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The Italian index has not made its revolution

17 September 2021

All time low! If we look at the price-to-earnings ratio (PER), the equity Italian index looks extreme since its discount against the Eurostoxx 50 index is at its lowest. This is striking enough given that we are neither in 2009 during the financial crisis, nor in 2012 during the public debt crisis in the euro […]

Equity Market: the US vs. The Rest of the World

13 September 2021

FACTS Equity valuation has always been a well commented subject in our industry. The notion of fundamental value is dear to many investors who refuse to believe that the equity markets can be just a casino. Historically, we see that equity valuation ratios move quite erratically. With a macro approach we find variables with more […]

Residential construction: different dynamics depending on the country

8 September 2021

This graphic is one of our favorites. He tells a lot of stories. It shows the evolution of housing starts in 3 very different countries. We normalized these data by the labor force size in order to make relevant the comparison between the series. The real estate bubble of the 2000s in Spain impresses with […]

INVESTMENT OUTLOOK Q3 2021

27 July 2021

An exceptional microeconomic performance in a very buoyant macroeconomic context: or how to explain this incredible stock market behaviour. The investment risk changes: the economic risk decreases but the positioning risk increases. What can we expect for the coming months, is it too late to get exposure to the winning themes, what are the real […]

Paris and the provinces

7 July 2021

A before and an after? To what extent the health crisis has changed habits? Is there a future for the seasonal flu? Will teleworking employees come back to the office? Will the real estate price gap between Paris and the provinces narrow? We will not provide any answer to the aforementioned questions because it goes […]

Is the sky the limit?

24 June 2021

We can question the fundamental value of certain goods like copper, the bitcoin or an Empire-era semainier. The problem with these three assets is that they do not detached dividends, so it is difficult to value them from a financial point of view. Their value lies in the utility they provide and their price is […]

A two-speed Europe

9 June 2021

The theme of a “two-speed Europe” is now ten years old. It was born in the aftermath of the 2008 financial crisis on the observation that the countries of the South had more difficulty to recover. The climax was reached in 2012 with the euro crisis. The extent of the divergence between “central” and “peripheral” […]

Public money: origin and transmission

31 May 2021

REMINDER OF ECONOMIC AGGREGATES The management of the sanitary crisis has led to an unprecedented deployment of public money. We will see what are the transmission channels between monetary authorities, governments and private economic agents. Before starting, it seems necessary to recontextualize the amounts at stake. To hear that the public debt in France exceeds […]

The dividends in Europe: 15 years for nothing

21 May 2021

Many economists are worried about Europe. With an adverse demographic trend and a lack of leadership in the technological field, Europe seems doomed to a tragic fate of economic stagnation and public debt. The most pessimistic speak of the Japanification of the economy in the sense that Japan already has these two unenviable characteristics. The […]

What’s wrong with the earnings season

17 May 2021

THE GAME FOR LISTED COMPANIES: EXCEED EXPECTATIONS AT THE EARNINGS SEASON Investor relations officers of listed companies have long understood the value of positively surprising investors when earnings are released. By creating a positive shock to expectations, the stock price is likely to react positively. So, the game is no longer to publish good results, […]

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