TINA is still hanging around actually

So far, so good! Both US companies’ earnings and economy continued to defy downbeat investors’ expectations (included mine) last week. However, as I mentioned one week ago, US equity remains at risk due to its historical and relative stretched valuation, especially in case of any disappointments down on the road (weaker growth, margin compression, regional […]

In May, do what you like!

1st of May… should your humble servitor work and deliver its weekly letter? The Labor Day is an annual holiday in most countries with several markets being closed today, Switzerland included. But here in Geneva, we are working while the public sector enjoyed a day off despite the current left government has just lost its […]

Centennial edition

In this celebratory issue, we look back to all that has occurred – in financial markets and the world more generally – during the last 100 months. And, must we say, what a ride these eight and something years have been! Our first “Investment Insights” was written just weeks after the Swiss National Bank (SNB) […]

DECALIA in the top 50 IAM by Citywire Switzerland

We are delighted to announce that DECALIA has once again been selected by Citywire Switzerland in the top 50 Swiss Independent Asset Managers #2023 ranking🔥🔥! #Innovating is at the core of DECALIA’s investment #philosophy, and we are proud to be recognised for our efforts both in public and private markets.  Great teamwork!!

The calm before the storm

Markets have gone nowhere over the last few days, with equity indices, long rates and major forex crosses experiencing contained daily variations and an overall sideways trading after a strong start of the year for both equity and bond investors. That’s certainly a symptom of a lack of conviction among them about what comes next […]

LP insights: North America and Europe

Rising interest rates and the demise of Silicon Valley Bank and Credit Suisse have led to a paradigm shift in #PrivateEquity and venture capital.  Reji Vettasseri, Lead Portfolio Manager at Swiss private finance group DECALIA, believes #investors now need to to be #innovative with emerging #strategies.

Small is insightful

There are several signs that the most acute part of the US banking turmoil may be behind us: markets have rebounded, the VIX is back to its lowest level since January 2022 (17.1), the amount of bank lending from the Fed emergency lending facilities has declined, US bank deposits are increasing again after weeks of […]

For a few Yen more

Food for thoughts or spurious correlation? Japan inflation driven essentially by… food prices in Tokyo Back from the dead? Japan CPI Housing Y/Y%  BoJ inflations’ anchor, gone with the wind? Japan Consumers Inflation Expectations These trends aren’t BoJ friends Measures of Underlying Japan Inflation: Trimmed Mean CPI, Weighted Median CPI and Mode CPI Measures of […]

Bank run 101

The run on Silicon Valley Bank (SVB) happened largely online, but in essence it was no different to what generations of children have watched in Mary Poppins. When young Michael protests that he wants his tuppence back (to feed the street pigeons!), other customers question whether their own money is really “safe and sound” – […]