key advantages: >Low correlation: Gold and Bitcoin exhibit a low correlation, enhancing diversification benefits. >Volatility management: Gold helps dampen Bitcoin’s high volatility, improving overall portfolio stability. >Anticyclical rebalancing: The combination allows for systematic rebalancing between the assets, capitalizing on price fluctuations. >Taking advantage: of high implied volatility of bitcoin via covered call- or put writing when getting close to a rebalancing event In 2020, we put this theory into practice by launching the Incrementum Digital & Physical Gold Fund (IDPGF) for professional investors. This fund serves as a building block for integrating gold and Bitcoin into a traditional asset allocation, allowing investors to benefit from their complementary characteristics in a structured manner.

Given our perspective on the fiat currency system and the structural over-indebtedness of the global economy, we believe that the absence of traditional cash flows should not be seen as a disadvantage when allocating a significant portion of a portfolio to these asset classes. For instance, a structural allocation of 5% Bitcoin and 15% gold can easily be added to the traditional 60/40 portfolio by allocating 20% of our fund to the investor’s portfolio.

It is important to mention that the negligible storage costs and lack of counter-party risk set gold and Bitcoin apart from other commodities, which often involve significant storage expenses or reliance on intermediaries. This makes both assets particularly valuable in an environment of persistent monetary intervention, where financial system vulnerabilities continue to grow.

EG

Gold is private wealth with a history spanning back millennia. As suppliers like Suisse Gold accept payment for metals in Monero, what future

• Productivity, Strategy, Profitability

EG

role do you think that private cryptocurrencies can play in offering greater monetary autonomy, while aiding wealth preservation?

While gold has historically been a form of MV private wealth for millennia, its modern trade is subject to KYC and AML regulations, limiting its complete anonymity. Private cryptocurrencies like Monero can facilitate anonymous transactions, but achieving a fully anonymous wealth management strateg y remains unrealistic, regardless of ideological perspectives. Ultimately, the more relevant question is the role of the state in financial sovereignty—how much privacy and autonomy a given jurisdiction is willing to grant individuals. The future of private cryptocurrencies in wealth preservation will likely depend on regulatory attitudes toward financial privacy and the balance between individual sovereignty and state oversight.

Over fifty years ago, John Exeter warned that currencies would fail and a deflationary collapse of the financial system was inevitable.

To what extent do you agree with the inverted debt pyramid financial model that he established?

In our In Gold We Trust Report 2019, we MV analyzed John Exter’s inverted debt pyramid as a valuable framework for assessing the hierarchy of assets and their liquidity. Exter’s concept places gold at the base of the pyramid, highlighting its unmatched liquidity and lack of counter-party risk, in contrast to other assets that are more vulnerable to market fluctuations and credit risks.

His model suggests that during times of financial instability, capital flows from higher-risk assets at the top of the pyramid toward the safety of gold. Exter debated extensively with Austrian economist Ludwig von Mises, who argued that, in the end, the crisis would not result in a deflationary collapse but rather in an inflationary outcome, as governments would not allow a full-scale debt deflation to unfold.

Given the repeated monetary interventions and ever-expanding debt levels in recent decades, von Mises’ perspective appears increasingly relevant.

EG

How would you evaluate the skyrocketing price of gold and the record-breaking central bank acquisition of the metal? Is this merely tacit admission of foolhardy debt monetisation and central bank policy?

The recent surge in gold prices, approaching MV the $3,000 per ounce mark, coupled with EG

CEOPROFILE

Mark Valek

Fund Manager & Partner, Incrementum AG

Liechtenstein offers exceptional legal certainty, a stable financial system, and a debt-free national budget, ensuring long-term economic resilience. Unlike EU member states, it is not liable for EU sovereign debt, providing an additional layer of security against potential financial crises. However, as a member of the European Economic Area (EEA), it benefits from access to the European single market while maintaining a high degree of regulatory and financial autonomy.

MV

Considering both fundamental and technical analysis, what ceiling price do you realistically see Bitcoin reaching before leveling off ?

Priced in fiat currency, both Bitcoin and gold MV conceptually have no ceiling, as their value— beyond adoption and network effects—is also linked to the ongoing debasement of fiat money.

However, both asset classes will inevitably go through significant boom-and-bust cycles, experiencing severe bear markets along the way.

From a relative valuation perspective, we expect Bitcoin to reach approximately 50% of gold’s total market capitalization by 2030. Given our gold price target of $4,800 per ounce by that time, this projection would place Bitcoin close to a seven-digit price range in USD. While short-term volatility will remain a defining feature, Bitcoin’s increasing adoption, its role as digital gold, and its fixed supply continue to support the long-term bullish case.

EG

ABOUT MARK VALEK Mark is fund manager and partner of Incrementum AG. His passion is to apply interdisciplinary thinking to investment. While working part time, Mark studied Business Administration at the Vienna University of Business Administration and has continuously worked in financial markets and asset management since 1999.

ACCOMPLISHMENTS

» Co-founded Liechtenstein-based fund boutique Incrementum AG.

» Co-author of the internationally acclaimed In Gold We Trust report since 2013.

» Developed and launched five award-winning investment strategies

» Pioneered the first regulated fund combining physical and digital gold.

» Led the strategic repositioning of the

Incrementum Active Commodity Fund to focus exclusively on commodity investments.

» Published co-author of

Austrian School for Investors.

www.executive-global.com

What macroeconomic trends do you see on the horizon in the next 5-10 years and how may investors prepare for this?

Over the next 5–10 years, we anticipate a MV macroeconomic environment characterized by persistent inflationary pressures, heightened geopolitical uncertainties, and once more increased monetary intervention to sustain excessive debt levels.

One of the biggest structural issues is that most institutional investors—particularly large capital allocators like insurance companies and pension funds—remain too traditionally invested, with an over-reliance on bonds.

On the other hand, hard assets exhibit good odds to be the long-term winners. We expect tangible, scarce assets such as gold, Bitcoin, commodities, and select real estate to outperform as investors seek protection against financial repression and the erosion of purchasing power.

Those who strategically diversify their allocations away from overvalued financial assets and toward debasement-resistant stores of value, will be better positioned for the coming decade. EG EG

record-breaking central bank acquisitions, reflects a growing unease with current monetary policies and global economic stability. We extensively analyzed this shifting landscape in our latest In Gold We Trust report, coining the leitmotif ‘The New Gold Playbook.’ This framework highlights the evolving role of gold in a world characterized by high debt levels, persistent inflationary pressures, and increasing geopolitical uncertainty.

While these actions may not constitute an explicit admission of imprudent debt monetization, they do indicate a cautious approach by monetary authorities to mitigate risks associated with excessive debt levels and expansive monetary policies. The increased demand for gold underscores its enduring role as a safe-haven asset in times of economic uncertainty.

EG

Why is the jurisdiction of Liechtenstein such a favoured location for wealthy individuals?

For further information, please visit: www.incrementum.li Summer-Autumn 2025 •

27

FINANCE

The HS Dent Forecast

Top and Crash of our Lifetimes May Be Starting A Bit Early: Now! I have been looking for the top or our lifetimes in stocks to finally potentially occur around September or a bit later this year. But I am seeing more signs that this major top may being occurring in early August.

Article By

Harry S. Dent Jr.,

BESTSELLING AUTHOR & EDITOR, THE HS DENT FORECAST

ut either way, this could well be the ‘top of our lifetime.’ This first chart says it best. It is the most important U.S. and global stock index, and more important, it is adjusted for inflation for better comparison to the past trends. And this chart back to 1960 is saying that we are currently seeing a major topping process that has only occurred twice in the last 60 years.

Chart: “Line of Death” in Real S&P 500 Thru 1968, 2000 and Now 2025 Highs - The first peak on this top trend line of this chart was in late 1965.

Although the actual top back then was in late 1972, the momentum clearly peaked for the large cap stock leaders in late 1965 and went more sideways after that before a 65% crash in real terms into late 1982. Then the greatest bubble since late 1924 to late 1929 saw its rapid acceleration from late 1994 into early 2000 and hit this trend line for the rare second time. The tech-heavy Nasdaq led that crash down 78%, the worst in its history since February

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8, 1971. The real S&P 500 shown here was down 65% again, another rare occurrence.

Now we have finally hit the top of this trend line recently with the highest point yet in the S&P 500 of 6,405 on August 11, the time of this writing.

A continued decline would be an important sign here. Although this chart would suggest a 65%+ pullback from such a rare occurrence testing this long-term real top trend line, the real support would be where I have been pointing for a long time: the last major stock low in March 2009 of 667. That would be a 90% crash from the recent highs and in nominal terms, not inflationadjusted.

That would be comparable to the last 90-year cycle lows in 1932 that completed an 89% crash in the Dow (more like the Nasdaq today with the leading large caps of its time back then), the worst since the stock markets began in 1789.

One of the key differences in major long-term tops vs. more cyclical ones every 10 years or so, is that they tend to see a longer succession of tops as the dumb money piles in to narrower well-known stocks and indices, and hence, the best known large cap indices hold up the longest, and especially while smaller cap indices, where the smart money look more for better value peak ahead of the larger caps.

Two Charts: Successive Peaks Since March

• Productivity, Strategy, Profitability

Photo: ZUMA Press, Inc. / alamy.com

2020 Points to Major Long-Term Top - The next two ‘Successive Peaks Since March 2020’ table charts show the succession of tops thus far in major financial indices, starting with TLT for the long-term US Treasury bonds on March 8, 2020.

Bonds generally peak earlier than stocks before a major crash like this as they are the most sensitive to risk. TLT holds the lowest-risk bonds in the world because of the size and low-risk of the U.S. Only major governments can print money to pay off their bonds if necessary. For corporations around the world, they have to pay a higher price to issue

TLT HOLDS THE LOWESTRISK BONDS IN THE WORLD BECAUSE OF THE SIZE AND LOW-RISK OF THE U.S. ONLY MAJOR GOVERNMENTS CAN PRINT MONEY TO PAY OFF THEIR BONDS IF NECESSARY.

FINANCE

The HS Dent Forecast

bonds when they are in trouble and need money as they can’t print and defaults naturally rise when the economy falls.

When investors show declining interest in US Treasuries as occurred in early 2020 forward, they are getting less concerned with risk and that’s when stocks would do better and bubble more.

What happened in March of 2020? COVID! And governments stepped in the most that they ever have in history to show they would indeed print unlimited money to protect the economy from a serious downturn.

Note that LQD for investment grade corporate bonds peaked 5th on this list much later on 9/17/24. HYG for U.S. high-risk corporate bonds peaked on the second table, number 12 on this list of 20. This may sound counter intuitive at first, but investors taking higher risk will take longer to worry about a downturn than the investors in lower-risk US and quality corporate bonds. That’s why HYG peaks last in the U.S. bond arena.

The KOSPI in South Korea was the first major global stock index to peak way back on 6/24/2021, followed by the CAC 40 in France and the Nikkei in Japan. The DAX in Germany and FTSE in the U.K. are considered higher quality. And the Nikkei first topped just below current levels way back at the end of 1989 as Japan’s demographic peak www.executive-global.com

came in 1990-1996, much earlier than the rest of the developed world.

Number 6 in this sequence is Biotech (IBB). It is one of the newer, hotter sectors like Crypto, and the higher-growth and risk sectors will get more overvalued and be more sensitive to a downturnand hence have more downside risk. INDA (Indian stocks) and the Shanghai Composite are next at #7 and #8, as they are the two large emerging countries.

Emerging countries are like the small caps to the large caps on the world scene, and hence, peak earlier. The RUT (Russell 2000) small caps in the U.S. are next at #9 with a double top on November 8, 2021 and recently on 11/24/24 peaking about two weeks ahead of the large cap Nasdaq and S&P 500 that look like they may be peaking between 7/29 and 8/11 thus far and could still have a bit more upside.

The one surprise at first in this chart would be that EEM (emerging market stocks) are peaking so late, just before the highest quality Nasdaq, FTSE and S&P 500. But a closer look is more clarifying.

EEM has had a long double top, the first way back in early October 2007. So, the truth is that it has lagged one of the worst since the 2007 top.

EEM has recently gotten just 4% away from a triple top…and triple tops are the biggest sign of a longer-term exhaustion of demand by investors.

This would be very bearish. The other minor surprise here is that the DAX. This is normally the strongest and least risky European index which peaked a few weeks back on July 9 ahead of the FTSE that is still making new highs but looking peaky.

This 4.5 year orderly progression of tops and the 90-year cycle top and crash from 1929-32 and 1836-42 that should have hit this time around 2019/20 into 2022/23, strongly suggests we are finally at or very near a top. This shows it will be a once in a century top, with the slowing of the entire developed world demographically suggesting we will not likely see new highs above here for most of our lifetimes in North America, Europe and East Asia.

This massive now $29T stimulus since 2008 has merely pushed back the top by about five years, made it more-bubbly and global than any time in history. That only should only make the crash ahead worse! This would be a good time to be safe in case this first crash sets in before year-end, as I increasingly expect. If it does, you may have to be out for a few years, as crashes of this magnitude generally take 2.5-3 years to bottom. EG

For further information, please visit: www.HarryDent.com Summer-Autumn 2025 •

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FINANCE

Von Greyerz Gold

The Case For Gold In 2025 Is Almost Too Simple When Debt Makes “Optimisation” Impossible.

Article by

Article by

FOUNDER, VON GREYERZ GOLD

PARTNER, VON GREYERZ GOLD

Egon Von Greyerz s U.S. public debt surpasses the $37T level, the scope of policy desperation now masquerading as optimisation (tariff policies, the Genius Act, Fed name-calling and even increased “buzz” of a gold revaluation) is becoming harder to ignore, and even harder to “optimise.”

In 1995, for example, U.S. public debt stood at a then-alarming $9T, which now confirms that Uncle Sam’s bar tab doubles every ten years. This mathematically places the UST, the USD and the USA in general on an unsustainable path toward a debt/currency cliff. Gazing beyond America, the outlook is no less disturbing. Global debt in 1995 was $30T. Today, that figure has skyrocketed well past $300T. For years, politicians have drunk the stochastic model Kool-Aid of hired economists and FOMC “experts” who have convincingly, yet falsely, maintained that such otherwise unthinkable debtlevels could be sustained.

How? By the otherwise unthinkable proposal that currencies mouse-clicked at a central bank could safely absorb such debt obligations with no risk of currency debasement, economic stagnation or market risk.

A Nation Ignoring the Lessons of Basic Math & History - As Austrian economists and honest fiduciaries have warned for years: You can’t solve a debt crisis with more debt that is then monetized with money created ex-nihilo out of thin air.

Instead, and as history confirms cycle after cycle, the end-result is debased paper money and rising gold and silver demand as a far more honest store of value.

Debt Cracks/Warning Bells - As to the first ripple effects of debt gone too far, the evidence has been hiding in plain sight. Debt crises, after all, are effectively just liquidity crises, and we have seen quite a string of them in recent (yet media-ignored) memory. The repo crisis of 2019, for example, as well as the market implosion of 2020, the GILT crisis of 2022, the banking crisis of 2023 and even the tariff crisis of April, 2025 were ultimately just signposts of a liquidity/credit/debt crisis percolating before many

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Matthew Piepenburg down-turned eyes. In each instance, the foregoing credit implosions were “resolved” by dovish central bank reactions of either lower rates or higher money printing. In other words: Can kicking to buy time, votes and excuses.

Failure Masquerading as Policy - But expanding currency creation via grotesque credit expansion to provide “emergency” liquidity while subsidising an otherwise unloved UST market is no “solution.”

Nor is it “optimising” the “science” of economics.

Instead, such “models” are nothing more than a failed policy frog-boil of slow-drip currency debasement in the face of simultaneous (and global) distrust in the IOU’s (bonds) issued under that same currency.

The World (and Gold’s) Reaction to Failure - As a post-2022 world turns increasingly away from a weaponised USD, and as the BRICS+ nations look with each passing day for new ways to trade outside the Greenback and net settle global trade deals in physical gold, this trend away from the USD and US debt is now objectively real. Equally undeniable is gold’s objective rise as a strategic global reserve asset preferred over the UST. Since the USA shot itself in the foot by weaponising an allegedly neutral reserve asset (the USD) in 2022, central bank stacking of gold has tripled while demand for USTs has tanked.

