The travel industry is on fire in this 2023 summer season. A sharp recovery in demand, record-breaking customer bookings, China’s reopening, renewed pricing power: most companies are currently enjoying margins at or above pre-pandemic levels.Beware, however, not to fully give in to the prevailing euphoria. In a world of high interest rates and slowing economic […]
On the eve of the Swiss national holiday, and after devoting my last week letter to the merits and, more importantly, the setbacks of the major economies and their currencies, it seemed obvious that we should take a closer look at Switzerland, its economy, its currency and its market. I received indeed many questions lately […]
DECALIA Market Updates by Fabrizio Quirighetti, CIO and Head of Multi-Asset Let’s start first by trying to explain the recent USD depreciation against most major currencies. It is basically due to the dollar smile phenomenon, observed about 20 years ago by Stephen Li Jen: the USD tends to outperform other currencies in two extremely different […]
DECALIA will be attending IPEM 2023 in #paris this September.Nicolo Miscioscia, Partner and Head of Private Markets 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! 🚀🚀
“We pivot to where the #opportunity lies. As credit investors, our bias is to prepare for the worst. But at times of #dislocation if you know where to look there are always segments with attractive conditions for dealmakers.”👉Read the SuperReturn article with Reji Vettasseri, Lead Portfolio Manager for Private Credit at DECALIA.
End of June, we had the honor of diving into a world of inspiring art and color at the Fame gallery in #Zurich. The “Colors from the Levant” allowed you to discover and enjoy an immersion in a captivating and artistic Levant region. Thank you to Dina Dabbas Rifai for the curation of the artworks and Thank you Fame […]
Given the media and market hype surrounding Generative Artificial Intelligence (AI) these days, let us here take a step back and adopt a more balanced view. AI is not likely to fully replace Human Intelligence (HI) but will rather enhance it, augment it, and ultimately enable it to continue to lead mankind’s innovation and evolution. […]
The current market conditions present a compelling case for increasing Small- and Mid-cap allocation. These stocks have recently underperformed larger peers by a significant margin, potentially indicating that a recession is already priced in. Moreover, their attractive valuation ratios, coupled with their historical tendency to outperform early in the economic cycle after central banks have […]
For my last weekly editorial before I go on vacation, and for a change, you’ll find below the highlights of our latest strategy meeting, which took place last week, as well as a summary of our tactical allocation changes. Like a four-handed musical score, the credit also goes to my colleague Damien Weyermann, CFA, Lead […]
