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 […]

Predicting Inflation

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 […]

Une impérieuse envie de voyager

En cet été 2023, l’industrie du voyage est en ébullition. Forte reprise de la demande, réservations qui battent des records, réouverture de la Chine, « pricing power » retrouvé : la majorité des sociétés affichent aujourd’hui des marges équivalentes ou meilleures qu’avant la pandémie. Attention cependant à ne pas s’abandonner totalement à l’euphorie ambiante. Dans un monde de […]

Hop Schweiz!

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 […]

The greenback may bend but it won’t break

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 […]

Do you speak finance? Journal LE TEMPS

Dans le journal Le Temps de ce jour, la chronique de Alfredo Piacentini, managing partner de DECALIA : Et si le nouvel impérialisme, contrairement à l’approche guerrière que tente encore de pratiquer Vladimir Poutine, était avant tout celui de la#culture et de la #langue ? Que ce soit dans les forums internationaux ou les couloirs des banques genevoises, l’#anglais s’est aujourd’hui imposé comme […]

DECALIA attending IPEM 2023 in Paris

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! 🚀🚀