As of July 2025, even the BIS has confirmed gold’s status as a Tier-1 asset alongside the far less credible 10Y UST. Demand for physical gold has completely shattered the hitherto (and legal) price-

• Productivity, Strategy, Profitability

fixing at the New York and London metals exchange.

Rather than lever gold with paper, these marketmakers/exchanges are now forced to execute delivery rather than short contracts. Meanwhile, gold trades (and more honest price allowances) are moving East where the Shanghai and St. Petersburg exchanges are turning the tables on Western manipulation of an asset the East has understood far better than the West. The US Response? Desperation as Policy Dodge City Tariffs? - In this backdrop of a world awash in unloved US Dollars, IOU’s and fantasy policies, DC has been forced to become more desperate in the face of a DXY which has seen the worst half-year performance in 40 years.

This desperation takes many forms, including shootfrom-the-hip tariff policies which change almost daily and send markets up and down like yo-yos, wherein trillions of equity market caps can be made or lost in hours.

Genius Act Ruse - As demand and trust in the USD gyrates, DC is forced to create clever new projects to boost this demand, of which the Genuis Act is the most pathetic example. By pairing stablecoins to UST’s (and hence the USD), this act simply allows fintech giants (Tether, Circle Internet) and

FINANCE

Von Greyerz Gold Photo: ayala_studio / istock.com

favoured banks (JP Morgan) to issue stablecoin users a digital buck while the issuers reinvest client money into a UST arbitrage whereby they keep all the yield (profits) as the coin owner gets a trackable, programable and take-able “coin.”

Such a profile, of course, makes stablecoins a CBDC in substance rather than form, as they are merely CBDC’s issued by private actors (directly tied to

LIKE ALL DEBT-SOAKED NATIONS THROUGHOUT HISTORY, THE FED WILL THUS BE FORCED TO CHOSE BETWEEN SAVING THE BOND MARKET OR SAVING THE CURRENCY.

the Fed) rather than a central bank. In short, a classic distinction without a difference. Nor are stablecoins either “stable” or a “coin.”

Like the banks which failed in 2023 due to UST volatility and interest rate swings, stablecoins rise and fall with bond yield gyrations. They are no more stable than Signature Valley Bank or the Treasury market itself, which, for anyone paying attention, is anything but stable…

DEBASEMENT: THE ONLY REAL OPTION Uncle Sam’s sovereign bonds are as sick as Uncle Sam’s fatally ill debt levels. Unless trillions are “printed” at the Fed to buy those bonds, their demand and hence prices will fall, which means their yields will rise. Bond yields, of course, represent the true cost of debt/borrowing, and with the US so indebted, it can NOT afford to allow bond yields to spike. Like all debt-soaked nations throughout history, the Fed will thus be forced to chose between saving the bond market or saving the currency. The dollar will be sacrificed (debased) to sustain the bond/ debt market for the simple reason that debt is the only “force” supporting so-called American “growth” and “hegemony.”

CONFIRMATIONS HURT This confirms just how debt-distorted the US economy and narrative is, as of 2025. It also confirms just how debt-trapped US policies have become.

More importantly, it confirms just how doomed the US economy is going forward. This is because the US growth narrative has zero good options left to it.

Once debt/GDP ratios cross the 100% Rubicon (we are now at 120%+), growth mathematically slows by 1/3. And the only way to bring this debt ratio down is via massive spending cuts well beyond the DOGE or USAID cuts. The real debts come from entitlements and military spending, which no politician can or will touch.

THE US ALREADY IN DEFAULT? Again, this leaves the US with only bad options to address unsustainable debt. It can either default or inflate away its debt. Guess which option DC will (and has) take(n)?

But here’s the rub.

By inflating away its debt via currency debasement, inflation levels are soaring past UST yields, resulting in negative real rates—i.e. a NEGATIVE returning UST, which by definition, IS a defaulting bond.

The ironies abound…But the US avoids publicly displaying this irony and default by simply lying about (i.e., misreporting) the US inflation rate, measured by a CPI scale that has been “modified” over 20 times since the Volcker era to mask actual inflation data.

Again: Just more desperation hiding in plain sight.

GOLD MADE EASY All of this explains gold’s massive rise after the 2022 turning-point. If folks like you and I can see the desperation and balance sheet of the USA, the rest of the world can too. That is why central banks, sovereign wealth funds and even the BIS itself are openly transitioning from bad “money” (i.e. fiat/ paper “money”) to real money, i.e., physical gold.

It is just that simple.

SILVER Silver’s real moves, already significant in 2024 and 2025, are yet to come. In gold bull markets, silver dramatically outperforms. We are not close to the gold/ silver ratios of 1980 or 2011 (15 & 32 respectively), for the simple reason that despite 40% rises in 2025 (and outperforming the S&P since 2000), the gold bull market has yet to even gain its stride. Meanwhile, silver, siting atop a 5-year supply deficit and a 45-year cup & handle formation, continues to rise slowly. For patient investors, silver will, as Rick Rule correctly observed “reward infrequently but extravagantly.”

KEEP IT SIMPLE: PRESERVATION IS WEALTH Ultimately, however, our aim is wealth preservation first and foremost. Gold’s historical role as a store of value in times of paper money debacles means wealth is made by: 1) not losing it and 2) not measuring it in fiat terms. Again: It’s just that simple. EG

For further information, please visit: www.VonGreyerz.Gold www.executive-global.com

Summer-Autumn 2025 •

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LEGAL & ADVOCACY

Gomez Tomiczek International Group

When Panama Becomes Plan A Marriage, Citizenship, and a Smarter Second Life.

Article by

Abel Gomez

FOUNDING PARTNER, GOMEZ TOMICZEK INTERNATIONAL

here’s a quiet shift happening: one that doesn’t make headlines, but changes lives. It’s not loud. It doesn’t announce itself with political slogans or viral social media clips.

It unfolds behind closed doors, in private conversations between wealth advisors, family offices, and business owners who’ve seen enough of the Western playbook to start rethinking the rules.

It’s the move away from over-regulated, overtaxed, and over-watched systems toward something more agile, more private, more human. This shift doesn’t stem from fear. It stems from clarity. From the realisation that sovereignty, personal, financial, legal, has become a luxury product in the Western world. And that, paradoxically, true freedom might be found outside the frameworks once associated with it.

For some, this new path starts with curiosity.

For others, it begins with a wedding. In both cases, Panama often becomes more than Plan B. It becomes Plan A. Because Panama offers something that’s becoming rare: a combination of discretion, legal clarity, and jurisdictional neutrality. A country that’s still friendly to capital without being desperate for it. That respects your privacy without compromising compliance. That enables crossborder living without turning you into a target.

Whereas many jurisdictions tighten their grip on mobile wealth, Panama has quietly built an alternative. It doesn’t offer loopholes. It offers structure. Rules that are clear. Frameworks that are tested. And a state that, while imperfect, has learned the value of being a quiet partner to those

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who play by the rules.

Here, a foreign investor can buy property, open a bank account, create a corporation, obtain residency and eventually even obtain citizenship, with a level of simplicity that borders on the extraordinary in today’s compliance-heavy world.

Of course, Panama is not a utopia. It’s not meant to be. But it does what most HNWI clients ask of a secondary jurisdiction: it works. It opens doors.

It offers flexibility. And most of all, it respects those who come not to exploit the system, but to contribute to it on mutually beneficial terms.

This shift toward Panama is not about hiding.

It’s about designing. Designing a life, and a structure that’s resilient, mobile, and sovereign.

One that doesn’t collapse when your home jurisdiction changes the rules overnight. One that isn’t entirely dependent on one political system, one bank, one passport, or one tax policy.

It’s not about leaving the West in anger. It’s about building something more stable, just in case the West forgets how stability is earned. Because in a world of rising complexity and eroding trust, those who prepare quietly tend to weather the storm best. And that’s why, for many, Panama is no longer just a backup plan. It’s the first serious step toward a more intentional life.

Marriage In Panama: Real Simplicity, Real Rights - Unlike the complicated bureaucracy of many countries, Panama keeps it simple. Marriage is a civil contract here, not a three-act play. Two consenting adults, identification documents, a short waiting period, and you’re legally bound.

There’s no need to be a resident. But simplicity doesn’t mean superficial. A Panamanian marriage is recognised globally, and it can serve as the gateway to a much larger opportunity: permanent residency, and eventually, citizenship.

Citizenship by Marriage: A Gateway, Not a Loophole - In Panama, being married to a Panamanian doesn’t guarantee you citizenship, but

• Productivity, Strategy, Profitability

it opens the door. After three years of permanent residency as the spouse of a Panamanian national, you may apply for naturalisation. No need for million-dollar investments or obscure ancestry claims. Just a proven, stable relationship and a modest footprint in the country.

The key word here is discretion. Panama doesn’t fast-track citizenship like some Caribbean islands do for six figures, nor does it impose the hurdles of the U.S. immigration labyrinth. It offers a fair, well-structured path to a second passport. And what does that passport buy you? Visa-free access

FOR YEARS, THE IDEA OF HAVING A PLAN B: A SECOND HOME, AN ADDITIONAL PASSPORT, AN OFFSHORE ENTITY WAS SEEN AS A LUXURY. TODAY, IT’S BECOMING A NECESSITY.

LEGAL & ADVOCACY

Gomez Tomiczek International Group

Photo: RobNaw / Shutterstock.com

to over 140 countries, including the EU, UK, and most of Latin America. Plus, an exit strategy from global overreach. Panama doesn’t tax foreignsourced income. It doesn’t participate in automatic information exchanges with every country under the sun. It respects borders, in the old-fashioned way.

PANAMA CORPORATIONS: WHERE THE RULES STILL MAKE SENSE If you’ve ever incorporated a company in the UK or U.S., you know the drill: constant reporting obligations, aggressive tax authorities, KYC on top of KYC, and a growing suspicion that entrepreneurs are guilty until proven innocent.

Panama offers a contrast: corporations that are easy to form, easy to maintain, and, above all, private. A Panamanian corporation—often an S.A. (Sociedad Anónima)—can be owned and directed by foreigners, with no need to live in Panama. There are no annual audits, no public financial disclosures, and a flat annual government fee that won’t grow with your revenue.

That doesn’t mean Panama is a playground for criminals. Quite the opposite: Panama has tightened compliance on local banks and financial institutions, but without turning every businessperson into a suspect. It’s about balance, something the UK and U.S. regulators seem to have forgotten. www.executive-global.com

For high-net-worth individuals looking to structure assets, engage in international trade, or hold real estate discreetly, Panama’s corporate framework is more than functional. It’s refreshing.

Driving into Panama Life: A Local License, A Global Identity - Here’s a small detail that speaks volumes: In Panama, you can convert your foreign driver’s license ( from most countries, including the UK and U.S.) into a Panamanian license, provided you go through the formalities. These include a simple authentication by your embassy, a blood test, and a short visit to the transit authority. You leave with a real, physical license. No theory exam. No endless queues. It’s one of those quiet, bureaucratic touchstones that proves you’re more than a tourist.

You’re part of the system.

Real Estate and Residency: A Seamless Combo - One of the most common entry points to Panama is through investment in real estate. There are several immigration programs that reward property investment including the Golden Investor Visa, which requires a minimum of $300,000 in real estate. But more than just access to a visa, real estate in Panama offers a practical and strategic foothold. You’re investing in a stable currency (USD), in a country with no hurricanes, no military, and a solid banking sector. Properties in prime areas like Panama City, the Pacific Coast,

or the Old Town of Panama City offer attractive yields and real long-term value.

And crucially: the real estate and immigration processes can run in parallel. With the right guidance, you can structure your purchase to support your residency. This dual-track approach is something many overlook.

Why HNWIs Are Choosing Panama – And Why That Matters - The “Plan B” mindset isn’t about fear. It’s about control. It’s about choosing where you pay taxes, where you store assets, where your children grow up, and where your name doesn’t end up on every international registry the moment you click “submit.” For high-net-worth individuals (HNWIs), Panama isn’t just an escape.

It’s a long-term play. It offers: >Territorial taxation: Only local income is taxed. >No inheritance tax. >Affordable real estate in prime urban or coastal zones. >A banking system that, while cautious, still accepts non-resident clients. >A legal environment that allows for asset protection via foundations, trusts, and corporations.

What’s more, the lifestyle is good. There’s fiberoptic internet, direct flights to Europe and the U.S., world-class private schools, and clinics with U.S.-trained doctors. And yes, there’s also excellent coffee, stable democracy, and no hurricanes.

Fleeing the Western World—Or Simply Choosing Another One? The phrase “fleeing the West” sounds alarmist.

But listen closely to what people are saying: “I’m tired of overregulation.” “I want privacy without paranoia.” “I don’t want my children growing up thinking endless compliance is normal.”

They’re not running. They’re selecting. They’re choosing countries where freedom still has weight, where entrepreneurship is welcomed, and where governments don’t treat citizens as liabilities.

Panama, for many, is that choice. It’s not a utopia.

But it’s functional. Predictable. Governable. And in today’s world, that alone makes it exceptional.

FINAL THOUGHT: FROM OPTIONAL TO ESSENTIAL For years, the idea of having a Plan B: a second home, an additional passport, an offshore entity was seen as a luxury. Today, it’s becoming a necessity.

What’s the plan if everything changes? Some buy gold. Some buy land. Some just keep working and hoping. But the smartest ones get a second residency.

A second passport. A second legal home.

Panama is not the only option. But it’s one of the few that balances stability, privacy, business efficiency, and lifestyle in a way that works, especially for those who already operate on a global scale. So whether you marry, invest, drive, or structure - doing it in Panama could be more than a smart move. It might be the most strategic one you make this decade. EG

For further information, please visit: www.gomitom.com Summer-Autumn 2025 •

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LEGAL & ADVOCACY

Guernsey Trust Legislation

Trust Legislation & Asset Protection In Guernsey Guernsey is a self-governing British Crown dependency situated in the English Channel off the coast of Normandy, France. It is the second largest of the Channel Islands, forming part of the Bailiwick of Guernsey, a parliamentary constitutional monarchy which includes the islands of Sark, Herm and Alderney, reports Thomas Hughes. he Bailiwick of Guernsey has a total land area of 30 square miles and a population of approximately 66,500.

It is not part of the United Kingdom, but remains a part of the British Islands, sharing the same time zone as the UK. As a British Crown Dependency, Guernsey has its own directly elected legislative assembly and operates as a self-governing entity, benefitting from maintaining its constitutional autonomy, while providing access to global markets. Guernsey was whitelisted by the European Union and the OECD in 2019, and has an excellent reputation as a trust jurisdiction, being recognised for its political and economic stability.

This British Crown Dependency’s defence and international representation are the responsibility of the UK Government, but the Bailiwick maintains a separate international identity. As a leading international finance centre, Guernsey has a wellestablished trusts industry governed by the Trusts (Guernsey) Law, 2007, which offers a comprehensive framework for trust formation and administration.

A trust is a legal arrangement whereby one party named the ‘settlor’ transfers assets to another party named the ‘trustee’ in order to hold and manage these assets for the benefit of third parties named ‘beneficiaries’, or for a particular purpose (which may be charitable or non-charitable).

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The establishment of a trust involves separation of the legal title, or ownership of property, from the right to benefit from that property. Within this arrangement, trustees are legally required to manage the assets of the trust in accordance with the terms of the trust deed and applicable laws, to ensure that the interests of beneficiaries are safeguarded. There are numerous advantages that explain why many institutions choose to setup trusts in this jurisdiction including: Asset Protection - Trusts in Guernsey may be used to shield family wealth from potential disputes or protect assets from future claims by creditors, so long as the trust is not established with the deliberate intent of defrauding creditors.

This protection can extend to divorce proceedings and business disputes. Guernsey’s courts do not recognise foreign judgements against trust assets, which provides an additional layer of security.

Flexibility - Guernsey trusts provide flexibility as to how they can be structured and managed, with settlors able to determine specific terms within the trust deed. The options for discretionary trusts or private trust companies enable great flexibility over trust management.

Succession Planning - Trusts in Guernsey can be structured to provide for successive generations in order to ensure that wealth is preserved and

• Productivity, Strategy, Profitability

passed down in an organised fashion. This allows settlors to effectively manage the distribution of assets according to their wishes.

