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For bond investors, the sun rises (again) in the East

What a great weekend for Italian sport! Italy won 3-1 against France in Paris in the Nations League with an amazing comeback, while Jannik Sinner became the first Italian man to win the US tennis open title. Speaking about comeback and first time, bond investors may eventually consider Japan Government Bonds (JGBs) too… First of […]

Subjects that upset

Among the subjects that could make people angry, we can obviously mention politics when opinions become divisive, threatening friendships and even families; sport sometimes when one’s favorite club (in my case Cagliari Calcio) loses stupidly 1-0 to Lecce having played 11 against 10 for half-time and having had plenty of chances, or when the rivalry between […]

Much Ado About Nothing

“The time has come for [monetary] policy to adjust” according to Jerome Powell during its speech at Jackson Hole last Friday, opening the door for a rate cut in September. The main uncertainty remains the path of these incoming cuts: gradually in case of a soft landing (and somewhat sticky services inflation) -our base case […]

Back to school, back to Goldilocks

Nine weeks later, summer is ending, kids headed back to school yesterday in Geneva and Italy Serie A 2024/25 season just kicked-off with a good draw of Cagliari Calcio vs. Roma… The last time I hit the send button for this letter on June 17th, S&P500 was at 5’473 (or circa -1% below last Friday […]

Cocorico dependent

France is currently drawing a lot of worldwide attention from both sports commentators, with the entry of the “onze de France” into the Euro foot tonight and the incoming Olympic games in Paris, and investors with French political uncertainties weighing on sentiment after French President Macron called a snap election. As a result, European equity […]

Victory belongs to the most tenacious

Last week, my column was devoted to the virtue of patience and the many similarities between sport and the financial markets, including the importance of uncertainty and how to manage it in both with predictions and strategies. I concluded with a reminder of our scenario for inflation and rates leading to a cautious stance on […]

Patience is definitively a virtue

For those of you who read me regularly, you all know my passion for sports and financial markets. For sure, I would have preferred to make a living from my first passion, but the bar is certainly less high in the second. Anyway, I can’t complain because there are many similarities between the two, which […]

No Recession, No Cry

So far, so good this year for both the economy and financials markets with, cherry on the cake, a happy end for my favorite Italian soccer club as the Cagliari Calcio saved itself courageously from the relegation in Serie B. While investors haven’t had (yet) any reasons to cry, there were some tears on the […]

Inspiration’s breakdown

After spending a wonderful week’s vacation in sunny Ibiza, enjoying both the beautiful scenery during the day and the vibrant electronic scene in the evening, it’s a bit hard to get back to work this morning… And I’m not even talking about the slap, or rather the “quasi-Manita”, that Cagliari received this weekend against Milan […]

Money time!

While money never sleeps on Wall Street, there are also special times, when every action can pay off. You are getting close to the final outcome, the stakes are uncertain, your hands get sweaty and the pressure is on. It’s in moments like these that great players reveal themselves and take responsibility, when every action […]