Apart from the situation in the Middle East and uncertainties in private credit, the most important factor in financial markets might be the structural shift that AI is bringing to the economy and companies’ business models, even within the technology sector itself. Equity prices of software companies have declined sharply (-26% since October), even as earnings of these compan ...
From Backyard to Bedside: How Pet Humanization is Reshaping Animal Health Care
During the last decade, US and European households have significantly embraced pets in their daily lives. This increase in pet adoption has been accelerated by the COVID-19 crisis and the change in the way of working. An additional change is the place people give to their dogs, whether in the past, dogs were often kept in the backyard. Today, they have moved into the coach or, ...
#MacroFriday: Private Credit
In his latest JPMorgan shareholder letter, CEO Jamie Dimon warned that risks in private credit are likely being underestimated. In recent months, he has repeatedly referred to defaults in private credit as “cockroaches”: there is never just one, and their appearance often signals deeper, hidden problems. The sharp rise in interest rates since 2022 has tightened lending cond ...
Holdings companies have underperformed, yet we launch a fund focused on them?! Here’s why.
Despite outperforming the market over the long term, a lot of investors will have noticed that more recently, holding companies have underperformed the broader market. That feeling is correct as holding companies have returned 8,1% per annum between 2020 and 2025 whereas the MSCI World did more than 12%. Even though the returns of holding companies have not been terrible, they ...
#MacroFriday: European Inflation
Good Friday! This week, the first estimates of European inflation for March were published, and we looked for indicators of a resurrection in inflation (although it wasn't declared death yet). Rising energy prices, driven by the conflict in the Gulf region, are beginning to feed through into consumer price levels.European inflation increased from 1.9% in February to 2.5% in Mar ...
Move over Mag 7, here come the Asian Mag 5
The Magnificent 7 (Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta, Tesla) have dominated US and global equity returns in recent years, with a massive impact on broad indices. In some years, this group delivered more than half of the S&P 500’s gains while rising to over 30% of index weight by mid‑2025, illustrating unprecedented concentration in a benchmark designed to be ...