After an impressively strong first half of the year, markets took a breather in the third quarter. The investment community had to thoroughly rethink its future projections because of a number of fundamental and interconnected shifts in macroeconomic, monetary, (geo)political and corporate economic parameters. Let us take a moment to go through these. Economy: fasten […]

“People always overestimate the changes that will happen over the short term, and underestimate the changes that will happen over the long term” (Bill Gates) It has been a fascinating first quarter for the financial markets. Two major trends had a pronounced influence. Strong economic growth The first major trend was the surprisingly strong economic […]

The last quarter of 2023 has ensured another “grand cru” year. Many reasons can be cited for this, but let us focus on the two most important ones. First, US economic growth in the second half of 2023 was much stronger than expected. You should be aware that the companies we invest generate 50% of […]

It might seem to you that not much has happened in the past quarter about our portfolios. Actually, you should not overlook the fact that our portfolios have held up well over this period. Beneath the surface, there have been some developments that could have major consequences and we need to be prepared for them. […]

There is uncertainty but also opportunity in the financial markets. 1. Your assets are being managed at what is an uncertain time. Geopolitical developments continue to surprise, with the recent developments in Russia being the latest unexpected twist. It is impossible to predict which direction things will go in Ukraine. But even if this might […]

After a difficult 2022, the first quarter of 2023 seemed to have been all set for a recovery in the financial markets. Yet, a couple of weeks ago we received a wake-up call that reminded us of the financial crisis of 2008. Some US banks faced an old-fashioned bank run with deposits being transferred at […]