While China is facing structural risks from the 3Ds of Debt, Demographics and Deflation as recently coined by Morgan Stanley, the macro backdrop could be defined as CCC with economic data sending Confusing and somewhat Contradictory messages in an overall still Challenging context. Let’s take the latest US data released on Friday. Beyond the upside […]
Beneath the majestic sweep of an airplane’s wings lies a world of contradictions. For the excitement of discovering new destinations often also entails guilt about the carbon footprint that such travel leaves. What if we could ease this conflict and find a way to balance our desire to fly with that of taking care of […]
In general, seasoned investors are wary when they hear or read somewhere that “this time is different”. Interestingly, there have been plenty of articles in the financial press lately about China turning eventually Japanese. With weakening growth and inflation already nearing 0%, the current 2nd largest world economy seems indeed on the brink of experiencing […]
Join us at IPEM 2023 in #paris this September!Nicolo Miscioscia, Partner and Head of Private Markets at DECALIA will join the panel “How do you run a successful emerging manager program?”.Come and meet Nicolo Miscioscia, Rafaella Ostier, Business Development and Franco Maria Facecchia, Private Markets.See you in Paris! 🚀🚀
When this letter will hit your screen, I will be in Turin… waiting impatiently for the official return of Cagliari Calcio in Italian Serie A with its first season’s game at 18h30 at Torino’s Olympic Stadium. At this stage, I can still dream about glorious victories and a more than honorable ranking by end of […]
•Novo Nordisk’s “SELECT” study released ground-breaking results last week. •The study demonstrated that Wegovy, a GLP-1 anti-obesity drug, reduces severe cardiovascular risk by 20% for non-diabetic obese patients. •This was seen as a best-case scenario, boosting confidence in Novo and Eli Lilly in particular as it paves the way for public and private payer coverage, […]
One of the most interesting aspects of the markets since the start of the year has been that investors have been caught completely off-guard. Your scribe included. Actually, it has been completely upside down compared to the consensus expectations and positioning that prevailed in January: underweight in equities, long China on re-opening narrative, negative techno-long […]
On inflation there has recently been a mea culpa by some major central banks. In the current economic situation, which indicators (including unconventional ones) can be considered most valid for predicting inflation? “Prediction is very difficult, especially if it’s about the future!” (Niels Bohr) and even more for inflation nowadays. Like many other key variables, […]
After the Barbie movie, it’s time for the Teenage Mutant Ninja Turtles to hit the big screen with their “Cowabunga” rallying cry, which by the way may also mean astonishment or stupor; has been adopted by surfers as a declaration of enthusiasm or exhilaration; or can be used for a battle cry. So, in the […]
