Category: Daily Instagraph

Today’s chart shows how the top 10 companies by market capitalization in the S&P 500 have evolved over the last five decades. The first striking fact: none of the leaders of 2005 remain in today’s top 10. Only Apple, Berkshire Hathaway, Microsoft and JPMorgan have survived from the 2015 list. The current top 10 is … Continued

BlackRock’s assets under management have reached a new record of 13.5 trillion USD. For reference, that’s roughly 6 times the value of the German stock market (DAX) and about 4 times the French one (CAC 40). Of course, BlackRock’s scale extends far beyond equities — the firm has seen substantial growth across fixed income and … Continued

It was not long ago that Europeans and Americans worried about China’s cheap labor. They probably still do — but the real threat has evolved. China is now a global leader in factory automation. It installs more industrial robots each year than the rest of the world combined, and its robot density has already surpassed … Continued

Equity markets sold off globally on Friday, shaken by renewed trade tensions between the United States and China. A new episode of “Truth Social diplomacy” from President Trump sent shockwaves through financial markets — with the Nasdaq down 3.5% and crypto assets tumbling amid fears of a renewed trade war. The trigger came as China … Continued

Yesterday, Ferrari’s stock fell by 15.4%, its worst day ever, after the company unveiled an updated long-term earnings guidance at its Capital Markets Day that came in below analyst expectations. We find the market reaction somewhat intriguing for several reasons. The forecast in question concerns 2030, which is still five years away. Ferrari is, in … Continued

As of September 30th, 2025 has been a year where tech companies with no revenues or profits have outperformed almost everything else. The US market has become increasingly dominated by such speculative names, while profitable businesses lag behind. At European Capital Partners, we stay disciplined. Over time, it’s earnings and valuations that drive returns — … Continued

European Capital Partners was on roadshow in Munich yesterday, meeting institutional investors to present our European Value Strategy. One discussion point stood out: how our investment philosophy has evolved over the past two decades to navigate Europe’s structural and economic headwinds. Several participants voiced concerns about Europe’s competitiveness — not only France’s current malaise but … Continued

Since Lecornu’s appointment last month, France’s credit rating has been downgraded by two agencies amid concerns that political paralysis will block any fiscal repair. Moody’s will update its assessment on October 24. Recent indicators suggest that uncertainty is already weighing on the broader economy as households and companies postpone spending and investment. Politically, Macron is … Continued

The market capitalization of NVIDIA now exceeds that of all the world’s major pharmaceutical companies combined. If we think this through, equity investors should ideally allocate more capital to innovative pharma companies — to ensure the continued development of new drugs and the high-quality production of these treatments. Pharma companies are rewarded for their R&D … Continued

Amidst the (geo)political noise, much has been said this year about the “end of US exceptionalism” and rising appetite for equities elsewhere, notably Europe. Yet reality tells a different story. 2025 so far has been a two-step: early-year diversification away from the US — which benefited Europe to some extent — followed by a strong … Continued