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Quarterly Outlook

DID YOU SAY STAGFLATION?

One month after the start of the war in Iran, as the prospect of a lightning operation fades, the markets are beginning to envisage a protracted conflict, the consequence of which for the markets boils down to one inescapable implication: high oil prices = high interest rates and falling share values. All asset prices now depend […]

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Short-term vs. Long term, that is the question ?

Although the US President has been preoccupied by the Middle East situation and annoyed by the Supreme Court’s recent decision to invalidate most of his tariff policies, to us it seems that Donald Trump has been less focused on domestic economics, at least for the first part of the month. Instead, the spotlight has been largely […]

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SAME PLAYERS. ANOTHER ROUND?

After a first month of the year as eventful as 2025 was, one question often comes to mind for investors: will the trends continue? In short, will 2026 looks like 2025 in terms of stock market performance? The same leading assets are still in the lead, despite a tumultuous end to the month: despite a drop of […]

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Geopolitics

2026, the Empires strike back

Less than a month in January and the kidnapping of Nicolas Maduro, Greenland, without forgetting the Russia-Ukrainian war the continued tensions in the Middle East or in Asia around Taiwanese question already point towards a world reshaped by geopolitical factors. The period is also  marked by the return of power struggles and intensified rivalries between […]

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Quarterly Outlook

MANY ARE CALLED AND… MANY ARE CHOSEN.

Lots of winners and very few losers: that is the first thought that comes to mind when reviewing the market’s annual performance. Admittedly, there were a few casualties in 2025: on the currency side, the dollar lost more than 10% against the euro and the Swiss franc, while the yen also lost nearly 9% against […]

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AI BUBBLE, TIME LO LOOK ELSEWHERE ?

The talks of artificial intelligence bubble, the sharp fall in cryptocurrencies, the debt binge that has become almost too frequent with some major IT players (have a look at Oracle!) are fueling the anxiety-inducing stock market news in November and are very much centric on one narrative. Nvidia’s results were eagerly awaited as a litmus test […]

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Geopolitics

FINANCIAL MARKETS, SUPER BOWL OR DAMP SQUIB ?

As always, the answer to this question depends on where you find yourself. A French investor who sees his successive governments’ survival times becoming shorter and shorter will find it difficult to be optimistic. On the other side of the Atlantic, investors are experiencing a very different atmosphere. As the earnings season progresses, it is very […]

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Quarterly Outlook

AN ELECTRIFYING SEQUENCE

“The difference between God and Larry Ellison? God doesn’t think he’s Larry Ellison.” This quip about the founder of Oracle was used as the title of a famous biography published in 1997. Almost 30 years later, Larry Ellison, the “old-timer” of the technology sector, has shown that the octogenarian is still sprightly and capable of setting […]

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Who will be the next to go to Canossa?

The expression takes on its full meaning after Ursula von der Leyen’s visit to Donald Trump at his golf course in Turnberry, or in light of the 39% tariffs that the United States are threatening to impose on Switzerland. It is difficult to make predictions, especially about the future. Often quoted, this phrase has been […]

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