Despite the covid crisis, the stock market is again trading near all-time highs, especially the tech stocks. Valuations are rich, in particular for the NASDAQ which is trading at a price-multiple earnings of 40. When valuations reach levels which are...

Ray Dalio’s optimistic call has recently drawn the attention to gold in view of the strong record of this investor and of his hedge fund Bridgewater Capital. Since the dawn of humanity gold has fascinated man with a universal appeal. It...

2019 has so far proven another good year for the financial markets. Since the big financial crisis of 2008 markets have moved most of the time up. This is in spite of a macro environment with considerable tensions and headlines...

On March 27, 2019 the US Yield Curve inversed. More precisely the spread between the 10- years and the 3-months Treasuries. This event generated many alarming headlines and is significant. The yield curve is one of the most closely followed...

2018 was an exceptionally challenging year for international investors. In some respects it has proven even more challenging than the big financial crisis of 2008. During the financial crisis some asset classes still managed to generate appreciable returns, particularly US...

One of the most striking aspects of the global economy is how complex it is and how it is influenced by an immense numbers of parameters which are often not well understood and hardly predictable. Although it incorporates mathematical tools...

The first half of 2018 has been weak for virtually all asset classes except the particularly volatile commodity sector. In equities the S&P 500 was almost flat (+1.7%) and most other equity markets were flattish or down -3% to -5%. ...

2017 ended up as another strong year in the decade long bull market. Almost all major asset classes produced excellent returns particularly the equity markets with the S&P 500 reaching a new all-time high. After so many years of strong...

If you follow financial matters and sometimes talk about this subject with others, one sentence you might have heard in the last 5-10 years was: “How can you make money when the interest in the bank is zero?” This resigned,...

The period following the big financial crisis of 2008, has been characterized by an extreme, almost abnormal level of stability for a long period of eight years. Markets have risen steadily and most of the major global economies were able...

The November surprise happened! While the world has gotten used to it in the meantime, less than two months ago the prospect of a Trump presidency looked remote. This development was unexpected to most, both to political experts and to...

In these last weeks leading to the US presidential election the actuality is dominated by the highly acrimonious and not unentertaining diatribes between the candidates. According to the polls a Clinton victory seems much likelier than a Trump win. However,...