Last month’s powerful rotation away from defensives into risk/ value/ cyclicals has shaken up sectors’ upside potentials quite substantially. Here is a summary view of where the upside potential by…

With a market cap about to overtake the €300bn mark, Nestle has become an issue for European equity markets. Nestle trades at 25.5x, presumably still an acceptable P/E. The issue…

In early 2018, we warned investors (see our presentation “_Reflation trade and other myths_”) that the reflation trade behind the banking sector’s recovery was misplaced and that Spanish banks were…

Institutional money’s latest fad after a crowded drive for infrastructure assets is to pile up again into private equity. There is ever more money flowing in on dubious TRI promises…

Additional gas supply coming from the US distorts an already tight summer market. Norway and Russia are not inclined to let go market share, leading gas spot prices to reach…

The Blockchain’s latest invention, namely stable-coins, have attracted several comments notably on the disruption risk for the banking industry. We believe that these comments are largely misplaced. According to well-informed…

The relative strength in European equity indices must be taken with a large pinch of salt. On both 15 and 16/05, we marvelled about the extreme concentration of market performance…

– Q1 19 results were decent on the P&L front – Volumes, prices and savings have helped – However, cash consumption thus net debt still a worry – Management reaffirmed…

Since the beginning of 2019, global iron ore markets have been rattled by oneafter-another supply-side issues. As a result, the key steel-making input is inching close to five-year highs. While…

Alcon will be listed on the SIX Swiss Exchange and the NYSE on 9 April 2019. All Novartis shareholders will get one Alcon share for the five Novartis shares held….