When we make our analyses of the financial markets, the departure point is always the same. We always start from the anchor point for all markets: the risk-free interest rate. It determines the valuation of shares and bonds. Let us look first at the European Central Bank (ECB). At the end of last year, there […]

In our previous newsletter, we informed you about the recalibration of our strategy following the war in Ukraine: international diversification, protection against inflation and active management. In fact, this meant a continuation of the strategy we had already embarked on in early 2020 when the corona crisis broke out, but with an even stronger conviction […]

Exactly two years ago, we were all together in the first general lockdown of our lives. Business almost came to a standstill, and the expectations were that the economic damage would be incalculable. However, the rapid response of both governments (fiscal stimulus) and central bankers (monetary stimulus) ensured that confidence in financial markets was quickly […]

Given the current turbulence in the financial markets, we believe it is important to let you know how we are dealing with the effects of this event in our investments. It must have been a very unpleasant awakening for European political leaders. They completely misjudged the developments that led to the Russian invasion of Ukraine. […]

“Buy on the sound of cannons, sell on the sound of trumpets.” We owe this wise and winged investor’s phrase to the legendary financier Nathan Rothschild, who, according to tradition, made a fortune during the Napoleonic Wars. With the phrase, Rothschild is suggesting that the beginning of a war is a good time to buy […]

As usual, this period provides an opportunity to reflect on what has been another eventful year. The year 2021 was largely back in full swing, thanks to the various major efforts and decisions made worldwide. 2021 was also the year of confirmation of our investment strategy, which we had rolled out in the second quarter […]