Of course, our MacroFriday is focused on macro-economic developments, but some companies have grown so large and/or important that their impact on the economy and financial markets can no longer be overlooked. One such company is Nvidia, which has rapidly become the largest company in the world. On Wednesday, investors followed the publication of Nvidia’s third-quarter results ...

How to Value (Tech) Stocks Traditional ways to value companies (such as multiples, sum-of-the-parts, discounted cash flows…) already existed long before Econopolis was founded. However, for emerging subindustries (like software SaaS), these tools often fail spectacularly. A young tech company often reinvests every dollar of revenue back into growth, resulting in negative ea ...

A couple of years ago, I wrote an article about ‘Resource Nationalism’ in which I talked about a record deployment of clean energy technologies which were propelling unprecedented demand growth in the so-called critical minerals markets. As a result of this, these energy transition minerals, which used to be a rather small segment of the market, had moved to centre stage in the ...

I would prefer not to touch upon this sore spot, but unfortunately the current environment leaves me with no other choice. Despite some fragile survey-based optimism about the European industry, industrial production continues to trend lower in the eurozone.   Last week in our MacroFriday, we discussed industrial production in the US, which showed a decade without growth once ...

From 10 to 21 November 2025, world leaders will gather in Belém, Brazil, for the 30th UN Climate Conference (COP30). The choice of venue, at the mouth of the Amazon, gives both symbolic and practical weight to a crucial moment for global climate diplomacy. Ten years after the Paris Agreement, countries are expected to show whether ambition can still match reality. The setting h ...

Industrial Production in the US has barely risen since 2017, especially excluding high-tech. The blue line suggests little output growth in the broader manufacturing base once high-tech components are excluded. While consumer spending has clearly grown since then, this suggest the continued offshoring of industrial production, something the current US administration is actively ...

In the world of corporate governance, few actors are as influential (and as little understood) as proxy advisory firms. Companies like Institutional Shareholder Services (ISS) and Glass Lewis have become de facto arbiters of shareholder democracy. Their recommendations can sway the outcomes of board elections, executive pay packages, and even major strategic decisions across gl ...

Nuclear fusion is the holy grail for producing energy: virtually limitless clean energy without the waste or meltdown risk of fission. Besides from making reaching climate goals a lot easier, it also provides a solution to the recently more prominent question of energy security and independency. The latest headliness have made updated promises for this exiting new technology, y ...

After last week’s research trip to Boston, where we focused on developments in automatization, robotics and of course AI, we dedicate this week’s MacroFriday to the remarkable surge in construction spending in US manufacturing related to this fields.  Although reshoring manufacturing to U.S. soil might be the current talk of the town, these developments have actually been unde ...

Reminiscences of an analyst: the resurrection of the Belgian stock market   Image generated by Gemini   Beautiful Bel20 Year-to-date, the Bel20 net return index delivered a return of roughly 18%. That is almost as much as the Nasdaq composite (+22.8%) and better than the S&P 500 (+17%), excluding the 10% drop of the US dollar. Returns vary strongly amongst indices an ...