Confidentiality - Trusts in Guernsey offer strong confidentiality provisions, with no public register of trusts, meaning information pertaining to the settlor, beneficiaries and trust assets will remain private.

Legal Stability - Trusts in Guernsey benefit from well-established legislation rooted in English common law, which provides legal certainty and stability to trustees, settlors and beneficiaries.

Tax Efficiency - Trusts in Guernsey may be structured in a tax-efficient manner, according to the tax residency of the settlor and the beneficiaries.

TYPES OF TRUST IN GUERNSEY Guernsey trust legislation also enables the appointment of protectors who can oversee the actions of trustees and permits reserved powers

LEGAL & ADVOCACY

Guernsey Trust Legislation Photo: jax10289 / Shutterstock.com

for settlors, enabling them to maintain a degree of control over trust assets. The law recognises revocable and irrevocable trusts with mechanisms in place for trust variation and termination. This ensures adaptability to evolving circumstances.

Trust legislation in this jurisdiction allows several kinds of trusts to be established including: Discretionary Trusts - The most commonly utilised entity is the discretionary trust, which bestows trustees with broad powers to distribute and manage assets. This entity gives the trustee the discretion as to how, when and how much of the trust fund should be applied for the benefit of the beneficiaries, who have no rights or entitlement concerning distribution of the trust fund.

Life Interest Trusts - This entity bestows the right to one or more persons (referred to as the life tenant) to receive the income from the trust fund, or to use trust property throughout their lifetime.

After the death of the life tenant, this trust will then www.executive-global.com

GUERNSEY TRUSTS PROVIDE FLEXIBILITY AS TO HOW THEY CAN BE STRUCTURED AND MANAGED, WITH SETTLORS ABLE TO DETERMINE SPECIFIC TERMS WITHIN THE TRUST DEED.

revert to being a discretionary trust for the benefit of other beneficiaries.

Protective Trusts - This kind of trust is of

particular use where a beneficiary is financially or socially vulnerable. This entity will ensure that the interest of a beneficiary terminates automatically if that beneficiary becomes bankrupt or attempts to dispose of their rights under the trust.

Private Trust Company (PTC) - The Private Trust Company is an indispensable component of private wealth structuring for anyone seeking to create a long-lasting and resilient structure for their family or family office. This kind of trust is a corporate trustee which is established for the purpose of acting as a trustee of either a specific trust, or multiple trusts. The board of directors of a PTC can be comprised of family members.

Purpose Trusts - This kind of trust may be setup for charitable, and non-charitable purposes, or a combination of both. This trust will not have beneficiaries, but will instead have a purpose towards which assets are applied.

A significant advantage that Guernsey holds over many other jurisdictions is that trusts may be established for an unlimited time, whereas other nations impose a maximum duration at the end of which the trust must cease. This provides settlors with the benefit of being able to preserve wealth over many generations.

THE IDEAL ENVIRONMENT Guernsey is tax neutral and committed to EU principles of fair taxation, while also taking a robust stance against tax evasion. Taxes are paid in the jurisdiction in which clients are tax resident, with no inheritance, capital gains or estate taxes. Trusts in Guernsey are subject to a 20% income tax on all Guernsey-sourced income, with foreign income exempt from local taxation. No transfer taxes are payable upon the transfer of assets into a trust.

The Guernsey Financial Services Commission (GFSC) oversees the regulations of trusts and trustees, and proper records must be maintained in order to comply with reporting obligations and ensure regulatory compliance. Trust administrators must exercise a high degree of skill and care in their role, preparing financial statements, filing tax returns and facilitating communications between trustees, beneficiaries and third parties.

Guernsey has understandably become a very popular jurisdiction of choice for wealthy individuals and families, due to the robust regulatory environment, independent legal system and exemplary standards required by corporate service providers on the island, which further enhance Guernsey’s reputation. The British Crown Dependancy has long been renowned as a leading jurisdiction for trust structures, combining a strong legislative framework alongside world renowned modern trust legislation, and a developed legal system based on English law.

This ultimately provides the ideal environment for wealth management, allowing wealth holders to ensure the protection of assets with appropriate succession planning in place for families. As of September 2024, there were 126 Private Trust Companies in Guernsey, administered by 36 licensed fiduciaries, according to the Guernsey Financial Services Commission (GFSC). EG Summer-Autumn 2025 •

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LEGAL & ADVOCACY

Swiss Tax Legislation

Tax Legislation In Switzerland Switzerland is a country renowned for its precision, neutrality, and beautiful alpine landscapes.

Switzerland’s tax system is unique, shaped by the country’s three levels of government, which are federal, cantonal and municipal and tax sovereignty is regulated by law, writes Cheryl Jones. witzerland is a landlocked county with several neighbours including Austria, France, Germany, Italy and Liechtenstein.

It is a federal republic, dividend into 26 cantons which are the member states of the Swiss Confederation. These cantons each have their own constitution, government, courts and flag, possessing a high degree of autonomy within the federal structure of Switzerland, and each canton maintains its own laws. The Confederation may levy taxes only to the extent permitted by the Federal Constitution and this power must be reconfirmed by the electorate on a regular basis. The renewal of authority requires a constitutional amendment, which has to be approved in a popular referendum by both a majority of the popular vote and the cantons. In the Swiss system, direct democracy increases legitimacy and reduces policy reversal risk. It has a significant impact over taxation and allows citizens to vote on tax-related initiatives, which can affect the level of taxes, the distribution of wealth and justification for tax laws at all government levels. In a more recent case, Switzerland is due to hold a popular vote in November on the introduction of a federal tax on inheritances and gifts worth more than CHF50 million ($61 million USD). This has prompted warnings from bankers and lawyers about the potential damage to Switzerland’s reputation and stability as a haven for wealthy people.

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LOW TAXES AND NEUTRALITY The nation is also known for its commitment to neutrality and peace, standing apart from other countries as a dynamic centre of diplomacy, finance and innovation. Every tax resident person in Switzerland is liable for the taxation of their worldwide income and assets, except for the income and wealth from foreign businesses or real estate, or

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Photo: Octavian Lazar / Shutterstock.com

THE MUNICIPALITIES MAY ALSO LEVY TAXES WITHIN THE BOUNDS OF THE AUTHORITY DELEGATED TO THEM BY CANTONAL LAW, AND THIS VARIES FROM CANTON TO CANTON.

• Productivity, Strategy, Profitability

where tax treaties limit double taxation. Non tax resident individuals are taxed only on their Swisssourced income and assets. Income tax rates are progressive at the federal level and in most of the cantons. Each of these cantons are free to choose their taxes, except in cases where the Federal Constitution prohibits the levying of certain taxes by the cantons, or reserves the right for the Confederation. The municipalities may also levy taxes within the bounds of the authority delegated to them by cantonal law, and this varies from canton to canton. Because tax laws and tax rates vary so widely, choice of residence is a critical element of tax planning. The maximum rate of federal income tax is 11.5%, with the maximum combined municipal and cantonal rate being approximately 36%. EG

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FDI & INWARD INVESTMENT

Hungary FDI

Business and The Economy In Hungary Hungary is a landlocked country east of the Alps, located in Central Europe which is bordered by Austria to the West, Slovakia to the North, and Serbia to the South. It is a high-income economy with universal health care and a long history of tourism, reports Rachel Smith. ungary possesses a favourable business climate that attracts entrepreneurs from all corners of the world. It is a beautiful country, ranking highly as one of the best places in Europe to do business and to have residency for wealthy individuals. With one of the lowest corporate tax rates in the European Union ranging from 9% to 19%, as well as a personal income tax of just 15% on private individuals, Hungary remains an attractive destination for companies intending to maximise their profits.

Integration in the EU reinforces the country’s political and economic stability. A melting pot of diverse European cultures with a population of 9.562 million as of 2024, Hungary spreads across a total area of 93,030 sq. km, which can be traversed in mere hours.

Because of its physical positioning, Hungary has always been the bridge connecting Western and Eastern European cultures, serving as a crucial logistics hub with a diverse transportation network and a strategic location, being on the eastern edge of the Schengen Area. The country lies within the drainage basin of the Danube River and has a landscape crisscrossed by foothills, lakes and rivers, including Lake Balafon, which is the largest lake in Central Europe. Hungary’s geography has traditionally been defined by the Danube and Tisza rivers, which are its two main waterways.

Transdanubia (known as Dunántúl in Hungarian) has been populated since the Stone Age, and stretches westward from the centre of Hungary towards Austria. It is a hilly region with terrain varied by low mountains. Tiszántúl is a flat agricultural region which lies between the Tisza river, Hungary and Romania’s Apuseni Mountains.

Duna–Tisza köze is also a predominantly flat area in Hungary, which is located between the Danube and Tisza rivers. It is characterised by its sandy soils, forming the central and largest part of the Great

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Hungarian Plain, and is a healthy agricultural, wineproducing region, supporting unique vegetation and vineyards. Historically, the Carpathian Basin where Hungary is located, was the defensive bulwark against nomadic invaders from the East and this played a fundamental role in protecting the European heartland. Approximately 75% of the country’s landscape consists of flat plains and Western Transdanubia is the most advanced territory of the country.

THE SPA CAPITAL OF THE WORLD In the first quarter of 2024, Hungary reported investment inflows of $400 million USD, with Japan, China, and South Korea dominating Hungary’s FDI landscape at $9.97 billion USD in new investments. Hungary’s high quality infrastructure and central location make it an attractive location for foreign direct investment, and the country has had a long history of contributions to literature, arts, sports, music, science and technology. Hungary has benefited from a shift in the direction of FDI away from textiles and food processing, towards wholesale, retail trade, electrical goods, metallurgy, tourism and automobile repairs. Hungary is also one of the largest electronics producers in Central and Eastern Europe, with electronics manufacturing and research being one of the primary drivers of innovation and economic growth. Hungary is a significant player in the battery production industry and a key European manufacturing hub for established companies such as Audi, MercedesBenz, Suzuki, Opel and BMW. The nation possesses a skilled, multilingual labour force, which is highly educated and proficient in areas like medicine, IT, engineering, professional services and mathematics.

Moreover, the labour force is highly competitive when compared to the EU average, with the Hungarian minimum wage at €707 per month,

• Productivity, Strategy, Profitability

which is can be profoundly attractive for companies seeking to build international teams efficiently. The national foreign investment screening mechanism, requires that foreign investors who wish to own more than a 25% stake in a Hungarian company in sensitive sectors, gain approval from the Interior Ministry- who are responsible for issuing a final decision within sixty days. Some of these sensitive sectors include electronic information systems, utilities such as gas, electricity and water, certain financial services, defence and intelligence services.

Hungary has an export-focused market economy with a heavy emphasis on foreign trade. The country retains sovereignty with its own currency, the Hungarian Forint (HUF), while being a member of the European Union’s single market.

Budapest is the financial and business capital founded in 1873, the country’s most popular tourist destination, and is referred to as the ‘Spa Capital of the World’, due to its abundance of healing thermal waters. The only other countries which have a similar thermal water supply are France, Bulgaria, Japan, and Iceland. A city of adventure with stunning architecture where history, culture and modern innovation converge, Budapest is divided by the green hills of Buda on one side, and

FDI & INWARD INVESTMENT

Hungary FDI

Photo: zedspider / Shutterstock.com

the flat, vibrant cityscape of Pest on the other. The city is host to more than 120 thermal springs, over 70 museums, 30 universities, 6 Michelin-starred restaurants, and is Europe’s second largest hub for film and television production. Hungarian wines are world renowned, the food is rich and flavourful, with dishes including goulash, Halászlé, pörkölt, rakott krumpli and Hortobágyi Palacsinta.

STARTING A BUSINESS IN HUNGARY Hungary provides unique corporate advantages including easy incorporation, minimal bureaucracy and straightforward processes. It is relatively easy to start a company in Hungary when compared to other countries in the EU and the registration process is streamlined, with completion possible in a few business days. The Hungarian government also provide incentives, subsidies and grants to support new businesses and encourage growth. There are a number of incorporation options to choose from, depending on annual turnover, number of transactions, and number of employees.

Limited Company (Korlátolt Felelősségű Társaság) - This entity requires a minimum of one shareholder and one managing director, provides limited liability and is the most favourable www.executive-global.com

HUNGARY PROVIDES UNIQUE CORPORATE ADVANTAGES INCLUDING EASY INCORPORATION, MINIMAL BUREAUCRACY AND STRAIGHTFORWARD PROCESSES.

corporate structure in Hungary for small-medium sized businesses. This is the Hungarian equivalent of the LLC or German GmbH. Private Company Limited by Shares (Részvénytársaság) - This entity requires a minimum of one shareholder and one managing director, providing limited liability and requires a minimum of 5,000,000 HUF share capital. There is a General Assembly which must be convened

annually and this structure is recommended when transferring company shares.

Partnership (Közkereseti Társaság) - This structure requires a minimum of two shareholders, one managing director and has unlimited liability.

This entity is recommended if low turnover is expected, as no authorised capital is required.

Limited Partnership (Betéti Társaság) - This entity requires a minimum of two shareholders, one managing director and no minimum amount of share capital. Recommended for companies with a low annual turnover.

In order to open your company in Hungary, incorporation documents must be signed in the presence of a Hungarian lawyer, and filed at the Hungarian Court of Registry. An EU tax identification number must be obtained. You will need to open a business bank account with the required amount of capital, depending on your type of business, provide proof of address for your registered office in Hungary, as well as provide the details for all new directors and shareholders of the company. As a member of the European Union, Hungary offers businesses the opportunity to operate freely across the EU member states without facing tariffs or trade restrictions. EG Summer-Autumn 2025 •

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FDI & INWARD INVESTMENT

Incrementum AG

A Philosophical Approach To Wealth - Part I The geopolitical and financial events of the last five years have changed how many investors and market commentators perceive wealth. Phrases like “long-term,” “capital allocation,” and “risk mitigation” often revolve around the concept of wealth, which remains somewhat elusive.

Article By

Article By

SENIOR INVESTMENT CONTENT SPECIALIST, WITH INTELLIGENCE

FOUNDER, INCREMENTUM AG

Anton Balint

his ambiguity is understandable. While the notion of risk has become more tangible, the definition of wealth remains vague. Traditionally, volatility, market concentration, and the correlation among asset prices were the primary concerns. However, following the Global Financial Crisis, liquidity risks were added to this list. Since 2020, geopolitical tensions have become more pressing, and numerous other developments have contributed to the everexpanding concept of risk.

In light of the evolving understanding of risk, what does wealth mean? Does the concept of wealth expand alongside our definitions of risk? How much does wealth relate to money, and what kind of money? How does it connect to other assets? What is the relationship between wealth and luxury? Are these terms synonymous or not? Ultimately, what do we truly mean by wealth?

We could attempt to answer these questions using a conventional approach, which might involve consulting well-known reports on global wealth produced annually by firms like UBS, Allianz, or Knight Frank. These reports typically define wealth as the total value of assets. However, the circumstances we face today necessitate a shift or change in our approach.

There are different types of change, but the most impactful ones can be categorised as either revolutionary or renewing. J.R.R. Tolkien, the beloved English author, articulated this distinction

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Stefan Kremeth

brilliantly. He argued that revolution represents a forceful break from the past, discarding old methods and traditions. We have witnessed this in historic events such as the French Revolution of 1789, as well as during the tragic upheavals of the 20th century in Russia, China, Iran, and elsewhere.

Conversely, Tolkien described renewal as the old reimagined, previous understandings and methods enriched for a world that is in constant flux. As the pre-Socratic philosopher Heraclitus observed, ”No man ever steps in the same river twice; for it’s not the same river, and he’s not the same man.” Just as a river changes, so does our world.

THE NOTION OF RENEWAL IN THE CONCEPT OF WEALTH When we apply the idea of renewal to the concept of wealth, we combine conventional methods of evaluating wealth with a philosophical perspective. This approach aims to provide a more dynamic understanding of wealth.

Why use philosophy as the lens through which to examine wealth? The term “wealth” often brings to mind various concepts: money, effort, time, risk, politics, luxury, value, and knowledge. To understand whether these concepts are genuinely connected to wealth, we first need to define what we mean by “wealth.” Moreover, to achieve a comprehensive understanding, we must not only describe each of these concepts but also explore their precise relationship to wealth if such a relationship

• Productivity, Strategy, Profitability

exists. This task is fundamentally philosophical, although it may exceed the scope of our current discussion. Nonetheless, it is worthwhile to make a brave attempt at redefining wealth.

