A step forward, a step backward

That’s a good way to depict how we had to ride September markets : due to a lack of visibility regarding economic, political and sanitary situation, there was a mixed… Read More

August just saw records after records, on US indexes (loaded with tech companies – which is not the case in Europe – this is why European indexes are lagging behind… Read More

If you are listening to the media in a distracted way, you may think that global stock markets are in levitation like the GAFAM group (Google, Amazon, Facebook etc.) and… Read More

Why is the stock market rising at a time of one of the worst recessions in history? The cost and socio-economic consequences of fighting coronavirus are absolutely gigantic and unprecedented.… Read More

“Sell in May and Go Away”: Too late for this year, yet we almost believed it! Indeed, we have had the feeling, for the past few days, that nothing can… Read More

The comeback of the volatility in January has taken both bulls and bears by surprise. In fact, tensions between USA and Iran, the coronavirus outbreak in China and the start… Read More

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