Weekly Investment Strategy
Weekly Investment Strategy

One point does not make a trend In this latest edition of our weekly investment strategy update: Off the peak; Broad based inflation slowdown; Reasons to be hopeful; Currencies. USD downturn gathers pace; Equities. Attacking the resistance; Oil. A new world; and Equities. Western defence, gap between the need for rearmament and production.   Click here to […]

Weekly Investment Strategy
Weekly Investment Strategy

Split In this latest edition of our weekly investment strategy update: Towards slowing Fed Funds rate hikes; The Fed is doing the job; Growing recession concerns amongst the ECB members; The Chinese one step at a time policy continues; and Equities. The Big Tech/Technology segment has lost its leadership.   Click here to read our weekly financial […]

Monthly Investment Review
Monthly Investment Review

Global vision LT macro regime. Shorter and risker cycles than in past decades. Imbalances, debt, resurging inflation, and geopolitics result in more cyclicality and variations in economic cycles US and China financial conditions (FC) on their way to neutral. Deceleration of global liquidity from late 21 continues. Concomitant rise of USD, correction of risky assets […]

Monthly Investment Review
Monthly Investment Review

Global vision Long-term macro regime. Towards shorter and risker cycles than in past decades Imbalances, debt, sticky / resilient inflation, and geopolitics argue for more cyclicality and variations in economic cycles Financial conditions will continue tightening. After plateauing in T4 2021, global liquidity has started to contract in 2022. Higher oil prices and sanctions on […]

Quarterly Investment Review
Quarterly Investment Review

Retrospective The Russian invasion triggered a risky assets sell-off The pandemic is not even over as the latest lockdowns in China illustrate, and the war in Ukraine started. It is putting global supply chains through another test. Distortions in supply because of the destruction of war and disabled supply chains, sanctions, and voluntary self-sanctioning all […]

Monthly Investment Review – 14 March
Monthly Investment Review – 14 March

Global vision Long-term macro regime. Prepare for shorter and brisker cycles vs last decades Imbalances, debt, sticky / resilient inflation, and geopolitics argue for more cyclicality and variations in economic cycles Financial conditions will continue tightening. After plateauing T421, global liquidity has started to contract in 22 because of central banks, higher oil prices and […]

Monthly Investment Review
Monthly Investment Review

Global vision     Long-term macro regime. Growth below potential and more volatile inflation. Demographic and debt undermine potential growth. Coupled with digitalization, it fuels secular disinflationary pressures which collide with – cyclical – inflationary tensions LT macro regime. Inflation durable irritation deteriorates business cycle perspectives Higher and much more volatile inflation will challenge the […]

Annual Investment Review
Annual Investment Review

The return of inflation Retrospective Inflation significantly higher than expected US inflation rose in November at an unprecedented rate in nearly 40 years. The price increase reached 6.8%. Many factors contributed to this surge, whether transitory or more structural. At the same time, inflation in the euro area hit a record high in November at […]

Quarterly investment review
Quarterly investment review

Retrospective Risky assets performed well over the quarter with the focus turning to the reopening of economies and rebound in growth in an environment where central banks liquidity remains a tailwind. Long-term US interest rates have declined, the USD has stabilized and the equity markets have reached new historical highs, driven by the United States, […]