Searching for definitions of concepts was one of Socrates’ primary intellectual pursuits. In many of Plato’s dialogues, Socrates employs questioning to clarify notions by arriving at their definitions.

However, as shown in Plato’s dialogues, this method is not always productive. A potentially better, though still imperfect, approach is found in Aristotle’s theory of causes, which he elaborates in his works ‘‘Physics’’ and ‘’Metaphysics.’’

Before we proceed, it is important to define a key term that will frequently appear in our exploration of wealth: “object.” In philosophy, an “object” refers to anything we examine. For instance, knowledge can be an object of philosophical inquiry, known as epistemology. Knowledge is abstract and intangible, while the object of examination can also be a material entity, like a bronze statue, which Aristotle exemplifies. The crucial point is

FDI & INWARD INVESTMENT

Incrementum AG

Photo: FXQuadro / Shutterstock.com

that “object” denotes what we focus our thoughts on, which, in this case, is the concept of wealth.

We begin with the material cause, which answers the question, “What is it made of ?” UBS distinguishes between financial and non-financial wealth. When combined, these two categories yield

KNOWLEDGE IS ABSTRACT AND INTANGIBLE, WHILE THE OBJECT OF EXAMINATION CAN ALSO BE A MATERIAL ENTITY, LIKE A BRONZE STATUE, WHICH ARISTOTLE EXEMPLIFIES.

www.executive-global.com

total wealth. Financial wealth consists of ”assets that can easily be converted to cash,” including equities, bonds, mutual funds, savings accounts, and other securities traded in financial markets.

Non-financial wealth, on the other hand, comprises ‘‘land, real estate, and other tangible assets’’ that cannot be readily traded on financial markets and are recommended as long-term investments, unlike financial assets, which may not be perceived similarly. Therefore, wealth consists of different types of assets. This traditional definition of wealth is not particularly novel.

Next, we examine the formal cause, which addresses the question, “What is it?” This inquiry is the most complex in philosophy, as it relates to the core of metaphysical thought. As the German thinker Martin Heidegger would argue, it concerns the question of being or existence. However, for our purposes, we need to simplify the matter. We should ask: What kind of object is wealth, simple or complex? The UBS report informs us that wealth is a complex entity comprising various components

known as assets. At first glance, this answer appears straightforward, but it conceals significant complexity.

Consider two individuals, A and B, both possessing equal wealth of $100 million. Person A’s wealth comprises 20% cash and 80% land, while Person B’s wealth consists of 80% cash and 20% land. Despite both being labelled as “wealth,” is there truly no distinction between tangible and intangible assets, such as meadows, woods, gold, and the trust in government that underpins fiat money?

I would contend, perhaps without causing too much controversy, that there is indeed a distinction, and our understanding of what we term “wealth” requires deeper consideration.

Meanwhile, we have the efficient cause, which addresses the question, “Where does change come from?” The simple answer, in this context, is that changes in wealth arise from fluctuations in the value of the assets that constitute that wealth. In other words, this is a matter of value. What determines the value of something? What influences its value, either increasing or decreasing it, so that a particular asset, be it precious metal, a painting, a plot of land, cash, or claims to future cash flows, can be regarded as part of the intricate entity we call wealth? How should we understand value as it relates to wealth?

A RICHER UNDERSTANDING OF WEALTH Value is intrinsically linked to human psychology, economic activity, and legal systems. This philosophical perspective highlights how the term “wealth” is interconnected with various concepts that need to be considered independently and then in relation to wealth itself.

Finally, we arrive at the final cause, which answers the question, “What is its purpose?” We can outline three primary aims of wealth. First, wealth offers a sense of security, acting as a safety net against the uncertainties of nations and economies. It serves as an anchor in the turbulent river of our ever-evolving world. Second, wealth acts as a source of daily income.

Third, it provides resources necessary for maintaining a specific standard of living, which can vary in luxury not solely based on the changing value of the assets themselves, but also on the behaviours of those who claim ownership of these assets at any given time.

In conclusion, we can define wealth as a complex object comprising various components collectively referred to as assets. These assets can be tangible or intangible, liquid or illiquid, and their value can fluctuate based on a combination of cultural, economic, and legal factors. Wealth serves to provide security in an uncertain world, to generate income, and ultimately to act as a resource for sustaining a particular standard of living, which depends on individuals’ spending habits. This definition refines the traditional understanding of wealth through philosophical inquiry.

In the following article, we will look at wealth from a metaphysical perspective. This will require us to delve even deeper into the realm of philosophy, but it will ultimately enable us to extract a richer understanding of what wealth truly is. EG

For further information, please visit: www.incrementum.li Summer-Autumn 2025 •

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FDI & INWARD INVESTMENT

Greece FDI

FDI, Sunshine and Santorini Greece is considered to be the cradle of civilisation and the birthplace of Western philosophy, literature and democracy. Officially known as the Hellenic Republic, Greece is a nation based in Southeast Europe on the southern tip of the Balkan Peninsula. The country has the longest coastline on the mediterranean basin and a population in excess of 10 million, writes Rachel Smith. reece has an advanced, high-income economy, which is the 16th largest in the European Union, and the economy is based primarily on the service, industrial and agricultural sectors. Tourism and merchant shipping form the largest part of the economy, which has a nominal GDP estimated to be €206 billion in 2024 and €210 billion in 2025. Athens is the Greek capital and largest city, followed by Thessaloniki and Patras. With the advent of a new national FDI screening regime being established in May 2025, foreign investment into Greece is subject to mandatory and suspensory review. The Greek FDI regime is perceived to be moderately strict when compared to other countries within the EU. Sensitive sectors such as energ y, digital infrastructure, transport, and healthcare are subject to screening when a non-EU investor acquires at least 25% of shares, voting rights of equivalent participation. Highly sensitive sectors such as cybersecurity, artificial intelligence, defence, and tourism infrastructure in the Greek borderlands, are subject to screening when a non-EU investor acquires 10% of shares, voting rights or the equivalent. Foreign direct investment in Greece has pivoted towards logistics hubs, data centres and R&D. Notable investment deals include Masdar’s acquisition of TERNA ENERGY and the AviAlliance stake in Athens International Airport.

Greece’s other major industries include food and tobacco processing, textiles, mining and petroleum. The nation is a significant agricultural producer, specialising in products like tomatoes, olives, pistachios and cotton, while tourism is a major pillar of the Greek economy. More than 36 million visitors generated in excess of €20 billion in revenue for Greece in 2024 and the country has been a popular tourist destination in Europe since the 1970s, renowned for its endless coastlines,

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Photo: Olga Gavrilova / Shutterstock.com

TOURISM AND MERCHANT SHIPPING FORM THE LARGEST PART OF THE ECONOMY, WHICH HAS A NOMINAL GDP ESTIMATED TO BE €206 BILLION IN 2024 AND €210 BILLION IN 2025.

• Productivity, Strategy, Profitability

marvellous natural beauty and tasty Mediterranean cuisine.

The country’s mountainous mainland, seas with stunning turquoise hues and fertile valleys, create a magnificent backdrop for holidays. About 80% of Greece consists of mountains or hills, which makes the nation one of the most mountainous in Europe. Some of the most popular Greek tourism destinations include Santorini, Mykonos, Crete, Corfu, Delphi, Meteora and Halkidiki. Greece possesses more than 6,000 islands (this number varies depending on how ‘island’ is defined), and only 227 of these are inhabited, or have permanent residents. Santorini is iconic for its distinctive architecture, peculiar volcanic sands and breathtaking views of the Aegean Sea. EG

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TECHNOLOGY

Epic Cash

The Coming Financial Storm How World War III Will Reshape Money We are now closer to global conflict than at any point since the Cuban Missile Crisis. Despite this, most traditional investors remain unaware of how financial systems have become weaponised tools of statecraft, writes Oliver Taylor. s nations escalate conflict across multiple dimensions—economic, cyber, kinetic—the financial system is increasingly used to trap and extract wealth through asset freezes, capital controls, and debasement. In this environment, privacy-focused cryptocurrencies like Epic Cash offer a compelling alternative: borderless, censorship-resistant, and economically sound.

A

THE OLDEST TRICK IN THE POLITICAL PLAYBOOK In 1918, Randolph Bourne famously wrote that ‘war is the health of the state.’ The observation remains true today. Western governments facing stagnant growth, massive debt burdens, and political instability are finding in foreign conflict a convenient distraction from domestic failures.

War unites populations, justifies extraordinary government powers, and facilitates financial repression under the guise of national security.

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STAGFLATION MEETS MILITARISATION The United States and its NATO allies are ramping up military expenditures to Cold War-era levels. Calls to raise defence spending to 5% of GDP in Europe, Japan, and the U.S. are clashing with already strained public finances. These pressures are pushing the global economy into a trap: unsustainable fiscal deficits, rising interest rates, and systemic inflation.

Meanwhile, regional conflicts are converging into what resembles the early stages of a multipolar global conflict: Ukraine and Eastern Europe (US/ NATO vs. Russia) - Israel-Iran and broader Middle East flashpoints - South China Sea and Taiwan (US/Japan vs. China) These tensions are not isolated. They form part of a broader fragmentation of the global economic order into competing blocs: the West, the China-RussiaIran axis, and the BRICS/Global South alliance. Each bloc is now rethinking trade, payments, and reserve

• Productivity, Strategy, Profitability

strategies—with profound implications for capital mobility and monetary sovereignty.

WEAPONISED FINANCE: THE QUIET REVOLUTION Perhaps the most under appreciated dimension of this new conflict is financial warfare: The U.S. froze $600 billion in Russian central bank reserves in 2022—a move unimaginable in peacetime.

SWIFT access, Visa/Mastercard services, and global banking infrastructure have been used as economic weapons, while surveillance of financial transactions and regulation of crypto assets are intensifying globally. This shift has systemic consequences such as:

TECHNOLOGY

Epic Cash

Neutrality: As a non-aligned, open-source system, Epic Cash operates outside the reach of geopolitical blocs.

Sound Monetary Policy: With a capped supply and no inflationary central authority, Epic Cash preserves purchasing power.

Cross-Border Utility: Seamlessly moves capital across jurisdictions, even in times of crisis.

Photo: attaporn taweekeaw / alamy.com Stephen Barnes/Business & Finance / alamy.com

EPIC CASH IS NOT JUST ANOTHER ALTCOIN; IT IS A MONETARY ESCAPE VALVE FOR A WORLD WHERE FINANCIAL SYSTEMS ARE BEING WEAPONISED BY DESIGN.

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Debasement: Governments facing rising interest costs are pressured to inflate away debt.

Repression: Artificially low interest rates rob savers to subsidise fiscal deficits.

Control: Capital controls and asset seizures become more frequent, justified as ‘wartime necessities.’

For investors, this environment represents a triple threat: loss of purchasing power, loss of access, and loss of trust.

Scenario: The Next 18 Months - A plausible timeline of escalation: Months 1 - 3 : A Middle East escalation (e.g., Israeli strike on Iran) spikes oil prices; markets drop 10-15%.

Months 4-6: Broader regional conflict draws in U.S. and NATO; supply chains tighten; inflation re-accelerates.

Months 7-12: China makes a move on Taiwan; global recession sets in; central banks raise rates above 6%.

Months 13-18: De-dollarisation accelerates; BRICS push gold- or commodity-backed currency; Western governments impose capital controls and asset freezes.

Even if a ceasefire emerges, damage to investor confidence, monetary credibility, and geopolitical stability will persist.

EPIC CASH: BUILT FOR THIS MOMENT In contrast to fiat currencies and CBDCs, Epic Cash is designed for resilience: Censorship-Resistance: Transactions are irreversible and immune to political manipulation.

Privacy: Advanced features shield users from surveillance, protecting them from arbitrary enforcement actions.

REGULATORY CLARITY AND ETHICAL PRIVACY While privac y coins are sometimes mischaracterised as tools for illicit activity, Epic Cash is built on the principle of ethical privacy — empowering individuals to control their own financial data in the same way that physical cash does. Its design aligns with the broader global trend toward data sovereignty and GDPR-style protections, not criminal concealment. Epic Cash does not promise anonymity for wrongdoing— it ensures confidentiality for law-abiding users in an increasingly intrusive financial system. As regulators distinguish between privacy-as-right and privacy-as-risk, Epic Cash advocates for transparency at the point of voluntary disclosure, not forced surveillance.

Just as encryption became standard for internet security despite early resistance, privacy in finance is not a liability—it is a requirement for digital freedom. Epic Cash is not just another altcoin; it is a monetary escape valve for a world where financial systems are being weaponised by design.

THE AUSTRIAN LENS: THE FIAT SYSTEM HAS FAILED From the perspective of Austrian economics, today’s crisis is the logical outcome of decades of interventionism. As Ludwig von Mises wrote, “the choice is between sound money and government-dominated money.” The latter, he warned, inevitably leads to collapse. Epic Cash offers a return to sound money. It is market-derived rather than state-imposed, deflationary rather than inflationary, and voluntary rather than coercive.

It embodies the principles of Menger, Mises, and Hayek in a digital age where economic freedom is increasingly at risk.

CONCLUSION: A NARROWING WINDOW History teaches that capital controls, asset freezes, and devaluations happen suddenly— often over weekends. By the time mainstream investors recognise the threat, it is too late. In a world where your passport determines your access to financial infrastructure, borderless alternatives are not just advantageous—they are essential. Epic Cash represents a hedge not just against inflation, but against surveillance, confiscation, and systemic collapse.

As the global financial order fractures under the weight of war and debt, Epic Cash is positioned not as a speculative asset, but as a store of value for the age of uncertainty. EG

For further information, please visit: www.epiccash.com Summer-Autumn 2025 •

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TECHNOLOGY

Veritaseum, Inc

A Quick History of Payments and Value Transfer Over The Last 12,000 Years or So And The Future Being Built Now. Article by

Reggie Middleton DISRUPTOR-IN-CHIEF AND CEO, VERITASEUM CAPITAL

mportant disclosure note: Smartmetals are available now in physical form and NFTs, but the agentic computing and dynamic P2P communication layers are an R&D work in progress, and the completion and delivery of such is not guaranteed, promised or warrantied.

I

SEMANTICS AND FACTS Barter —the direct exchange of goods or services without a common medium of exchange— predates recorded history. Archaeological and anthropological evidence suggests barter arose in prehistoric communities at least 10,000–12,000 years ago, around the time of the Neolithic Revolution (c. 8000–6000 BCE), when humans shifted from nomadic hunting-gathering to settled agriculture. It was the dominant system of exchange before the emergence of money (~3000 BCE).

Money - the asset that serves as a dominant medium of exchange, a unit of account, and shorthorizon store of value. Note, I said a short horizon store of value! Over the medium to long term, money invariably loses its value, for its purpose is to transfer value, not to store value. This is a very important point that many simply do not realise. The closer you get to money over the medium to long term, the poorer you will become – on a relative basis.

Operationally, it’s what most payments settle in at par without conversion and what contracts and ledgers denominate balances in. Here’s the litmus paper test for money >highest acceptance rate in transactions; >lowest transaction/bid-ask costs, and; >use as the numéraire for quoting other goods/ assets.

What may be a surprise to many, legal-tender status or backing (sovereign nation, government, commodity or otherwise, may reinforce these properties but is neither necessary nor sufficient on its own).

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The World’s Transition to Money (~3000– 1200 BCE) >Metals (copper, silver, gold) became standardised measures of value. >Coinage (Lydia, ~600 BCE) did not eliminate barter but made trade scalable – given the technology at the time.

PERSISTENT PARADIGM SHIFTING Barter resurfaces in times of monetary breakdown and/or severe uncertainty (e.g., post– WWII Germany, hyper-inflationary Zimbabwe, Argentina’s 2001 crisis)., wherein that go-between unit of account becomes so unstable, the goods and services it attempts to price become more valuable than the actual money during or shortly after the transaction. Thus, even in the short period of the time surrounding the transaction, it is the money itself that is the value drain and not the goods or services.

