Podcast

Podcast

05/06/25 Monthly analysis

We analyze what drives this strength and why keeping emotions in check remains key when investing.

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.

05/04/2026 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.

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.

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.

04/06/2026 Weekly analysis

Our view on risk assets remains constructive, although necessarily tempered by a highly uncertain environment in the short term.