With no major economic data coming out of the US due to the ongoing US government shutdown, the earnings season kicking off this week takes on particular importance in these circumstances. What can we expect and what should we be watching for? The consensus expects S&P500 earnings grew 6% yoy in Q3-2025 Economic Calendar Without […]
The tug-of-war that has played out for several months, under the spotlight of the media, between the President of the United States and his counterpart at the Federal Reserve, goes far beyond the near-term trajectory of U.S. policy rates. It questions the very role of a central bank and the importance of its independence from […]
After a week’s vacation, I’m back at the office. Although quite a lot has happened in recent days, including the US government shutdown, the strong rebound in the pharmaceutical sector (big sentiment relief after the deal between Pfizer and US administration), the resignation of the French prime minister, and the unexpected victory of a woman […]
Geopolitics, AI, unmanned systems, the defense sector is undergoing a transformation and the so-called “defense super-cycle” is just beginning. In his latest piece, Roberto Magnatantini, CFA takes us through the key drivers, risks, and opportunity zones.
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 […]
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 […]
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 […]
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 […]
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 […]