SmartMetals refers to a community researched concept exploring agentic, peertopeer value exchange. A type of money that may be the best of all worlds, because it is intelligent, flexible, transformative and uses or creates its own rules and rules. Veritaseum SmartMetals represent a breakthrough in how value is exchanged: AI agents, acting for self-sovereign individuals and entities, can barter, negotiate, and settle transactions directly—no banks, no middlemen, not even blockchain is required. Value flows peerto-peer, and often anchored by tangible assets such as metals. Unlike today’s profit-driven financial infrastructure, SmartMetals are designed as a global utility: offered at or near cost, safer, and more inclusive than legacy systems.

The Old (as in thousands of years old – it’s about that time) Rails Are Collapsing >Centralized chokepoints (banks, custodians, SWIFT) create rent extraction and systemic fragility. >Stablecoins and blockchains improved access, but still tie users to intermediated layers, gas fees, inability to extract interest income and regulatory risks. >Agentic AI shift The real leap is not another chain, but autonomous agents able to transact on behalf of humans and organisations.

• Productivity, Strategy, Profitability

Over the last decade or so, those in the know thought DLT (distributed ledger technology, i.e., blockchains) rails would underpin the next generation of finance. Posterior best intelligence tells us agentic computing via direct P2P agent barter is the future – now!

WHAT ARE SMART METALS? Illustration for discussion only; not a Veritaseum, Inc. or Veritaseum LLC product announcement.

Physical precious metals, embedded with special codes that enable access to: >DLTs – blockchains and things of that sort; >AI agents that can be highly personalised to act on your behalf and for your benefit, constrained by the rule set(s) that you create; > and highly customized P2P, censure-resistant and encrypted, direct communication networks that further enable counter-party discovery and location, transaction and deal negotiation, terms and conditions and dispute resolutions. These networks are being designed and developed to be highly robust, with the potential to survive postInternet in the case of widespread network failure, i.e., spontaneous mesh networks that spawn to connect local Smartmetal holders in extreme cases; Note, this is all intended to allow value to be transferable directly between peers, without fiat intermediaries. This value transfer is barter 2.0, the ability to transfer goods or service A directly with goods or service B, without having to translate it into money first. As a matter of fact, goods A can be priced in services B, or optionally priced in fiat (money), or optionally actually exchanged for money. The flexibility is yours!

An illustrative Hypothetical Scenario – How Such A System Could Function: For explanatory purposes only, consider a

TECHNOLOGY

Veritaseum, Inc

Photo: Bevan Goldswain / istockphoto.com

WHY THIS MATTERS FOR SOCIETY Financial inclusion: Billions excluded from banks gain direct access to global barter.

Resilience: Operates independently of fiat or even the internet backbone (via mesh networking).

Geopolitical stability: Creates parallel, politically neutral settlement rails.

Efficiency: Eliminates unnecessary currency conversion, slashing transaction costs.

BEYOND METALS AND MONEY: BARTER WITHOUT BORDERS Because “value” under the Middleton invention definitions includes any economic worth, SmartMetals rails apply to: >AI training markets: Compute cycles exchanged for tokenised silver. >Swarm robotics: Drones barter energy or data for metal credits. >Creative rights: Music royalties swapped directly for housing credits.

This is not limited to “money.” It is the internet of value in its most direct form.

hypothetical workflow. This is not a specification, guarantee, or instruction for use.

Intent Capture: User A, or her economic AI agent on her behalf, creates a provisional offer to buy, sell, provide or consume.

Negotiation: Counter-parties’ agents exchange terms directly—chickens for corn, silver for compute cycles, etc., no fiat (dollar or euro) bridge is necessary.

Execution: Once agreed, cryptographic commitments finalise into completed records; settlement is near instant.

The key: this architecture is being designed to work with or without blockchains. A proposed architecture has been discussed in the community.

WHY METALS AS THE ANCHOR? Stability: Unlike volatile crypto tokens or even sovereign-backed fiat currencies, gold and silver hold enduring purchasing power.

Neutrality: Historically immune to political weaponisation.

Trust minimisation: Everyone accepts metals as value, enabling them to function as universal “liquidity/credibility seeds” in agentic barter networks.

AGENTS AS THE NEW COUNTER-PARTIES Self-sovereign AI agents Each person or firm deploys software agents that have provisional access to private keys (not necessary direct access or ownership), negotiate trades, and verify settlement – with deterministic guardrails as a safety precaution.

Direct Communication No centralised facilitator. Agents broadcast offers, compute matches, and finalise agreements - directly. Any eventual implementation would be designed to comply with applicable law and financial crime controls. This article is academic/visionary, not www.executive-global.com

BY FUSING PRECIOUS METALS, AI AGENTS, AND P2P COMMUNICATION ARCHITECTURES, THEY CREATE A ZERO-COST UNIVERSALLY INCLUSIVE UTILITY. operational guidance.

Universal Value Translation Assets of any type—metals, goods, services, IP rights—become tradable directly.

Example: A farmer can price chickens in corn, not dollars. An artist can trade digital royalties directly for medical services. The 3rd party unit of account (i.e., fiat currency) becomes optional, and not necessary the de facto requirement.

ZERO-COST GLOBAL UTILITY In earlier writings, I have emphasised the design intent of the “zero-cost” principle: Networks are modelled to operate efficiently, at cost (including IP and operational expenses), without embedding profit margins. This approach is meant to illustrate how value-exchange rails can remove inefficiencies such as card fees, bank spreads, or token inflation.

The vision is of a public-utility-like infrastructure: reducing barriers, discrimination, and friction in value transfer, rather than extracting profits for intermediaries. I see this as safer and cheaper than existing rails.

RISKS AND COUNTER-CASES >Skeptics: Claim that centralised liquidity pools and fiat bridges are indispensable. >Rebuttal: Agents enable local barter clearing, scaling globally without intermediaries. >Custodial audits: Physical metal storage requires verifiability, but transparency layers mitigate.

Posterior confidence: ~75% that P2P agentic barter will dominate within two decades; ~85% that these rails will coexist with fiat, CBDCs, and crypto as critical alternatives.

THE ROAD AHEAD >Proof-of-concept networks Already in prealpha. >Agentic adoption curve Widely expected to be exponential, mirroring early internet peer-to-peer.

Think about your car, robot vacuum cleaners, TVs, phones, home appliances, even your earbuds – all working together in the value exchange network. >Institutional role Vaulting firms and governments can bootstrap credibility.

Think railroads in the 19th century or the internet in the 20th: SmartMetals are rails for the 21st-century barter economy.

CONCLUSION SmartMetals collapse the distance between barter and modern finance. By fusing precious metals, AI agents, and P2P communication architectures, they create a zero-cost, universally inclusive utility. No middlemen, no unnecessary fees, no reliance on fiat.

Just value, exchanged directly, globally, and fairly.

The question is no longer whether such systems will emerge—it’s whether societies will embrace them in time to reduce structural inequality, catastrophic poverty and systemic fragility.

Underlying technologies may be subject to issued and pending patents. No license is granted or implied. EG

For further information, please visit: www.Veritaseum.com Summer-Autumn 2025 •

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TECHNOLOGY

Distributed Ledger Technology

The Genius Act? Not So Smart!

In Washington, the road to financial ruin is paved with acronyms. Case in point: the GENIUS Act. What sounds like a clever nod to innovation is, in reality, one of the most dangerous Trojan horses in modern financial history, declares Shannon Berkley. assed under the Trump Administration and tacitly encouraged by the Biden White House, this piece of legislation is being criticised from across the political spectrum. Even Rep. Marjorie Taylor Greene, hardly a champion of progressive economics, has sounded the alarm. So too have respected analysts like Lynette Zang and Gregory Mannarino. The reason? The Act is laying the foundations for a Central Bank Digital Currency (CBDC), which is a financial instrument that has nothing to do with freedom or prosperity and everything to do with surveillance, control, and the slow death of human liberty.

P

CBDCS: PROGRAMMABLE CHAINS, NOT MONEY Let’s call CBDCs what they are: programmable money. And while that sounds futuristic, it’s actually dystopian. With CBDCs, every dollar you hold can be tracked, limited, or outright denied.

The issuing authority whether that’s the Federal Reserve, Treasury, or a consortium of Big Tech partners - gains the ability to dictate: • What you can buy.

• When you can buy it.

• Where you can spend it.

• How much you’re allowed to spend.

Imagine your paycheck being ‘coded’ to expire in 30 days unless you use it. Or being denied the ability to buy a plane ticket because your carbon footprint is ‘too high.’ That’s not financial liberty but digital serfdom. This is not paranoia. China’s e-CNY is already proof-of-concept, blending CBDCs with digital IDs and social credit systems. Western policymakers are looking east and thinking: Why not here?

GENIUS ACT = THE TROJAN HORSE The GENIUS Act dresses itself up as modernisation, encouraging digital innovation, streamlining payments, and ‘keeping America competitive.’ But as Lynette Zang and Greg Mannarino have warned, it’s a prelude to replacing physical cash with a purely digital alternative. Once that happens, the government (and, by extension, banks and corporations) own the rails. Cash disappears, anonymity dies, and every transaction becomes part of a massive surveillance architecture.

Crypto analyst Crypto Wendy nailed it: this isn’t about innovation. It’s about control—the polar

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opposite of what Bitcoin and early cryptocurrencies were intended to achieve.

EXECUTIVE ORDER 14067: THE COUP AGAINST FREEDOM Layered on top of the GENIUS Act is Biden’s Executive Order 14067. Marketed innocuously as ‘Ensuring Responsible Development of Digital Assets,’ the EO is, in reality, a blueprint for the controlled demolition of financial freedom in America.It green lights CBDC exploration at the highest levels, giving bureaucrats and central bankers the mandate to digitise the U.S. dollar.

Translation? The state inserts itself directly between you and your money. This is a coup d’état against the American people. Combine EO 14067 with digital IDs, ESG scoring, and the creep of corporate-led public blockchains, and you’ve got a system so intrusive it would make Stalin, Mao, or Hitler green with envy. We are talking Marxism 3.0 - a technocratic, cashless gulag dressed up as progress.

‘YOU WORK FOR US NOW’ The cruel irony of CBDCs is that they turn free citizens into involuntary employees of the state. If your wages are locked in a CBDC, and that CBDC prevents you from buying what you want, when you want, then who do you actually work for? Not yourself. Not your family. Not even your employer.

You work for the issuer. You work for the algorithm.

You work for them. That’s the hidden slavery of programmable money. Your labour remains yours in body, but not in exchange. In effect, CBDCs nationalise human effort, which is a kind of monetary communism disguised as innovation.

THE DEATH OF MONETARY SOVEREIGNTY When cash is gone and digital rails are centralised, the American people lose their monetary sovereignty. The ‘money in your wallet’ ceases to be yours. Every transaction becomes contingent on political, environmental, or corporate conditions. Want to donate to an unpopular cause? Buy too much red meat? Support the ‘wrong’ candidate? Expect your account to blink red.

Howard Buffett foresaw this danger in his legendary 1948 paper, Human Freedom Rests on Gold Redeemable Money. He warned that

• Productivity, Strategy, Profitability

separating money from metals and disguising inflation behind paper promises was a direct threat to liberty. Today, the danger has metastasised. It is code replacing paper.

THE BANKING FRATERNITY’S COUP Make no mistake: this is not about ‘modernising money.’ It’s about consolidating power for the global banking fraternity and their allies in government and Big Tech. CBDCs and public blockchain stable coins issued by corporations are designed to eliminate competition, neuter private alternatives, and lock populations into ‘money as a service’ - a service they control.

And as Lynette Zang highlights, even stable coins pegged to the dollar are not a solution. Pegged to an inflating fiat base, they remain vulnerable to hyperinflation. You cannot peg freedom to fraud.

SOLUTIONS: HONEST MONEY, HONEST SYSTEMS If CBDCs and corporate stable coins are the shackles, what are the keys to freedom?

A Bi-Metal Standard—Redeemable, Not Just Backed - Return to a monetary system where currency is directly redeemable in gold and silver, not merely ‘backed’ by them. Paper promises are worthless without redemption. Redeemability restores trust, sovereignty, and constraint to reckless governments.

End the Money Printing - Governments must halt the orgy of currency creation. Fiat expansion is theft via inflation. Capital reserve requirements for banks must rise, ensuring stability and honesty in lending.

Contract and Back the Money Supply - Shrink the bloated money supply and fully back existing

TECHNOLOGY

Distributed Ledger Technology

Photo: A. Astes, American Photo Archive / alamy.com

IF YOUR WAGES ARE LOCKED IN A CBDC, AND THAT CBDC PREVENTS YOU FROM BUYING WHAT YOU WANT, WHEN YOU WANT, THEN WHO DO YOU ACTUALLY WORK FOR?

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currency with precious metals. Only honest money, rooted in scarcity, can pull us back from the brink of crisis.

Private, Decentralised Alternatives CBDCs are not the future - censorship-resistant, decentralised stablecoin protocols are. Zano’s freedom dollar (f USD) provides a glimpse of how money can be coded for liberty, not control. Built to operate semi-autonomously, it gives individuals financial independence that no government CBDC can match.

This is money designed to liberate, not incarcerate.

WHY CBDCS WILL FAIL History is unkind to tyrants, and CBDCs will ultimately fail. Here’s why: • They destroy trust. Once people realise their ‘money’ is a leash, they’ll seek alternatives.

• They destroy incentives. When governments dictate spending, innovation suffocates.

• They destroy prosperity. Controlled economies stagnate. Free economies flourish.

CBDCs may enslave in the short term, but in

the long run, humans reject shackles. The question is: how much damage will they do before we snap them?

THE CHOICE BEFORE US We stand at a fork in history. Down one road lies a free, prosperous society built on honest money, sovereign individuals, and decentralised systems. Down the other lies a digital gulag of surveillance, censorship, and control. Howard Buffett was right: human freedom rests on redeemable money. If we allow CBDCs to replace cash, we exchange freedom for convenience and liberty for illusion. The GENIUS Act isn’t genius. It’s madness! EO 14067 isn’t protection but betrayal. Together, they represent the most dangerous assault on American liberty in living memory. Legislators must act. Citizens must resist. Entrepreneurs must innovate. The only way to preserve freedom is to reject CBDCs, reject corporate stablecoins, and restore honest money. Because once cash is gone, freedom is gone. And there’s no reboot button for liberty. EG Summer-Autumn 2025 •

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AVIATION

China Airlines

Flying Luxuriously With The Republic Of China China Airlines operates more than 1,400 flights per week, with 86 aircraft, serving over 180 destinations across Europe, North America, Asia and Oceania. It is the state owned flag carrier of the Republic of China (also known as Taiwan), and one of the country’s three major airlines alongside EVA Air and Starlux Airlines, writes Rachel Smith. hina Airlines is the largest airline in Taiwan, and is highly regarded for its friendly service and network of routes spanning across Asia. The brand name of China Airlines is representative of Taiwan’s official name, which is the Republic of China.

Japan is the biggest market for China Airlines, with more than 180 flights scheduled weekly from several locations in Taiwan navigating to 14 Japanese regions. The largest hub for China Airlines is Taiyuan International Airport, which is the busiest, largest airport in Taiwan and close to the nation’s capital of Taipei. Owned by China Airlines Group, which is headquartered at CAL Park in the Dayuan District in Taiwan, the company also possesses subsidiary airlines such as Mandarin Airlines and Tigerair Taiwan, which are domestic and low-cost carrier operations.

The company was founded in 1959 by a retired ROC Air Force officer and began its operations by initially specialising in charter flights. The first international flights for the airline were to South Vietnam, Hong Kong, Japan and San Francisco.

China Airlines officially became a full member of the SkyTeam airline alliance in 2011, and was the first Taiwanese airline to do so. Operating out of both Terminals 1 and 2 at Taiyuan International Airport, China Airlines today has more than 11,500 employees. Operations to Southeast Asia, Europe, India, Korea and Hong Kong are based at Terminal 1, while those to North America, Oceania, China and Japan are situated at Terminal 2.

The political status of Taiwan has long been a factor in the expansion of China Airlines internationally, with flights to mainland China only beginning from the year 2003. Airlines have been

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dragged into the dispute of the island of Taiwan’s sovereignty. Since the Chinese civil war of 1949, the people of Taiwan have correctly argued that they belong to a sovereign state that is distinct from the Chinese mainland. Some years later, a new air service agreement enabled China Airlines to start regularly scheduled flights to mainland China.

