07/06/2026 Weekly analysis
This week, the United States celebrated the 250th anniversary of its independence. Beyond the historical symbolism, the anniversary gives us a magnificent excuse to do an exercise that investors perform far too infrequently: to stop looking at the last week, the latest inflation data or the next Federal Reserve meeting and to broaden the time horizon.
Podcast
07/02/26 Monthly analysis
Investors have started to rotate out of certain technology stocks, and the market is beginning to demand results where before expectations were enough.
06/29/2026 Weekly analysis
The big question surrounding artificial intelligence is not only which jobs will disappear, which companies will win, or how much productivity will increase. The truly important question is who will capture that productivity. Because a technological revolution doesn't just transform the way we produce; It also transforms the way in which the wealth generated by that production is distributed.
06/22/2026 Weekly analysis
Over the past few years, markets have become accustomed to an extraordinarily predictable Federal Reserve. Monetary policy decisions could be anticipated months in advance thanks to increasingly detailed communication and explicit guidance on the future direction of interest rates. Kevin Warsh's first meeting as head of the institution suggests that this era may be coming to an end.
06/15/2026 Weekly analysis
SpaceX's IPO wasn't just the biggest IPO in history. It's probably been the most significant event for capital markets since the beginning of the massive investment cycle in artificial intelligence.
06/08/2026 Weekly analysis
Markets are entering the new week following a correction that has helped ease some of the elevated complacency that had built up over recent months. The main development in recent days has been the significant sector rotation within global equities, with capital flowing out of segments most directly linked to artificial intelligence and into more traditional and defensive sectors.
Podcast
06/02/26 Monthly analysis
The month in which markets decided to look more to data centers than to battlefields.
06/01/2026 Weekly analysis
The fact that the S&P 500 has already reached its 22nd all-time high of the year, accumulated a revaluation of close to 20% since the lows of March and chained nine consecutive weeks of advances constitutes a statistically extraordinary phenomenon. In almost a century of history, the US stock market has only recorded longer weekly streaks on four occasions, the last of them more than 40 years ago.
05/25/2026 Weekly analysis
One of the most interesting phenomena of the current economic cycle is that a growing part of the global economy is beginning to behave much less sensitively than usual to rising prices, interest rates hikes and geopolitical uncertainty. Traditionally, an energy crisis accompanied by a sharp tightening of financial conditions would have caused a much more intense slowdown in consumption, investment and economic activity. However, that is not happening —or at least not with the usual intensity— at the present time.
05/18/2026 Weekly analysis
Over the past few weeks, financial markets have been dealing with a rather unusual situation. On the one hand, there was an open war in the Middle East, the Strait of Hormuz was blocked, and oil was clearly trading above $100 a barrel. On the other, stock markets kept hitting record highs, especially in the United States, as if all of that were merely temporary noise with no real ability to alter the macroeconomic outlook.
However, the April inflation data in the United States provided a pretty serious wake-up call for investors.
05/11/2026 Weekly analysis
For decades, much of the economic and financial consensus assumed that the world was moving towards a leaner, more digital economy that was less dependent on traditional industrial structures. Globalization, the internet and the dominance of software seemed to point toward a model where value would increasingly reside in data, platforms and intangible assets, while industrial capacity lost relative relevance compared to efficiency, human capital and technological innovation. However, the events of recent years are rapidly dismantling that view.
Podcast
05/06/25 Monthly analysis
We analyze what drives this strength and why keeping emotions in check remains key when investing.
05/04/2026 Weekly analysis
If there is one group that will experience the artificial intelligence revolution with particular intensity, it is young people, who are facing a radical shift in the way human capital has been built up over the centuries.
04/27/2026 Weekly analysis
The divergence we are seeing within global stock markets is as striking as it is revealing. We are not facing a market that rises or falls uniformly, but a market that is beginning to fracture: technology is advancing rapidly, while the rest of the sectors are feeling the impact of the Iran war.
04/20/2026 Weekly analysis
The adage "stock markets tend to go up by the stairs and down by the elevator" is widely used in the investment industry. It makes sense: The increases are built up gradually, as macroeconomic data supports a favorable cyclical situation and corporate profits materialize. However, when an unexpected and potentially systemic event occurs, risk premiums react violently, and the market does not hesitate to "take the elevator" down.
Álvaro Manteca
Áxel Cardin
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