A step forward, a step backward
October 2020 . Monthly Briefing"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 envy of buying and selling at the same time, fostered by half lockups and...
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August just saw records after records
September 2020 . Monthly BriefingAugust 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 their US peers). It seems that negative real rates are the main reason explaining the levitation of the tech sector,...
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Stock markets are in levitation
August 2020 . Monthly BriefingIf 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 that all goes for the best with risky assets. But beyond the media hype surrounding the famous “tech stocks”, there...
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One of the worst recessions in history
July 2020 . Monthly BriefingWhy 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. More than 10 million people are now affected by Covid- 19, including nearly 2.7 million Americans, which has led to...
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Sell in May and Go Away
June 2020 . Monthly Briefing"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 stop the equity markets, the recovery is around the corner and that the Covid episode is now well and truly...
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AGENDA OF AN ANNOUNCED CORRECTION
February 2020 . News FlashHere we are in the light of the 20th anniversary of the bursting of the internet bubble, and in these turbulent times on the financial markets, it is difficult not to think back to the excesses of the 2000s. today to a sustained rise in equities, despite high valuations and...
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The comeback of the volatility
January 2020 . Monthly BriefingThe 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 of Q4 2019 earnings season have sent equities (and all asset classes in general) flying into different directions within a...
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