Wonderland Rally

Last October, we referred to a “Brave New World” hypothesis. Well, almost done! The month of December offered investors a “Wonderland Rally”, all asset classes combined, with the disappearance of… Read More

« Risk-on » mode made its comeback in November, without any rationality linked to fundamentals ; the micro and macroeconomic vectors were totally ignored (see our latest Quarterly Letter). The… Read More

Between the summer panic and the apparent autumnal serenity, it looks like investors have entered a virtuous trading circle : equity indexes are at new highs, bond market excesses tend… Read More

Beyond the usual political battles and the expected decisions of the central banks, we have the feeling that a slight wind of rebellion may blow over this autumn season, tinged… Read More

A lot of fuss (sorry, of tweets…) about nothing – if we look at the performance of the equity markets during the month of August. Whether in Asia, Europe or… Read More

Confusion, uncertainty and hope have dominated the past month : starting with July’s job report, US stocks have dropped on better than expected data (“good news is bad news”) before… Read More

Beginning of June, central bankers from US and Europe sent clear messages of monetary easing, if necessary, which gave a big boost to all asset classes. Both stocks and bonds… Read More

May was marked by another offensive of the Trump administration against its trading partners, notably China and Mexico. Actually it seems that the trade war between Beijing and Washington is… Read More