February 9th, 2026 Thoughts of the Week Not a week passes without AI dominating the news. And this is normal, as many analysts have expressed the view that the impact of the AI revolution on the everyday life of the average person could be as significant as the internet was in the early 2000s. The world in 2023 woke up to this new reality with the launch of ChatGPT and during these three years the developments have been evolving at "light-year" speeds. The deployment of AI in

February 2nd, 2026 Thoughts of the Week A volatile week finished with a bang. An engineer by education, I cannot help it thinking about tipping points of unstable structures or systems. There is the amazing concept of entropy, the natural process towards a disordered state, which is exactly how our universe (unfortunately) evolves. Think of a super clean room (a low entropy system) which is destined to be messier and dirtier when people start living in it ( higher entropy). A

January 26, 2026 Thoughts of the Week The Americans love acronyms and last year they came up with TACO: Trump Always Chickens Out. This was dubbed after a severe sell-off in US financial assets caused panic among his administration and his voters, and he eventually had to back down from the extreme tariffs he had announced. At this point, I will make the bold prediction that this word will evolve into a commonly used verb in the immediate future, in the same sense that we goo

January 19, 2026 Thoughts of the Week The world is becoming increasingly more volatile and President Trump more aggressive . His first year was all about tariffs. His second year has started with a clear willingness to demonstrate power (and use tariffs...) And although the "James Bond like" kidnapping of Venezuela's dictator was cautiously celebrated by most western leaders, Trump's aggression towards Greenland has raised eyebrows in Europe and beyond. Last but not least, t

January 12, 2026 Thoughts of the Week Maybe we should not have chosen a casino photo for an investments related newsletter. But I will try to explain the rationale. First, some healthy gambling among friends-and-family always takes place during the New Year's holidays, at least where I come from, and hence I did not want to be totally out of fashion. And for sure, some parts of the financial markets have started behaving like casinos, attracting speculators and gamblers for t

December 15th, 2025 Please note that this will be the last weekly newsletter until January 12th. We take the opportunity to wish our readers a warm holiday season and a healthy & prosperous New Year ! Thoughts of the Week It is that time of the year again, when we bring the crystal ball out. In 2025, we had a few non-consensus thoughts that proved correct. In mid-December of last year, we talked about a potential big drop in the dollar and that China/Hong Kong could outpace