This eventually grew to include more than 130 flights and 33 locations across the country, with mainland China emerging to become the second largest market for the airline brand.

INCENTIVES AND STYLISH LOUNGES China Airlines has a long-term, preferential frequent flyer scheme called the Dynasty Flyer Program, with four tiers; Dynasty, Gold Card, Emerald and Paragon. Members are offered a range of value-added services and every time they use the facilities of partners or take a China Airlines flight, mileage can be earned. Air miles must be earned within the twelve calendar months of the year.

The higher-tiered members have access to more privileges such as extra baggage allowance and priority baggage handling, Wi-Fi onboard, seat selection and airport VIP lounge access.

Taipei has one of the most efficient airports in the world, with automated security and immigration processes. There are a total of nine China Airlines lounges across seven different airports which are; Taipei Taiyuan International Airport Terminal 1, two lounges at Taipei Taiyuan International Airport Terminal 2, Kaohsiung International Airport, Kuala Lumpur International Airport, Bangkok Suvarrnabhumi Airport, Tokyo Narita International Airport Terminal 2, Honolulu International Airport and San Francisco

• Productivity, Strategy, Profitability

International Airport. These are collectively referred to as ‘Dynasty Lounges’, and are accessible to Business Class passengers, Gold, Emerald and Paragon members.

In order to access the flagship lounge at Taiyuan International Airport, you must be flying in Business Class on flights operated by China Airlines, with SkyTeam Airlines or as a SkyTeam Elite Plus member. China Airlines flies under the radar for most people, yet they provide some of the most stunning in-flight airplane seats and excellent service, with tasty food and beverages. The long hallway leading to the lounge is decorated with natural elements like stone and wood panelling.

There are lockers along the entrance corridor, along with two nap rooms and a nursing room.

Once you arrive in the wonderfully designed lounge, you will find it is a spacious, warm and relaxing environment with two chairs at each of the tables for the dining area, as well as rows upon rows of comfortable sofas, with beams of lightbulbs above. It is hard not to be impressed by the aesthetics of the flagship lounge at Terminal 1. There are also at least two showers available for priority members. Taipei has some of the tastiest catering in the world if you are a fan of Chinese food. The self-service food buffet places a strong

AVIATION

China Airlines Photo: Wangkun Jia / Shutterstock.com

THE LARGEST HUB FOR CHINA AIRLINES IS TAIYUAN INTERNATIONAL AIRPORT, WHICH IS THE BUSIEST, LARGEST AIRPORT IN TAIWAN AND CLOSE TO THE NATION’S CAPITAL OF TAIPEI.

emphasis on local Taiwanese cuisine, flavours and products and the dining options include helpings of dim sum, sakura shrimp rice, three cup chicken, sweet and sour pork, garlic fish fillet, soups, braised beef, and several vegetarian dishes. There is a live noodles cooking station, with four kinds of noodles to choose from. Alcoholic beverages include red and white wines, alongside the regular selection of juices, tea and coffee.

Onboard the plane, the Business Class seat cabin has a 1-2-1 layout with reverse herringbone www.executive-global.com

seats, 21 inches of width between the armrests, 78 inches of length when laid flat, and there is a lot of useful storage space with an electrical outlet, slippers and remote control for the entertainment system provided. The seats are beautiful with a silver pattern design on the exterior, while the reverse herringbone arrangement means that seating is angled towards the centre of the plane or the window, enhancing privacy. There is also a stylish lamp in the corner of the seat which creates a cosy vibe.

INTERIOR LUXURY China Airlines has a 17 inch HD display, with plenty of movies, TV shows and music to enjoy, as you immerse yourself in the plethora of multimedia options which are enhanced by China Airlines’ custom branded noise-cancelling headphones.

Travellers can also connect their mobile phone or tablet to the in-flight entertainment system through the ‘Fantasy Sky’ platform once the plane rises to an altitude of 10,000 feet. A Moschino branded amenity kit is furnished to Business Class passengers, with a variety of useful items including face cream, lip balm, a folding hair brush, ear plugs, a dental hygiene kit, and an eye mask to better aid sleep. Customer service is exemplary,

with China Airlines’ friendly staff going the extra mile to ensure that all passengers are catered to and well-looked after.

In-flight catering is a treat and includes mains with a diverse selection of desserts, specially baked bread and beverages developed in partnership with brands including Le Ruban Pâtisserie, WooTEA, Yoshi Bakery, SUNMAI, and BLAH BLAH Bar, keeping China Airlines at the cutting edge of culinary trends. The airline has partnered with a seven-time Michelin Bib Gourmand-listed restaurant named MoonMoon Food to serve classic Taiwanese dishes, while the collaboration with master baker Chen Yao-Hsun, incorporates local Taiwanese flavours with common elements in the international palate. Chen’s preference for natural, healthy ingredients, combines perfectly with China Airlines’ philosophy of hospitality, use of home grown culinary choices, and longterm commitment to environmental sustainability.

Travellers can look forward to delicious world champion bread- available exclusively for China Airlines in all cabin classes, on all flights departing from Taiwan. The Passionfruit Lemon Cocktail, Oolong Blackcurrant Cocktail and Passionfruit Black Tea, are also highly recommended beverages to try. EG Summer-Autumn 2025 •

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AVIATION

Business Travel

The World’s Best Airline Lounges An airline lounge is a dedicated private area in an airport that offers special amenities and comforts that go beyond those afforded in the main airport terminal.

An airline lounge will provide travellers with a comfortable, quiet space to relax, work, or eat before boarding their flight.

Lounges usually offer access to features such as more comfortable seating, shower facilities, Wi-Fi, telephones, magazines, complimentary food and drinks, says Thomas Hughes. ntry into airline lounges is usually offered exclusively to first class and business class passengers, holders of premium credit cards, members of frequent flyer programs or anyone purchasing a day pass. The world’s first pioneering airline lounge was the American Airlines Admirals Club, which opened at New York’s LaGuardia Airport in 1939.

It was conceived as a promotional tool for VIP customers by Cyrus Rowlett Smith, who was president of American Airlines at the time. The world of airport lounges has evolved significantly in recent years, with many airlines and third-party providers enhancing their offerings to cater to premium passengers, frequent fliers and those willing to pay for access.

Airline lounges provide a welcoming oasis away from the general airport hustle and bustle, enhancing the general travel experience, by creating a serene and convenient environment for travellers to pass the time before flights. If you are going to be waiting for a long time at the airport, you will have a far better experience at lounges when compared with the waiting areas. Lounge employees will wait on your every need, reducing travel stress, and

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play an important role in the overall satisfaction for visitors. For business travellers, the airport lounge serves as an effective temporary base where executives may begin important work- with fewer interruptions. For this purpose, companies may utilise airline lounges to optimise the productivity and well-being of travelling employees, which can be part of a broader strategy to support staff in sustaining high performance during business trips.

Major US airlines like American Airlines, Delta Airlines and United Airlines operate dozens of lounges (Admirals Club, Delta Sky Club and United Club respectively), whereas smaller brands like Alaska Airlines will only operate a small number of lounges in their hub and focus cities.

Passengers who possess a lounge membership in an airline in one of the three major airline alliances such as Star Alliance, Oneworld or SkyTeam, can also access the lounges of other members of that alliance. Whether you are looking for restaurant quality dining options, comfortable and private spaces to work, or a pampering session in your

• Productivity, Strategy, Profitability

own spa-like bathroom, these lounges all bring something different to the table. Some of the best airline brands offering world class comfort in luxurious lounges today include: AIR FRANCE LA PREMIERE LOUNGE PARIS CHARLES DE GAULLE At Paris-Charles de Gaulle Airport, you will be discreetly escorted to a private check-in lounge where every formality is taken care of on your behalf. The La Première lounge is a sanctuary of timeless elegance, featuring à la carte gourmet dining, a wine cellar, four luxurious shower suites, a dedicated spa for First Class passengers, and there are private suites available as an optional service that can accommodate up to four friends. In the Sisley space, you can enjoy a curated selection of treatments designed exclusively for Air France La Première guests and later sample the delightful menu crafted by Alain Ducasse. Expect unwavering attention from Air France staff and a bespoke service tailored to your every desire.

AVIATION

Business Travel prepared by professional chefs, along with exclusive dishes such as the JAL Special Original Beef Curry.

The Red Suite is a peaceful sanctuary for work, privacy and relaxation. Located at the end of the lounge, it has a sophisticated aviation theme, with aircraft replicas, memorabilia, and is divided into four sections. Japan Airlines First Class Lounge offers a pleasant, relaxing experience with a wide selection of food and drinks.

EMIRATES BUSINESS CLASS DUBAI The Emirates Business Class lounge in Dubai is one of the world’s largest and offers everything you need to stay productive on the go. There is a charging station for all your electrical devices and there are twelve shower suites in the lounge.

Travellers can refresh with a massage, manicure or grooming session to recharge before their flight, unwind in the bespoke Moët and Chandon lounge to sample champagnes, as well as a selection of canapés crafted by Michelin-star chefs. From refreshing cocktails to gourmet cuisine, you may be spoilt for choice with the ample selection of Middle Eastern, Western, Asian and International cuisine options.

Photo: Heorshe / alamy.com

LUFTHANSA FIRST CLASS FRANKFURT The travel experience with the flag carrier of Germany is second to none. You are able to skip the main terminal at Frankfurt Airport to instead drive up to the First Class Terminal. Security, immigration and check-in are handled within

THE EMIRATES BUSINESS CLASS LOUNGE IN DUBAI IS ONE OF THE WORLD’S LARGEST AND OFFERS EVERYTHING YOU NEED TO STAY PRODUCTIVE ON THE GO.

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the lounge, which has an open plan design with excellent natural lighting. Travellers can unwind with a nice massage or facial in the First Class Spa, or kick back in the cigar lounge before heading on their journey. The bathroom and shower facilities are immaculate, with a variety of Balmain toiletries.

There is a great restaurant with buffet and à la carte dining options, serving fresh pasta coated in cheese, fresh fruit, pastries and salads. A wide selection of gin beverages can be sampled, and a private chauffeur service is available.

JAPAN AIRLINES FIRST CLASS TOKYO Travellers can look forward to embracing the perfect balance of modern Japanese design, and traditional Japanese spirit, in the Japan Airlines lounge at Tokyo International Airport. This elegant, refined space designed by highly renowned interior designer Ryu Kosaka, has floor-to-ceiling glass windows that provide a clear view of the runway. Mt Fuji can be seen on a clear day from the observation deck. Fresh, handmade sushi is meticulously

QATAR AIRWAYS AL MOURJAN BUSINESS LOUNGE DOHA The business class Qsuites are not the only reason to fly on Qatar Airways. The Al Mourjan Business Lounge in Doha is regarded as one of the best in the world and is an exclusive sanctuary for Premium passengers at Hamad International Airport. Upon entry you will be greeted by a large steel sculpture.

The lounge has a modern design incorporating natural light, flourishing greenery and stylish décor.

It contains seven spa treatment rooms, a fitness studio (for anyone wanting to sneak in a quick workout on the go), twenty four quiet rooms and accommodates up to 707 passengers. The sheer size of this lounge can make the room feel empty- despite it being packed full of people! On the second floor, the main restaurant is accessible via a large wraparound staircase in the middle and this overlooks the length of the lounge, while providing views of the tarmac.

Self-service beverage stations are also available in multiple locations. There is a family area and children’s playroom with semi-private pods, large sofas and a dedicated game room.

Airline lounges offer respite in what would otherwise be a chaotic environment. They are a critical resource for entrepreneurs, transforming dead time into productivity and this changes the entire travel experience. If you are flying business class, you will likely have access to a quality lounge that has been designed to positively impact your performance. With flights lasting more than six hours, savvy business travellers understand the importance of seeking ways to optimise work efficiency during travel. An increase in productivity can lead to significant growth in company revenue.

When it comes to business travel, each lounge offers a group of amenities that cater to different tastes.

Ultimately, each experience contributes to a greater understanding of what makes one airline lounge standout from among the rest. EG Summer-Autumn 2025 •

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AVIATION

Private Jets

Fuelling Your Private Jet Similar to automobiles, aircraft can use a number of different fuels, but the two most common are Jet Fuel and Avgas. Jet fuel consists of a mixture of a number of hydrocarbons, predominantly of which are paraffins (alkanes) and naphthenes (cycloparaffins), in addition to smaller amounts of aromatics, olefins and additives like antioxidants and anti-icing agents, writes Rachel Smith. he major function of these hydrocarbons is to provide energy for turbine engines with restrictions on aromatics, in order to prevent excessive smoke and deposits. The appropriate aviation fuel will depend on the aircraft’s engine type. Jet fuel is a kind of aviation fuel that is designed to be used in aircraft that are powered by turbine engines such as commercial jets and military aircraft. It is a specialised aviation fuel which enables turbine powered aircraft to safely travel across long distances with precision and efficiency.

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TYPES OF JET FUEL The most readily accessible fuels for commercial aviation are called ‘Jet A’ and ‘Jet A-1’, which are the ones that are specifically produced to a standardised international specification. One of the major differences between Jet A and Jet A-1 is the lower freezing point of Jet A-1 fuel, which is −47 °C (−53 °F), while the freezing point of Jet A fuel is −40 °C (−40 °F). In addition, Jet A-1 fuel will typically have an antistatic additive such as Stadis 450, which increases fuel conductivity to prevent dangerous static charge buildup, as well as potential sparks during fuel handling and transfer. ‘Jet B’ is a more specialised kind of jet fuel that is known for its remarkable cold-weather performance and has a lower freezing point than both Jet A and Jet A-1 at approximately −60 °C (−76 °F), making it suitable for extremely cold environments like those found in Alaska and Canada. However caution must be taken, due to its high flammability and volatile nature.

Jet and gas turbine aircraft engines tend to use lower cost fuels with higher flash points, which are less flammable and safe to transport. The fuel for piston-engine powered aircraft on the other

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Photo: Juice Flair / Shutterstock.com

JET AND GAS TURBINE AIRCRAFT ENGINES TEND TO USE LOWER COST FUELS WITH HIGHER FLASH POINTS, WHICH ARE LESS FLAMMABLE AND SAFE TO TRANSPORT.

• Productivity, Strategy, Profitability

hand, has a high volatility to improve carburettor characteristics, and a high autoignition temperature in order to prevent typical preignition problems that can stress engine components and lead to fatal damage within high compression aircraft engines.

Piston-engine powered aircraft will usually operate on a high octane gasoline based fuel called Avgas, which has a low freezing point and a formulation optimised to provide reliable performance in highstress flight conditions where engine performance is critical. Avgas has been the fuel of choice for general aviation and piston-engine aircraft for decades, although the most commonly used grades of avgas still contain tetraethyl lead (TEL), which is toxic if inhaled or ingested. EG

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EXECUTIVE EDUCATION

EFMD

The Next Management: Why Now, What Next?

Global organisations face systemic underperformance as outdated management models prove inadequate for today’s simultaneous shocks: geopolitical conflict, economic fragmentation, and AI disruption.

Article by

Johan Roos

PRESIDENTIAL ADVISOR, HULT INTERNATIONAL BUSINESS SCHOOL

he “Next Management” (TNM) framework offers an alternative— embracing complexity with humility, balancing AI capabilities with wisdom, and treating management itself as subject for innovation.

TNM provides practical g uides for reflective, scenario-based leadership that moves beyond operational efficiency to institutional renewal. Business schools must champion this transformation by experimenting at the speed of change, integrating AI while preserving human judgment, and co-creating curricula with businesses and civic partners. Without this fundamental shift, organisations will remain fragile and disconnected from societal needs they’re meant to serve.

With appreciation to Richard Straub & the Drucker Forum community for shaping the TNM journey Peter Drucker established several foundational concepts that still anchor modern management thinking, although they need re-contextualisation to rise to today’s challenges. He emphasised that management serves as the vital integrating force within society. Currently, both private and public sector organisations are exhibiting increasing signs of systemic underperformance, evident in widespread inefficiencies and bureaucratic hurdles. Gary Hamel and Michele Zanini, in their forthcoming edition of “Humanocracy,” highlight numerous disheartening examples, describing many organisations as “hidebound, repressive, and fainthearted.”

