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 […]

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 […]

Not yet there… Forza Lazio tonight?

“Un mars et ça repart !”. So far, so good, indeed, especially for the Cagliari Calcio, who beat Salernitana 4-2 this weekend to jump from 19th to 14th place in the Serie A ranking. That’s not only my favorite Italian soccer club ranking that’s melting up, but also risk-on assets with the Europe Stoxx 600 closing […]

Never change a winning team

We’re currently experiencing two impressive runs of remarkable and relentless period of performances. First, the Cagliari Calcio remains on a 3 consecutive unbeaten games streak in Serie A (it won 1-0 against Empoli yesterday), whereas the S&P500 just completed a run of 16 positive weeks out of the last 18 for first time since 1971! […]


Once again devil was in the details when considering the thrilling outcome of the Super Bowl LVIII with the Kansas City Chiefs stunning the San Francisco 49ers in overtime (25-22). Be reassured (or actually not so much), there are other places where the gap is so wide that even the devil wouldn’t risk an appearance… […]

Catch me if you can!

Over the past few weeks, I have tried to show that US financial conditions may not be as restrictive as one might think, given the Fed’s swift rate hike since March 2022 (from 0.25% to 5.5% in 18 months). As a result, the US economy has proved much more resilient than expected so far. Among […]

Upside Down

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 […]