Investor attitudes towards where to place their money are transforming significantly compared to last year. Jani Stenius, the allocation investment manager at OP, suggests constructing a diversified long-term portfolio that can weather market fluctuations. Previously, OP had a heavy weighting in American stocks, but that has now shifted to an underweight position due to changing economic signals.

Stenius highlights that expectations a year ago were focused on policies from the Trump administration that were thought to strengthen the dollar. However, the economic outcome has deviated from this outlook, leading to a preference for a weaker dollar, which presents challenges for euro investors. He notes that a significant depreciation of the dollar would be detrimental for those holding euro-denominated investments.

Currently, OP's strategy reflects a defensive stance on the US market largely due to concerns about the dollar's trajectory as well as issues within the tech sector. Stenius anticipates further weaknesses in the dollar, indicating a shift in investor strategy towards regions outside of the US, suggesting a broader context for investment planning in the current financial climate.