❝ A leadership vacuum in the world’s biggest economy has driven the largest private-sector pension fund in Finland to cut the weight of U.S. stocks in its 45 billion-euro [$53 billion] portfolio.
“It seems as if there is no president in the U.S.,” Risto Murto, chief executive officer of Varma Mutual Pension Insurance Co., said in an interview in Helsinki on Wednesday. “If I look at what is the moral and practical power, there is no longer a traditional president.”…
❝ “The lesson from 2008 is that if we have a problem in the U.S., then we all have a problem,” Murto said. He described Trump’s response to demonstrations in Charlottesville as a “breaking point if you look at how business leaders reacted,” retreating from association with the president.
❝ One bright spot for trade-reliant nations like Finland is that a stalled Trump agenda means he may fail to push through his protectionist goals, Murto said. Most of Varma’s stock portfolio is in Finnish companies that rely heavily on Asian business.
But, hey, this is just a company that earns money for pensioners by investing. Nothing any American should be concerned about, eh?