Blog: You, us, everyone

The pandemic has emphasized that the world is experiencing a profound energy transition. The shift from fossil energy-based systems toward renewable has not only gained traction, but large parts of DM population segments adhere more and more to sophisticated renewable energy systems.



The shi…

Dynatrace is a leader in the Application Performance Monitoring (APM) segment. It proposes a single-agent model, allowing customers to monitor the performance of applications with the help of AI. The platform is being deployed as a SaaS solution (digital subscriptions, which is the fast growing ind…

Gold prices on the move!
There is good reason to be cautious on gold. Yet, longer term, the positive outlook remains intact as central banks keep a lid on interest rates.
Recently, the gold price god was penalized by higher real interest on the back of the Fed’s hawkish shift. One can expect that…

Rolls-Royce
In less than two years, shares of British aerospace giant Rolls-Royce have dropped close to 90%! COVID-19 hurt this company particularly hard. As of now, the company has a market cap of some GBP 10 billion, which makes it still very sizeable.
This is a company that's been around since…

Outlook going forward
As of now, the dominant market conversation is about tapering. In fact, the FED started to spell-out a plan to implement tapering its asset purchase program. Also, it provided hints about a possible rate hike next year.



Ever since the start of the pandemic, the FED ha…

July 2021: Top-Down View
Inflation: These days, all the attention is on inflation. That there would be a catch-up effect was clear; however, the extent of it might surprise more than just advised investors and economists. While supply-side effects are a big part of the current inflationary pressu…

Tesco bans PLA and biodegradable plastics from its sourcing materials list.
Tesco's 2020 preferred packaging list bans all compostable and PLA and biodegradable materials, as customers cannot easily recycle them. Other retailers may follow suit, acknowledging that while PLA has a part to play in s…

Veolia is the global market leader in the provision of environmental solutions to industrial and municipal clients. It is involved in the entire value chain of water (supply of drinkable water, wastewater treatment), waste management (collection, processing and energy/material recovery) and energy …

Danone's portfolio is focused on health and nutrition, with strong positions in chilled dairy, water and nutrition. It aims for 3-5% LFL sales growth and a mid-to-high teen recurring operating margin in the medium term, which we believe are credible targets.
Danone's targets, in our view, are sli…

Background 
We believe that COVID-19 will be entering the history books as a turning point in terms of an unbounded approach for central bank policies and measures taken to kick-start the economy. The manner and the persistence of the central banks’ actions to counter-act the market dislocation of…

For the time being, we consider that the most recent spike in the rate of inflation is transitory. But what if it is more than just a glitch?
The post-pandemic business cycle is indeed at full speed, and this comes with some issues such as the supply-chain bottleneck in the semiconductor busi…

Last week, markets entered the phase of consolidation and correction that had been expected to happen for quite some time now. Therefore, while we are still tilting towards growth, we are taking a more defensive stance.
While we have been witnessing the partial death of “goldilocks”, we will conti…

Costs and Benefits of Urbanization

Urbanization offers several benefits. Telecommuting and infrastructure investment offer ways to maximize them. Urbanization has both benefits and costs. In a market economy, the trade-off between benefits and costs determines the level, speed, and pace of urban…

Rising inflation fears seem to be the one of the reasons of yesterday’s correction. The bond market has lifted the five-year inflation outlook to the highest since 2006, while one of the oldest hedges, gold, is holding near three-month highs. Oil is also dropping. All of which means tomorrow’s U.S.…

Reopening: It’s all About Available Capacities


High expectations around reopening of the economy are mostly priced in by markets. This strengthens our cautious view on some sectors.  
Over the past month, different avenues to recovery were published by the major search houses. While the major…

Pinterest stock lost about 11% on Tuesday - March 27, 2021 - after the release of its earnings report for the first quarter of 2021. While the financial numbers were actually very strong, management provided fairly low guidance numbers for user growth.


The narrative was that market expect big …

Consolidated research data from major investment banks suggest that 81% of surveyed investors believe that the market is in a bubble state, in particular the ultra-growth stock segment.


But at the same time, the data suggest that the same investors stay invested and look beyond the current b…

I am in favor of a 0% tax rate!


The Biden administration put forward a proposal to almost double the capital gains tax for the richest Americans. The proposal echoed a big disapproval from private investors, Wall Street, Silicon Valley partners, and financial lobbyists geared up to influence t…

Business confidence keeps improving in the eurozone. The gap between manufacturing and services is reducing, as people are getting more confident about the reopening due to the acceleration in the vaccination campaign.


Loose financial conditions are also helping. The economic recovery in Europ…

Strong economic growth expectations will drive forward EPS expectations. We expect a figure of +20 for the EuroStoxx!
As long as these growth expectations hold true, the bull equity market is expected to continue. it will be difficult to see the end of the bull market barring exogeneous events.…