Category: DAILY INSTAGRAPH

In our Q3 house-view that is just out, one of the key investment themes we highlight for investors going forward is (geo)political risk. After the new Labour PM moving into Downing Street 10 and now the leftist popular front winning the 2nd round of the parliamentary elections, political risks crystallized quicker than expected in both … Continued

Cisco Systems reached its peak as the most valuable company in the world during the dot-com bubble in March 2000, with a market capitalization of $548 billion, equivalent to 5.5% of the US GDP at the time. However, Cisco’s stock price subsequently plummeted by 89% over the following two-and-a-half years and, even 24 years later, … Continued

The U.S. economy is embracing artificial intelligence at an unprecedented speed. According to the BIS Annual Report 2024, over one-third of U.S. households adopted ChatGPT within a year, surpassing the adoption rates of previous technologies such as electricity, the internet, smartphones, and social media. Additionally, more than 75% of white-collar workers in the U.S. are … Continued

The ten largest US companies, predominantly Big Tech, now constitute nearly one-third of the US equities market capitalization—a concentration of market power previously unseen. Big Tech’s dominance is supported by substantial competitive moats, including network effects, data acquisition advantages, advanced technical capabilities, strong balance sheets to fund new ventures, and the ability to acquire and … Continued

Emmanuel Macron will likely be remembered as a high-stakes political gambler who risked his own legacy by opening the door to the far right in France. The first round of the legislative elections has shown a clear outcome: both the far right and the far left have cornered Macron’s ‘Ensemble’. The only glimmer of hope … Continued

The semiconductor ETF, which includes companies such as NVIDIA, Taiwan Semiconductor, Broadcom, Qualcomm, and Texas Instruments, has outperformed the Nasdaq 100 ETF (QQQ) by 45% or three standard deviations based on 1-year trailing relative returns. This significant outperformance against the technology sector is a rare occurrence, having only happened twice in the past 20 years. … Continued

One of Benjamin Graham’s most renowned quotes captures the essence of value investing: “In the short run, markets are a voting machine, in the long term a weighing machine.” This concept was vividly illustrated recently with the dramatic fluctuations in NVIDIA’s stock price. In just three trading days, NVIDIA shed $600 billion in market capitalization, … Continued

Since Benjamin Graham, often hailed as the father of value investing, successfully pioneered his net-net value strategies in the 1930s, value investing has, on average, outperformed growth investing by 4.9% over 10 year rolling periods over the past century. Only twice since the thirties have growth stocks surpassed value over a ten-year rolling periods: during … Continued

This is a stark reminder to all those who believe that things are not constantly in flux. For several decades, China was considered the manufacturing hub of the world, competing with its low labour costs while much of the value-added and profitable intellectual work was done in Europe and the US. However, China has since … Continued

If you were to observe Earth from space, you might be astounded by the hypocrisy of our environmental claims. Despite global pledges to reduce emissions, coal consumption continues to rise, driven primarily by Asian economies, especially China. Many of the Chinese products we purchase in Europe, including electric vehicles, carry a significant environmental footprint. While … Continued