Image generated by Gemini After a bruising two years marked by falling discretionary spending, bloated inventories, and rising costs, the global sporting-goods sector is searching for its next turnaround story. Investors may not need to look far: the world’s largest sporting events are lining up like a perfectly staged relay. Between the 2026 FIFA World Cup, the 2026 Winte ...
Financial Markets
A New Way to Value (Tech) Stocks: The Rule of X – Upside-Down & Inside-Out
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 ...
Resource Nationalism On The Rise - Part 2: Unprecedented Government Intervention
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 ...
Who are the Real Champions?
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 ...
(Don’t Fear) the Reaper
How the age of the deal made chaos look investable. “I gave up caring about anything and all my problems disappeared”. (Friedrich Nietzsche) “I’ve been studying this now for three years. I’ve read 25 books on it”. (Jared Kushner) “I don't like violence, Tom. I'm a businessman; blood is a big expense”. (Virgil Solozzo in ‘The Godfather’) Back in Februar ...
From Code to Medicine to Climate: How Resilience Investments Are Driving New Opportunities
Image generated by Gemini Europe stands at a crossroads. The shocks of recent years — from the pandemic to the war in Ukraine — have laid bare just how fragile the continent’s economic and defensive foundations can be. Supply chains once taken for granted have splintered, energy dependencies have become strategic risks, and the comfortable assumption of lasting peace has gi ...
Recap: Econopolis Economic Encounter 2025
On Wednesday the 1st of October, clients, partners and colleagues gathered for our annual Econopolis Economic Encounter, an evening to reflect together on the forces shaping the global economy, markets, and our investment strategies. CEO & Economist Geert Noels opened the night by underlining a clear ambition: in a world where geopolitics, technology and climate transitions ...
Navigating the waves and winds of tech investments: from quarterly earnings to long-term horizons
Long-term trends in tech investments In the world of technology investments, it is essential to underline the long-term structural growth. Tech companies are often in a constant state of innovation and development, which means that their true potential sometimes only becomes clear over longer periods. This is similar to navigating a long sea voyage: temporary storms can slow p ...