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Have a break, have a chocolate!

Some like it hot, others dark & bitter, white & crunchy, or plain & milky. But one thing is for sure: Nine out of ten people like chocolate. The tenth person always lies! Did you know that global chocolate consumption reached 29 million tons in 2024, for an average 1,3 kilogram per capita? And that […]

Tech Lending: from concept to investment

Unlike classic corporate credit, tech lending requires specialist expertise. Opportunities are often complex, highly bespoke, and outside the reach of traditional banks. Investors typically access this segment through niche private credit managers (GPs) with deep sector knowledge, structuring skills, and active monitoring capabilities. Who are the key players ? These GPs are the gateways to the […]

The last (or the smallest) could be the first

Who would have thought it? After four matchdays, Cagliari Calcio is sitting in seventh place in Serie A following its 2-1 victory over Lecce at the weekend. It may not last, but it proves that smaller, less popular teams can spring surprises and outperform the big clubs that dominate the headlines. The same is true […]

From Angelism to Realism: Europe Rediscovers its Defense Industry

Written by Roberto Magnatantini – Thematic Fund Manager, DECALIA SA When reading an article on the theme of war, one generally comes across a quote from Sun Tzu, Machiavelli, or Clausewitz. Yet nothing seems to summarize Europe’s current situation as well as Pierre Desproges’ quip: “I don’t have cancer, I’ll never get it, because I’m […]

Back to the future

Gold just broke above $3’600 this morning, a new record high. In the same time, worries over government debt sustainability, geo-political instability, central bank’s independence and inflation are broadening out. For sure, the US holds the upper hand, not only because it’s the largest market accumulating all these flaws but also because the policies of […]

Asset-Based Lending

Unlocking Value in Private Markets In today’s private markets, asset-backed financing (ABF) has emerged as one of the most dynamic and compelling investment opportunities. By lending against tangible or contractual assets, investors can achieve attractive returns with strong downside protection, often in areas where traditional banks are absent. This differs substantially from a classic corporate […]

Allo Bercy we have a problem

While Cagliari Calcio is already slowly sinking into the lower reaches of Serie A following its last minute 0-1 honorable defeat against Napoli this weekend, another negative trend is currently causing me much more concern as a bond portfolio manager. This is, of course, the deterioration in French public finances, highlighted by the political instability […]

The not-so-rare earths: availability, challenges and strategic relevance

Amid the fast-evolving global geopolitical landscape, with a focus both on securing supply chains and boosting defence capabilities, rare earths are gaining in importance – and investor interest. What exactly are they, why are they critical, are they truly so rare, and can China’s dominance be challenged: these are the questions that we intend to […]

Counting your chickens before they hatch

And here we go again for a new Italian Serie A championship with my favorite team, Cagliari Calcio, which kicked off with a good performance and a 1-1 draw at home against Fiorentina last night. If the championship ended there, Cagliari would be safe from relegation – which would be more than enough to make […]