In early 2023, the Drucker Forum introduced the overarching theme ‘The Next Management (TNM)’ with a straightforward yet ambitious goal: to revitalise companies, institutions, and society,

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where a more relevant management approach is essential. Two years later, our call to action is more pressing than ever: it is crucial to challenge outdated managerial assumptions and practices that no longer align with our evolving world. This essay reflects my personal viewpoints, shaped by decades of experience in academic leadership and innovation. It builds on the collaborative spirit of the Drucker Forum’s TNM initiative and draws on contributions from a diverse community of thinkers and doers.

Recent global developments have made the case for a new kind of management even more urgent. In March 2025, Zanny Minton Beddoes, Editor-in-Chief of The Economist, pointed to three profound and simultaneous shocks facing the global economy: geopolitical conflict, economic fragmentation, and transformative technology (particularly AI). These are not short-term disruptions, they are systemic shifts that render old economic and managerial models inadequate, across sectors.

Over the last few years, I have contributed to the public discourse about next leadership thinking management practices and it remains the key topic for the 2025 Drucker Forum: The Next Era of Leadership – All Hands on Deck. This essay strengthens the case for TNM given what we have

IN RESPONSE TO CIRCUMSTANCES SHAPING THE WORLD HERE AND NOW, TOO MANY INSTITUTIONS HAVE REVERTED TO COMMAND-AND-CONTROL REFLEXES.

• Productivity, Strategy, Profitability

learned since. I introduce three new perspectives and propose concrete next steps for leaders and institutions seeking to take TNM seriously.

The term ‘next’ serves as an analogy for practices better suited to current challenges, not a fixed destination or model. This distinction is crucial: TNM aspires to enable leaders in all types of institutions to engage in meaningful reflection before they make necessary changes, rather than conforming to standardised ‘best practice’ approaches.

WHY TNM IS NEEDED NOW: FROM THEORETICAL IDEAL TO GLOBAL NECESSITY In response to circumstances shaping the world here and now, too many institutions have reverted to command-and-control reflexes.

Bureaucracy is back, powered by dashboards and AI tools that monitor, measure, and automate.

However managing complexity by compression is not working in the long run. The result is fragility, distrust, and diminishing returns on talent and ultimately on overall performance.

TNM, in contrast, invites a different response: embrace complexity with humility, learn continuously, and treat management itself as a subject for innovation. AI technologies will augment skills and work, but in TNM we remain committed to balancing cutting-edge technology with the essential human interaction central to Peter Drucker’s philosophy.

Drucker recognised that management’s ultimate

Article originally published in Global Focus https://globalfocusmagazine.com/the-next-management-why-now-what-next/

EXECUTIVE EDUCATION

EFMD

Photo: insta_photos / Shutterstock.com

significance extends far beyond organisational performance to societal functioning and human flourishing. TNM is not a plea for utopian reinvention, but an emerging framework for renewing institutions from within as leaders adapt to changing global circumstances as well as finding ways to proactively increase the performance of their institutions. It acknowledges that navigating organisational polarities impacts broader societal systems.

FROM PRINCIPLES TO PRACTICE: MAKING TNM ACTIONABLE What makes TNM different is that it is both conceptual and pragmatic. It is not a template or set of context-free best practices. Rather, it offers simple guiding principles that managers can translate into practice that make sense to them and their organisations. Our approach addresses Drucker’s concern about “the governance of corporations” by offering reflective tools that help leaders consider the broader consequences of their management practices, potentially helping to restore institutional legitimacy within society.

To help leaders take the next step, I suggest a reflective, scenario-inspired approach anchored in key shifts in both thinking and subsequent practice.

In view of the accelerating possibilities of AI, many leaders I have talked with struggle with what and how to innovate beyond increasing operational efficiency. Others have real concerns they will be outperformed by creative AI tools and hordes of coordinated AI agents. The TNM framework www.executive-global.com

invites reflection over how organisations cultivate experimentation while maintaining operational excellence, how they think of collaboration and partnership, how they integrate AI and for what purpose, how they trade-off between the short and longer term, what role intuition has in their world of data-based decisions, how they can be pragmatic in view of shifting ideological pressures, and what they do to continue to self-renew their organisations and leadership.

I also invite deeper reflections about potential decisions and actions. For example: if your organisation had to choose between maintaining predictable operations or experimenting with a high-risk innovation, how would the decision be made? If a critical challenge arose that could not be solved internally, how would your organisation engage with others? If a cluster of AI agents could replace certain roles, would your leadership team prioritise human augmentation of creativity or automate for cost reduction?

These questions are not tests. They are invitations to dialogue—within leadership teams, with staff, and across networks. They help identify where change is already happening, and where legacy assumptions are still in charge.

LISTENING AT SCALE: THE DRUCKER FORUM’S AI VOICE AGENT In the run-up to the 2025 Drucker Forum, we are piloting a new tool to embody TNM in practice: an AI voice agent that interviews participants as they register. The goal is to listen

at scale, capturing insights not only from speakers and experts, but from the wider community of practitioners, consultants, and researchers.

The voice agent does not deliver answers; it asks curated questions and follow-up questions based on the professional role of the interviewees and their views. It invites thoughtful people to reflect on how they think about management practices today and how to make them more fit for purpose in our world in the here and now. These recorded reflections will form the basis for community insights to be shared with participants and researchers.

This approach is not just an innovation in event design. It is an example of what TNM can look like: using intelligent tools not to control people, but to surface wisdom and examples – at scale. It signals a commitment to ongoing dialogue, collective learning, and openness – all core values of TNM. WHAT COMES NEXT: SHAPING AN INSTITUTIONAL MOVEMENT TNM stands within a rich intellectual tradition that includes significant contributions from many perspectives, such as systems thinking and complexity approaches. However, we recognise that more illustrations from recent, real-world practice are needed. The Global Peter Drucker Forum community is now actively collecting examples that illustrate TNM in action, beyond legacy models or recycled best practices. EG

For further information, please visit: www.globalfocus.com Summer-Autumn 2025 •

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EXECUTIVE EDUCATION

Entrepreneurship

The World’s Most Entrepreneurial Cities (Part II) Some cities grow and reinvent themselves daily.

Skylines morph, co-working spaces pop up overnight, and entire neighbourhoods seem wired to the hum of laptops and ambition, writes Cheryl Jones. ntrepreneurial cities are more than maps and metro systems. They’re accelerators in disguise: places where executives get sharper, founders find fuel, and digital nomads stumble into angel investors over flat whites.This round, we’re looking at seven more entrepreneurial hotspots - each with its own cocktail of opportunity, culture, and quirks.

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BANGALORE - THE SILICON VALLEY OF THE EAST Bangalore doesn’t sleep; it codes. The city has become India’s undisputed tech hub, churning out unicorns at a pace that rivals Silicon Valley.

Why it matters is that venture capital flows here like monsoon rains, funding everything from fintech and SaaS to edtech giants. And thanks to a huge pool of engineering graduates, scaling teams is an HR department’s dream. Anchor institutions include The Indian Institute of Management Bangalore (IIMB) is a global top30 MBA powerhouse, producing execs who marry local market savvy with global ambition. Where lifestyle is concerned yes, the traffic is the stuff of legends. But the climate is mild, the food scene is spectacular, and the startup culture is magnetic.

Digital nomads slot right in.

STOCKHOLM - UNICORNS, INNOVATION AND SWEDISH SIMPLICITY Sweden may be famous for IKEA, but Stockholm’s business ecosystem is anything but flatpacked. The city boasts one of the highest numbers

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of unicorns per capita in the world. Why it matters is a progressive social system, sustainability-driven policies, and a digitally native population that have created fertile ground for founders. From Spotify to Klarna, global disruptors are proof of Stockholm’s staying power. Anchor institutions include Stockholm School of Economics, which regularly places high on global MBA rankings, with strong ties to Europe’s corporate elite. In terms of lifestyle, work-life balance isn’t a perk; it’s practically legislated. Executives can expect long vacations, parental leave, and plenty of time for fika (the daily coffee-and-cake ritual that secretly powers Swedish productivity).

SAO PAULO - LATIN AMERICA’S POWERHOUSE If Brazil is the continent’s economic giant, São Paulo is its entrepreneurial heart. With a metro population over 20 million, it’s a megacity of ambition. Why this matters is São Paulo leads the region in venture capital investment, fintech innovation, and scale-up potential. Nubank - the world’s largest digital bank by customer base was born here. Notable academic roots include Fundação Getulio Vargas (FGV), one of Latin America’s most prestigious business schools, turning out leaders fluent in both local markets and global strategy. The pace of lifestyle is frenetic, traffic dense, and cost of living high. But São Paulo is rich with nightlife, culture, and opportunities for executives who thrive in fast, competitive environments.

• Productivity, Strategy, Profitability

SEOUL - SPEED, SCALE AND STARTUPS WITH SWAGGER South Korea’s capital is a study in velocity.

Seoul doesn’t just innovate; it iterates, scales, and

SOUTH KOREA’S CAPITAL IS A STUDY IN VELOCITY. SEOUL DOESN’T JUST INNOVATE; IT ITERATES, SCALES AND REINVENTS FASTER THAN YOU CAN REFRESH YOUR WI-FI.

EXECUTIVE EDUCATION

Entrepreneurship

Photo: noina / Shutterstock.com

is positioning itself as Africa’s innovation hub, supported by venture capital inflows and a young, ambitious workforce. Its time zone overlap with Europe is a bonus for global operators. Academics include The University of Cape Town’s Graduate School of Business, which offers a respected MBA with strong focus on emerging markets and social entrepreneurship. The lifestyle means a cost of living that is lower than Western hubs, while quality of life (beaches, wine country, mountains) is unbeatable. Executives can expect both opportunity and balance with adventure on the weekends.

PARIS - CHIC, CAPITAL AND CUTTINGEDGE STARTUPS Paris isn’t just the city of love; it’s the city of entrepreneurs who love raising capital. The French government has actively transformed the city into a European startup hub. Why it matters - Station F is the world’s largest startup campus and where venture funding has soared. AI, luxury-tech, and green energy are key verticals. Academic prestige can be found in HEC Paris, which consistently ranks among the world’s top business schools, particularly for MBAs and executive education. Alumni networks here are powerful enough to rival the Louvre in scale. With the lifestyle here, expect high costs, but also high culture - art, fashion, food, and wine. Executives working here get world-class professional networks with world-class cheese.

Balance achieved.

reinvents faster than you can refresh your Wi-Fi. Why it matters is that South Korea is already a global hub for electronics and K-culture. Seoul is now leading in biotech, gaming, and mobility startups. Government-backed accelerators and an appetite for risk make it one of Asia’s most vibrant ecosystems. Anchor institutions such as Seoul National University and KAIST are feeders for both corporate titans (Samsung, Hyundai) and scrappy new ventures. Executive MBAs here emphasise tech leadership. The lifestyle here is high energy, high connectivity, and 24/7 convenience culture. Executives can expect intensity that’s offset by a nightlife that rivals New York and a culinary scene worth relocating for.

LOS ANGELES - SUNSHINE, STARTUPS AND STREAMING DREAMS Forget Hollywood clichés - LA has grown into a serious player in the entrepreneurial arena. Media, www.executive-global.com

entertainment, gaming, health tech, and aerospace all collide here. Why it matters is that access to both creative and technical talent gives startups in LA a unique edge. VCs have poured billions into the “Silicon Beach” ecosystem spanning Santa Monica, Venice, and Playa Vista. Anchor institutions such as UCLA Anderson and USC Marshall deliver toptier MBAs, with alumni networks stretching from Wall Street to Hollywood Boulevard. The lifestyle is sunshine 300 days a year, surfing before board meetings, and yes - traffic that tests the patience of saints. But for executives in industries where culture meets code, LA is irresistible.

CAPE TOWN - AFRICA’S RISING ENTREPRENEURIAL STAR Cape Town is where African entrepreneurship meets global ambition. Stunning landscapes aside, it’s a growing magnet for startups in fintech, edtech, and renewable energy. Why this matters is the city

WHAT FOUNDERS AND EXECUTIVES SHOULD KNOW Each of these cities has its own entrepreneurial rhythm. Bangalore offers scale and talent at speed, Stockholm champions sustainability, and São Paulo brings Latin America’s biggest markets into play. Seoul is relentless innovation, LA is creative capital with tech, Cape Town is frontier growth, and Paris? Well, Paris adds glamour to your pitch deck. Business schools matter. Institutions like IIM Bangalore, SSE, FGV, HEC Paris, and UCLA Anderson don’t just offer MBAs - they offer access to elite networks that often open more doors than a résumé. Executives should weigh alumni connections as heavily as curriculum.

Work-life balance varies. Stockholm and Cape Town value personal time, while Seoul and São Paulo run hot with ambition. Paris offers culture with commerce, LA adds lifestyle to hustle, and Bangalore blends chaos with creativity. Cost of living counts. Stockholm and Paris are pricey, but polished. São Paulo and Bangalore can be budget-friendly if you navigate wisely. LA is expensive but sometimes sunshine and the right crowd is worth it.

THE NEXT CITIES IN A LONG LIST Still to come: Lisbon, Hong Kong, Melbourne, Tel Aviv’s quieter cousin Haifa, Nairobi, Miami, and much more. Each with their own unique recipe of talent, tax, and tenacity. Because when it comes to entrepreneurial cities, there’s no finish line - just the next launchpad. EG Summer-Autumn 2025 •

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EXECUTIVE EDUCATION

Association of MBAs

Beyond Buzzwords: The AI Imperative With Harvard Business School striding ahead in the adoption of artificial intelligence technology across teaching, learning and alumni services, AMBA & BGA CEO Andrew Main Wilson urges other schools to take heed and follow suit.

Article by

Andrew Main Wilson CEO, AMBA & BGA

s a Harvard Business School (HBS) alumnus, I was recently invited to an evening presentation in London featuring HBS dean Srikant Datar. We are all aware of the increasing global economic and geopolitical uncertainties, but Harvard is having to deal with more significant challenges than most business schools. Srikant has had to manage several major issues, each of which he described as a “once-inevery-100-years challenge”, from Covid-19 through to the ongoing legal conflict with the US government. He was very upbeat about Harvard’s plans and ambitions, but inevitably the school has had to introduce some short-term cost reduction measures.

Meanwhile, HBS continues to innovate its MBA programme and has introduced – or is planning to introduce – several new elective courses: Anatomy of Fraud, Crypto, Climate, Tough Tech Ventures, Market Perspectives and Gen AI. Harvard is also implementing greater flexibility in terms of its elective curriculum to allow multiple internships and is positioning entrepreneurship as a more formal, rigorous element of the MBA programme.

I have huge respect for Harvard, since my learning experience at HBS was the richest one of my life so far. Now the school is reimagining every aspect of teaching and learning in order to optimise the use of tutor-bots, course‑bots and feedback-bots. The dean believes we are heading for a “no-code world” in which students will no longer need to know how to use technical coding such as Python – they will simply be able to prompt engineer-appropriate coding using ChatGPT and other AI services.

Srikant is particularly passionate about leveraging AI to offer much greater product and service support to alumni. He has asked his Alumni Relations team to investigate how AI can

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Photo: dee karen / Shutterstock.com

HE WAS VERY UPBEAT ABOUT HARVARD’S PLANS AND AMBITIONS, BUT INEVITABLY THE SCHOOL HAS HAD TO INTRODUCE SOME SHORTTERM COST REDUCTION MEASURES.

service alumni in a way that has never been done previously. HBS believes that a new AI-enabled job search platform will allow users to search smarter and connect faster with potential employers.

The school is also developing multi-language

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investor and professor avatars, who will listen to student and alumni sales pitches and course queries on a scale hitherto impossible to service with actual investors and professors.

These initiatives are useful to consider and benchmark against your own school’s product innovation. We are all well aware of the opportunities that AI provides, but this might be a good time to consider what your school has planned for this year in terms of AI implementation.

