INVESTMENT OUTLOOK Q3 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 opportunities?
To find out, see our economic and financial outlook for the third quarter.
The Italian index has not made its revolution
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
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 […]