There has been considerable discussion around the rise in long-term US government interest rates. While European government bond yields have clearly moved higher since the beginning of the year, it is the long end of the US yield curve that is unchanged since the beginning of the year. Unchanged? Hardly. Over the past six months, we’ve seen notable volatility. Following ‘Libera ...

In recent years, climate action policies have been on the rise. With record-breaking innovation, newly installed green energy capacity, and structures like the Emissions Trading System pushing companies to go green, it once seemed possible that achieving our climate goals could become a reality. Of course, we still needed to accelerate progress, but at the very least, the world ...

Shares of American company Royal Caribbean Cruises were one of the better performing on the US stock market over the past week. They gained some 6% against some 1.9% for the broad market index S&P 500.   Royal Caribbean Group (RCG) is a cruise holding company that operates a global fleet of 67 ships that travel the world. It is the number two in its industry behind Carnival ...

At Ortelius, we recently had the pleasure of joining the panel at the avant-premiere of Peter Tom Jones’s new documentary Europe’s Lithium Paradox. It’s a compelling exploration of a strange contradiction: Europe has the lithium it needs for its clean energy transition, and yet, we’re still stuck on foreign dependencies. Why? One answer stood out loud and clear: social resistan ...

Let’s start with a moment we all shared last week, a moment that resonated deeply here in Belgium. The final goodbye of Kevin De Bruyne from Manchester City. It wasn’t just a farewell to a football legend; it was a powerful image of legacy.   Kevin, once again, brought his children onto the pitch, sharing that emotional moment with the next generation. And behind his incredible ...

Our Fiery Flash of the week is Wolfspeed. The stock plunged nearly 80%, hitting an intraday low of $0.83 on Wednesday. It then staged a remarkable rebound, surging 130% to hover around $1.91 by the morning of May 23, 2025. Even so, the stock is still down roughly 50% over the past five days. If that isn’t Fiery Flash material, what is? This dramatic collapse comes amid reports ...

Heat pumps made headlines again this week because of a new analysis by Belgium’s energy regulator CREG. The conclusion? Despite subsidies, heat pumps are rarely more attractive than traditional gas boilers, at least not financially. The timing couldn’t be better: it’s been exactly one year since we last updated our electricity-to-gas price ratio chart, a key metric in understan ...

While international readers likely know Antwerp for its historical role as a global trade and financial hub, flourishing as Europe’s commercial capital in the 16th century, later rising to become the world’s diamond capital, and now home to one of the largest ports on the planet. Locally, Antwerp is simply called ’t Stad, “the city”, as if no other city really matters (and yes, ...

After 37 years as an assiduous student of the markets and their convoluted movements we are still surprised how strong the force of momentum can be. It’s a law of physics applied to human behaviour. To be clear, we are not talking about so called “momentum stocks” who are more driven by hype than by fundamentals. In those cases, valuation is stratospheric or sometimes impossibl ...

Since Liberation Day, equity markets have recovered much of their earlier losses, and credit spreads have narrowed to levels even tighter than those observed before April 2nd. However, this optimism hasn’t extended to long-term U.S. Treasuries or the U.S. dollar, both of which remain significantly weaker. This is a strong indication that financial markets are losing confidence ...