The US debt spiral Many months ago we highlighted the risks of a public debt spiral in countries like the US, France or Italy following years of budgetary imbalances, counter-cyclical…
Exceptional turning point for equity markets … We have always argued that September would see a sharp decline in global equity markets and we are reaching that stage this very…
America Self-Defeating Policies Are Endangering Its Leadership In 2015, only 8 years ago, the world was a completely different place. The world had not experienced COVID yet, interest rates and…
When Bubbles End… Investment bubbles are investment bubbles.. They are characterised by a major disconnect between asset price behaviours and their fundamentals, by investors motivated by imagination and greed and…
Time to Short European Stocks Since October 2022, 11 Months ago, European equity markets have rallied significantly, surpassing their 2021 highs and reaching 15 years highs and even all-time highs…
Is the banking system at risk ? As early as November 2022 we highlighted the risks induced by rising rates and rising bond yields for the global real estate markets…
Challenging Environment For most strategists, hedge fund managers and technical analysts, the past few months have seen an extremely challenging environment, if not the most challenging in a decade from…
Sentiment, Flows of Funds and Valuations Drive Equity Markets Equity markets play a central role in any free-market economy. They are the place where corporations raise capital and where savings…
Bond Yields Breaking Out to 5 % Mean Significant Downside Risk for Equities Exactly a year ago, the August 2022 Central Bakers Annual Symposium in Jackson Hole marked the acceptance…
China Blues ? China slid into deflation in July, and is battling slowing exports, high youth unemployment and a slumping property market highlighted by a debt crisis for Country Garden…