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Yesterday’s US inflation figures provided another reminder that inflation remains a concern, and so does the outlook for interest rates. As the chart illustrates, the upward trend in US Treasury yields remains intact. Bonds are becoming increasingly attractive, but expecting a rapid and sustained decline in interest rates appears premature. We continue to view this … Continued

Last week’s volatility, particularly in technology stocks, has once again raised questions about valuations, the sustainability of the AI boom and the direction of equity markets. A good moment to put things into perspective. The chart tells a remarkable story. More than 30 years of S&P 500 returns, including the dot-com bubble, the financial crisis, … Continued

Stock markets remain close to their all-time highs. The S&P 500 is only 1.11% below its October 6 record, while the STOXX Europe 600 is just 2.85% below its August 7 peak (Wednesday close ). But looking under the hood tells a very different story. In the US, 56.3% of S&P 500 constituents (283 out … Continued

As the Germans say, “Politische Börsen haben kurze Beine” — political stock markets have short legs. While investors are closely watching US politics, history offers a useful reminder. Peter Mallouk ’s chart shows that $10,000 invested in the S&;P 500 in 1953 would have grown to over $26 million by October 2026 if invested throughout … Continued

Peter Mallouk of Creative Planning shared an interesting reminder of what equity investing actually looks like over time. Since 1950, the S&P 500 has suffered an average intra-year drawdown of 13.6%. Yet over the same period, the average annual return was +11.7%. In many years, investors had to live through corrections of 10%, 15% or … Continued

We all remember the efficient frontier from business school. Harry Markowitz, who received the Nobel Memorial Prize in Economics in 1990 for his work on portfolio theory, formalised a powerful idea: combining assets that are less correlated can improve the risk/return profile of a portfolio. Diversification can therefore reduce overall portfolio risk without necessarily sacrificing … Continued

Two months ago, the debate around US equities was dominated by stretched valuations and seemingly unstoppable momentum in AI and semiconductor stocks. Since then, the headline indices have remained remarkably resilient, with the S&P 500 still close to its June record. Beneath the surface, however, the picture has changed materially: the Philadelphia Semiconductor Index has … Continued

European Capital Partners is pleased to announce the appointment of Yves Courtois as Chairman of its Board of Directors. This appointment reinforces the firm’s governance and supports its growth ambitions across its three business lines: Wealth Management, Asset Servicing, and Asset Management. Yves Courtois is a recognized authority in financial advisory. As former Partner, Head … Continued

Double relief for equity markets. First, oil prices are now back close to pre-war levels. The initial agreement to end the war with Iran has eased fears around energy supply, and tanker traffic through the Strait of Hormuz is gradually normalizing. Even if more difficult discussions still lie ahead, notably around Iran’s nuclear program and … Continued

The Vanguard S&P 500 ETF has just become the first ETF in history to reach $1 trillion in assets. This milestone reflects a much broader trend in the US fund industry: passive investing continues to gain market share from active management. In 2025, passive funds represented around 55% of US mutual fund and ETF assets. … Continued