•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 […]
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.
