Category: Daily Instagraph

European defence stocks were again on fire yesterday after the Selensky/Trump clash over the weekend. As per Monday market close, share prices of the main defence companies are up this year between a stunning 40% for BAE Systems and 86% for Rheinmetall. The stock price of the latter is up 14 times over the last … Continued

The U.S. President imposes tariffs to shrink the trade deficit and encourage Americans to buy domestic products. The outcome? The U.S. trade deficit for goods surged to a record $153 billion in January 2025. Surprised? Not really—U.S. buyers are rushing to import foreign goods before the tariffs take effect. The likely next steps: a slowdown … Continued

Since Trump’s election, U.S. equities have lagged behind their international counterparts. While we leave politics to the politicians, it’s undeniable that political decisions—such as tariffs, global trade policies —impact the economy. So far in 2025, the S&P 500 has dipped 0.34%, while the MSCI Europe has surged 10.2%. The most speculative trades of the year … Continued

In strong bull markets like the one we have been experiencing, a toxic combination inevitably emerges. Driven by greed, new “innovative” products are designed, blending speculation with leverage. When markets take a downturn, the resulting wealth destruction can be devastating for investors. A clear example: over just three negative trading sessions leading up to the … Continued

A play on the German Mittelstand: the likely coalition between Merz and SPD as junior partner could get Germany out of the economic inertia. This could lead to a more growth-oriented agenda in Germany and address some structural issues in the economy. We believe one way to reflect this renewed hope is investing in Germany’s … Continued

Berkshire Hathaway delivered a standout performance in 2024, reporting a net profit of $90 billion, a $3 billion stock repurchase, and a 15% segment margin—up 3 percentage points year-over-year—along with $53 billion in unrealized investment gains. In the fourth quarter, operating earnings surged 71% to $14.5 billion, fueled by a 48% jump in insurance investment … Continued

One last thought before the weekend—no need for lengthy explanations this time. The cover of The Economist says it all: NATO, the transatlantic defense alliance, is under serious strain, and Europe is increasingly on its own. This moment feels like a final wake-up call for Europe to unite if it wants to remain relevant—economically, politically, … Continued

European equities have outperformed their U.S. counterparts since the start of the year, and this trend isn’t just driven by market sentiment, as illustrated in today’s graph. For the first time in two years, analysts have begun revising earnings forecasts for European companies upwards relative to their U.S. peers (white line). While the shift is … Continued

European defence stocks continue their strong rally as governments prepare for increased military spending. The Goldman Sachs European Defense basket reached a record high, reflecting growing investor confidence in the sector. We own Dassault Aviation, the producer of the Rafale fighters, as a 3.2% position in our European Value Fund and believe it still offers … Continued

European equities are still trading at a record valuation discount relative to the U.S., and history shows that when valuation gaps stretch too far, they don’t stay that way forever—the rubber band eventually snaps back, the problem is to know when. Add to that a more aggressive ECB easing cycle, a potential resolution in the … Continued