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Gold and silver are both making new highs at the same time — something we have not seen in recent history. With no major inflation surge and no obvious supply shock, the message is clear: gold is not only an asset; it is also a currency. When confidence in fiat money is questioned, real assets … Continued

The hyperscalers are extremely energy- and water-hungry. Microsoft consumes around 23,000 GWh of electricity per year — roughly the equivalent of powering Disneyland Paris 48 times for a full year. On the water side, Google uses about 24 million m³ annually, which is like filling 120 million bathtubs — almost everyone in Japan taking a … Continued

How does the US equity market look in terms of valuation compared with the peak of the Internet bubble in 2000? As each individual valuation measure has its weaknesses, this table compares 20 different metrics and therefore provides a more robust overall picture. Before jumping to conclusions, it is important to stress again that valuation, … Continued

As the year is drawing to a close, time to look at what drove European equities in 2025. On a sector level, banks have been the absolute star this year, with the STOXX 600 Banks price index up 61% year-to-date (as of 16 December), followed by utilities and construction & materials. On the negative side, … Continued

Public Notice of Intention to Terminate Marketing in Greece 08th December 2025 Published by European Capital Partners (Luxembourg) S.A. acting for • EQUES SA SICAV-RAIF, a société anonyme (S.A.) qualifying as a société d’investissement à capital variable – fonds d’investissement alternatif réservé (SICAV-RAIF), registered with the Luxembourg Business Register under number B273201, hereinafter referred to … Continued

For anyone who lived through the GFC or watched The Big Short, Michael Burry and his firm Scion Asset Management need little introduction. As one of the few who identified the looming subprime disaster and bet against it, Burry became one of the major winners of the crisis. Fast-forward to 2025: Burry is now liquidating … Continued

Yesterday, we had the pleasure of being invited by Multi Boutique Marketers (MBMs) S.A. to Munich. Our CEO/CIO Leon Kirch had the opportunity to present the SSF European Value Fund to a select group of banks, asset managers, and wealth management professionals. The Strategic Selection European Value Fund aims to preserve the shareholder’s capital and … Continued

As I sit at my breakfast table writing today’s Instagraph, I’m looking at some inflation numbers in action. In Germany, food prices have risen 38.4% since 2019. One telling example from today’s chart posted by the CIO of Syz Group: the price of a jar of Nutella has climbed from €5.06 to €7.05. Nutella is … Continued

A big thank you to everyone who joined us for the ECP Golf Cup this Monday, May 19th at the Golf-Club Grand-Ducal De Luxembourg! We were lucky with the weather, the course was in fantastic shape, and most importantly — it was a day full of great conversations and good fun. At European Capital Partners, … Continued