Podcast

10/05/2026 Weekly analysis

Markets face the coming weeks from a still demanding position, although the balance of risks has improved moderately compared to last week. The global economy continues to show reasonable resilience, corporate profits maintain significant support, and the investment cycle associated with artificial intelligence and industrial sovereignty continues to provide a relevant structural engine. At the same time, two of the factors that had most recently deteriorated the financial environment —the energy crisis and the tightening of monetary expectations— have begun to offer more favorable signs.

09/28/2026 Weekly analysis

In 1994, fixed-income investors went through an experience that bears some interesting similarities to the current situation. The Federal Reserve, then chaired by Alan Greenspan, began in February a cycle of monetary tightening that was much more intense than the market expected. In just twelve months, official interest rates rose from 3% to 6%, bond yields skyrocketed, and their prices suffered such a severe correction that the episode became known as the "Great Bond Massacre".

09/14/2026 Weekly analysis

The sharp correction currently affecting global fixed-income markets is understandably causing concern among investors. Sovereign bond yields have reached levels not seen in many years: the 10-year US government bond yield is approaching 5%, the German bond with the same maturity has reached 3.5%, and long-term rates have also risen sharply in the UK, Japan and other developed markets.

09/21/2026 Weekly analysis

 In financial markets, we often equate risk with volatility. If the price of an asset fluctuates more sharply, we say it has become riskier. In fact, volatility plays a key role in the regulatory metrics used to classify the risk of investment funds offered to the public. But is that really the case?

09/07/2026 Weekly analysis

Markets are entering September in a particularly interesting position. After a very strong year for risk assets, the short term presents enough headwinds to warrant greater caution in the coming weeks. But it is important to distinguish between factors that may generate temporary volatility and those that could actually change the direction of the cycle. For now, however, we believe that the major fundamental supports that have driven markets over the past few years remain intact.

08/10/2026 Weekly analysis

In the markets we tend to assume that success involves identifying the next big trend before anyone else. However, the recent history of a well-known fund specializing in AI reminds us that, when it comes to investing, being right may not be enough.

08/31/2026 Weekly Analysis

The MSCI ACWI index, which represents global equities, hit a low of 550 points on October 12 of that year. Today, it stands above 1,150 points. In less than four years, the global stock market has more than doubled in value.
Did the world suddenly “get fixed” at that precise moment? Did everything start going right? Nothing could be further from the truth. The market began climbing the wall of worry at that point, and it hasn't stopped since. In this podcast, we'll take a journey through 10 crises that have unfolded over the past four years but have failed to derail one of the strongest sustained bull runs of the past few decades.

08/24/2026 Weekly analysis

For many years, we lived in a world where money seemed to be plentiful. Governments could borrow at extraordinarily low interest rates, companies could easily finance almost any project, and millions of families were able to take out mortgages at rates that would be hard to imagine today. In Europe, we even experienced negative interest rates: lending money to some governments meant accepting that we would get back less than we had lent. We became so accustomed to that situation that we eventually came to see it as normal. However, that era has come to an end, and it is becoming increasingly clear that those years were the real exception.

08/17/2026 Weekly analysis

Our bodies function on the basis of an energy balance. The difference between the calories we consume and the calories we expend determines, over time, how our energy reserves evolve. 
Our personal finances follow a surprisingly similar logic. The difference between what we earn and what we spend determines our ability to save and, over time, to accumulate wealth.

08/10/2026 Weekly analysis

In the markets we tend to assume that success involves identifying the next big trend before anyone else. However, the recent history of a well-known fund specializing in AI reminds us that, when it comes to investing, being right may not be enough.

08/10/2026 Weekly analysis

In the markets we tend to assume that success involves identifying the next big trend before anyone else. However, the recent history of a well-known fund specializing in AI reminds us that, when it comes to investing, being right may not be enough.

08/04/2026 Weekly analysis

In recent weeks, we have seen a number of developments that illustrate the extent to which artificial intelligence is entering a new phase. The most recent example is Nvidia, which has once again taken center stage with a new set of agreements aimed at accelerating the development of the sector.

07/27/2026 Weekly analysis

The next few days could make for one of the most important weeks of the summer for the markets. After several weeks marked by geopolitical uncertainty and doubts about the profitability of investments in AI, investors now have an opportunity to check if the main pillars that have supported the stock markets this year remain intact.

07/20/2026 Weekly analysis

The second quarter results season kicks off in Europe with expectations that we haven't seen for years. After a long period in which profit growth lagged far behind that recorded in the United States, European companies are facing this campaign with the possibility of achieving the biggest change in their earnings since the beginning of 2023.