Meanwhile, our next event, the Latin America Deans & Directors Conference, will take place in Viña del Mar in Chile from Sunday 24th to Tuesday 26th August. Two of the key discussion topics will be MBA programme innovation and innovative implementation of AI. The conference will be attended by many of the deans and directors of our AMBA & BGA Latin American schools. EG

For further information, please visit: www.mbaworld.com

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LUXURY LIFESTYLE

Tomlinson Sotheby’s International Realty

The Coeur d’Alene Luxury Specialist Our special interview with EVA SCHERER, luxury property specialist at Tomlinson Sotheby’s International Realty, profiles the realtor with unwavering advocacy for clients. Executive Global explores luxury in the Inland Northwest with the expert connecting discerning buyers with exceptional properties in Coeur d’Alene, Spokane, Sandpoint and Harrison.

Coeur d’Alene has become synonymous with elevated waterfront living. From your perspective, what distinguishes this market from other luxury destinations in the Northwest?

Coeur d’Alene combines the rarity of ES untouched natural beauty with a growing reputation as a luxury destination. Its pristine lakefront, world-class golf, and vibrant cultural offerings create an unmatched quality of life, while limited land availability ensures long-term value.

Buyers are not just acquiring a home here, they are securing a stake in one of the country’s most promising luxury markets.

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How do areas like Spokane, Sandpoint, and Harrison complement Coeur d’Alene, and what kind of buyer is typically drawn to each?

Spokane provides the urban conveniences ES of a thriving metropolitan hub with an international airport, Sandpoint attracts boutiqueminded buyers who value arts and access to premier skiing. Harrison offers seclusion and privacy. Coeur d’Alene sits at the crossroads, attracting discerning buyers who want exclusivity, community, and a true long-term lifestyle investment without sacrificing luxury amenities.

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High-net-worth individuals often look for more than a property, they seek a lifestyle.

How does a residence like Talis at Syringa Heights reflect that ideal, and what role does craftsmanship from builders like Gold Star Construction play in achieving it?

Talis at Syringa Heights is a showcase of where ES luxury design meets investment value. The EG

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home is architected for enduring elegance, with finishes and craftsmanship that are timeless. Gold Star Construction ensures every detail is both visually stunning and structurally sound, protecting value for generations. Legacy residences of this caliber are rare in Coeur d’Alene, and that scarcity is what elevates their long-term appeal.

What do you see as the primary drivers behind continued demand for luxury properties in Coeur d’Alene, especially among second-home and investment buyers?

Scarcity, appreciation, and lifestyle. Waterfront ES and view properties are inherently limited, which drives long-term growth. The area’s rising profile as both a lifestyle destination and investment opportunity makes it highly attractive to secondhome buyers who are also wealth-conscious. They see Coeur d’Alene not just as a retreat, but as an asset that will grow in value over time.

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Marketing a luxury estate requires a tailored approach. How do you leverage your network and the Sotheby’s International Realty brand to connect exclusive properties with discerning buyers?

My strategy combines narrative and reach.

ES Every luxury estate has a story, and that story must be conveyed through cinematic visuals, architectural photography, and lifestyle branding.

Through Sotheby’s International Realty, that story is then shared globally with qualified buyers who value both lifestyle and investment potential. This balance of storytelling and global reach is critical in attracting long-term investors.

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EG

Your background in custom home building, remodelling, and public service sets you apart. How does that expertise uniquely position you to advise investors, developers, and luxury buyers in this market?

My career began in public service as a ES Firefighter/EMT, where trust, quick decisionmaking, and protecting lives were paramount. Those same values guide how I serve my clients today. My additional background in custom home building and remodelling allows me to evaluate quality immediately and understand how design decisions impact long-term value. Working with firms like Gold Star Construction, I bring both a critical eye and a commitment to integrity, ensuring every client makes a confident, lasting investment.

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For those considering investing in Coeur d’Alene real estate, what can they expect when working with you, and how do you elevate the experience beyond a traditional transaction?

They can expect a partner who views real ES estate through both a lifestyle and investment lens. My background in service taught me to anticipate needs before they arise and to always put people first. Combined with my construction expertise and Sotheby’s global reach, I provide a concierge-level experience rooted in trust, discretion, and results. Whether representing signature estates like Talis or advising on custom projects, I deliver more than a transaction. I deliver an investment in both wealth and lifestyle. EG EG

For further information, please visit: www.inlandnwlifestyles.com

My background in service taught me to anticipate needs before they arise and to always put people first.

LUXURY LIFESTYLE

Property Investing

Multifamily Vs Single Family Real Estate Investing A single family home is a freestanding structure that shares no common walls with another residence. It is a property designed to house one family. Multifamily homes contain separate residential units within one building, or several buildings within a complex. These properties are designed to accommodate more than one family, reports Oliver Taylor. he difference between the multiple units is marked by each one of them having their own separate entrance, living facility, utilities and unique address, allowing each tenant to live their own lives independently. These dwellings may be situated side by side or stacked on top of one another, but will typically share interior ceilings, floors and walls. Communal areas are often a regular feature.

Multifamily homes can be considered to be either residential or commercial real estate, with five units and above typically falling into the commercial category.

Multifamily real estate can also have mixed uses, with some of the units being lived in by residents and renters, while the other units are used as commercial spaces. It is increasingly popular for landlords to choose to occupy one of the units while renting out the others, using the rental income from tenants to cover the mortgage payments and operating expenses. This is famously how Arnold Schwarzenegger established his real estate portfolio.

The fundamental building blocks or Arnie’s financial success were built upon the acquisition of a 6-plex apartment building purchased in Santa Monica. He needed to find a way to pay for bodybuilding competitions without having a day job. Arnold lived in apartment no. 6 and rented out the other five units to tenants. Some of the different kinds of multifamily properties available today include apartment complexes, condos, townhouses, duplexes, triplexes and fourplexes. Single family homes are far more prevalent among new landlords because they can be easier to manage, although multifamily properties may provide a considerably higher return on investment. Approximately 2733% of the total housing stock in the United States consists of multifamily units.

Each strategy offers distinct paths to success in real estate, while catering to different aspects of the market. When it comes to real estate investing, one must ponder the question; is it better idea to invest

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in single-family or multi-family property? Both of these kinds of investment have their own unique advantages and challenges and so choosing the right one will depend on your budget, goals and appetite for risk. Warren Buffett is famous for telling us to be fearful when others are greedy, and to be greedy only when others are fearful. The last couple of years have been hard on the multifamily real estate sector, as many properties have been financed with bridge debt as of 2021-2022. As a result of this, we may experience of a lot of distressed properties being taken back or sold into the market at significant discounts and so it is a great time to be an investor in multifamily real estate today. The supply of multifamily properties has decreased, creating demand and unit price increases, which should be promising for the next few years.

INCREASED CASHFLOW POTENTIAL Single family homes will often be far easier to manage, with greater affordability, lower entry costs and faster appreciation. They are easier to finance and lenders will often offer more favourable terms, due to their lower risk profile when compared to multifamily homes. Single family homes are also easier to sell because of a larger pool of buyers, which includes families and individuals, in addition to investors. Without common areas or multiple tenants, maintenance and management is easier than with multifamily property, while the range of tenant choices is wider. In addition to this, inventory is significantly larger for single family homes in every major city. However, there is only one single source of income from one tenant, there is a higher vacancy risk, as well as the problem that maintenance and repair costs do not benefit from economies of scale- these could be higher per unit when compared to multifamily homes.

Investors who focus only on acquiring single family properties are limited in the ways that they are able to scale their investments. They must purchase more and more properties in order to substantially

• Productivity, Strategy, Profitability

increase their cashflow, whereas a multifamily property acquisition will typically contain a significant number of units within the structure that will generate a large enough rental income to not require the purchase of another building. You are able to control your future income when you raise rents and even a mere percentage increase

MULTIPLE INCOME STREAMS FROM VARIOUS TENANTS, ENHANCES FINANCIAL STABILITY AND ENABLES COST-EFFECTIVE MANAGEMENT THROUGH ECONOMIES OF SCALE.

LUXURY LIFESTYLE

Property Investing

Photo: Sundry Photography / Shutterstock.com

multiplied by the number of units owned can produce a significant increase in rental income.

One of the biggest advantages of investing in multifamily property vs single family property, is the control over value. Multifamily homes are more prevalent in dense urban areas like New York and Boston. Where these properties are concerned, value is determined by the net income that the property generates, whereas the value of single family homes is determined by sales comparisons, and what is sold within the geographical radius of the property. Cashflow is king, and multifamily real estate enables investors to scale their cashflow far more rapidly than with single family properties.

Owning a multi-family property allows for multiple tenants to mitigate against the risk of a complete loss of rental income. Owners are able to deduct depreciation, maintenance costs and mortgage interest, with financing evaluated on a case-by-case basis. Mortgage lenders will base their terms primarily on the cash generation potential of the asset, ultimately making it possible to qualify for loans based on projected forecasts of rental www.executive-global.com

income from tenants, rather than relying solely on your own personal finances.

SOME IMPORTANT CONSIDERATIONS Investing in multifamily real estate is a strategy that can produce significant income, appreciation and tax benefits over the long-term. It is a wise investment choice for anyone looking for a reliable source of passive income, or even for individuals to who would like to supplement their retirement pension. Investors have access to financing options that may be unavailable for single family properties. Multiple income streams from various tenants, enhances financial stability and enables cost-effective management through economies of scale. Managing a multifamily property with ten or more units is more effective than managing multiple single family homes and investors are able to take advantage of property management services without significantly reducing their margins. The higher total rent from multiple units can lead to better overall profitability and investors are also less likely to experience depreciation on a multifamily property

investment than they would on a single family home.

Real estate investment trusts (REITs), institutional investors and private equity firms are some of the biggest holders of multifamily real estate, which is really a testament to their true value as assets. However, managing multiple tenants, leases and building maintenance does require robust property management, which can be timeconsuming and stressful. Buying multifamily real estate will usually require more upfront capital and larger downpayment requirements may initially be a barrier for newer investors. In addition to this, multifamily homes have tighter regulations than single family homes, because of the greater number of people living in close quarters and applicable zoning laws. If the requirement is a low maintenance property with the prospect of long-term appreciation and an easy resale process, then a single family property is the best choice for investment. If the desire is to build a scalable property portfolio and maximise rental income while harnessing economies of scale, a multifamily property is the better investment option. EG Summer-Autumn 2025 •

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LUXURY LIFESTYLE

Luxury Interiors

Functionality In Luxury Kitchens Good food and a warm kitchen is what makes a house a home. It is important to ensure that your kitchen not only looks good, but functions effectively. The kitchen is not just the place where we store, prepare and cook our food, but can serve as the social hub for dining, the room where friends are entertained and families share meals, writes Cheryl Jones. eyond food-related tasks, kitchens can be used for laundry and as a versatile space for various household activities. One of the most important features to consider if you want a functional kitchen is to optimise storage space. The quality of the space matters almost more than any other room in the house, and a functional kitchen design will ensure that the hardest working room in your house meets your needs. The kitchen work triangle is a fundamental kitchen design idea that ‘forms an imaginary triangle’ between the three main work areas, which are the refrigerator, the sink and the cook top/stove.

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OPTIMISING SPACE The objective here is to facilitate streamlined workflow for meal preparation and cleanup, by making the best use of distance between these key areas to ensure easier movement and minimise wasted steps. This concept is used to determine kitchen layouts that are both aesthetically pleasing and functional. Suggestions have been made that each side of the ‘imaginary triangle’ should be between 4-9 feet, with a perimeter between 1326 feet and no obstructions cutting through. There are of course, exceptions to this rule, such as with single-wall kitchens where efficiency can still be determined through the configuration.

An oversized stove provides an expansive cooking surface to cook multiple meals simultaneously, while double ovens will significantly increase cooking capacity and flexibility, allowing you to prepare multiple dishes at different settings and temperatures simultaneously. This is perfect for large families and frequent entertainers.

Built-in panelled appliances that blend into custom cabinetry will greatly reduce visual clutter. Panelled refrigerators and freezer drawers will enhance the storage capacity of your kitchen.

Custom cabinetry is an absolutely essential component for enhancing functionality, with pocket doors and custom pull-out racks unlocking

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Photo: TEN.POD / Shutterstock.com

MOREOVER, FUNCTIONAL SPOTLIGHTS COMBINED WITH STRATEGICALLY PLACED TASK LIGHTS, CAN CREATE A LIGHTING DESIGN THAT ADDS DEPTH AND VIBRANCE TO THE SPACE.

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previous unused storage space. A prep sink will provide increased kitchen efficiency by offering a dedicated area for meal preparation, will improve hygiene and add more aesthetic value. Incorporating an instant hot water tap into your kitchen will save space, eliminating the need for a kettle. This will improve kitchen aesthetics and a built-in filter may even improve the taste of your water. Moreover, functional spotlights combined with strategically placed task lights, can create a lighting design that adds depth and vibrance to the space.

STYLE AND FUNCTION A luxurious modern kitchen should work hard and ideally look good doing it. It should be a masterpiece of design, where form and function coexist. Promote a bright, open and visually uncluttered workspace and this will contribute to the well-being of everyone in the home. EG

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Perfect blend of modern design and Caribbean charm in Saint Barthélemy

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LUXURY LIFESTYLE

Luxury Yachts

The Lady Moura Yacht Lady Moura is widely known as the world’s very first mega yacht, built at a time before the notion even existed. The name ‘Lady Moura’ is a portmanteau of Saudi billionaire Nasser al-Rashid and his ex-wife Mount Ayoub, combining her first name with his last name to create ‘Moura’, says Rachel Smith. esigned by Italian architect Luigi Sturchio and built in the German shipyard of Blohm Voss, this luxury vessel is a fully custom build that aimed to mimic a multigenerational and family-ready leisure craft. It has a distinctive coat of arms made of 24-carat gold, as well as a 105-metre (344 ft) seven-deck, palatial interior. The hull and superstructure are made of steel and it possesses twin diesel Deutz engines which each have 6,868 horsepower. At the time of its construction, Lady Moura was one of the most expensive and innovative private yachts in the world, distinctly standing out as the ninth largest ever created at a cost of over $200 million USD (equivalent to $425 million in 2024). With an internal volume of 6,539 Gross Tonnes (GT), Lady Moura was designed to easily accommodate up to 26 guests across 13 suites and is capable of carrying up to 65 crew members onboard. Today, Lady Moura is valued at $125,000,000, which is the price paid for the super yacht by Ricardo Salinas Pliego. The Mexican founder and chairman of Grupo Salinas is the current owner as of 2021, and annual running costs of the vessel are estimated to be around $12 million.

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VISUALLY STRIKING AND FUNCTIONAL Lady Moura’s water tanks store approximately 333,000 litres of fresh water and she comfortably reaches a maximum speed of 22 knots with a range of up to 8,000 nautical miles. Built in 1990 by a team of experts who paid meticulous attention to every minute detail, there were a total of five years of construction and an added year for engineering on this vessel. This ultimately produced a technical marvel which set the new standard in yachting. The plethora of pop-up and fold-out elements incorporated into the

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Photo: Trygve Finkelsen / Shutterstock.com

THE MEXICAN FOUNDER AND CHAIRMAN OF GRUPO SALINAS IS THE CURRENT OWNER AS OF 2021, AND ANNUAL RUNNING COSTS OF THE VESSEL ARE ESTIMATED TO BE AROUND $12 MILLION.

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architecture of the yacht were ahead of its time for 1990, heralding a design that was both visually striking and functional.

Dubbed ‘The Original Superyacht’ Lady Moura, features groundbreaking elements like a unique indoor swimming pool equipped with a retractable-roof (making it useable year round), a movie theatre, beauty salon, elevator, underwater lights, and a helicopter pad. The beach club is another innovative feature and is a lounge at the water’s edge, providing easy access to and from the ocean. Lady Moura even has its own sewage treatment plant and the ability to remain afloat for up to three months without the requirement to dock for provisions or fuel. EG

Advanced Management Program (AMP) At IESE Business School we believe you can make a difference in the world if you focus on people and see business as an opportunity for personal growth. IESE gives you a view into the world of global business. With campuses across the globe, and a world-class international faculty, IESE has unparalleled reach and scope.

The Advanced Management Program (AMP), for CEOs, VPs and Owners, delivers the knowledge, the global insight and the values to ensure that your leadership has immediate, positive and personal impact.

Learn more about the IESE AMP and choose from five different starting locations around the world: www.iese.edu/amp-programs

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THE OMNIA, Zermatt – Switzerland, Phone +41 27 966 71 71, www.the-omnia.com