November 17th, 2025 Thoughts of the week Investors have started questioning, and rightly so, the economics of the relentless spending on AI (infrastructure and software)  and for the older generation, memories of the 1999 bubble have inevitably resurfaced. The ultra-bulls will say that we are more closer to 1996 when the bubble had just started forming and the internet started presenting itself to the mass populations. Hence, they claim, we still got a few years of a strong r

November 10th, 2025 We copied the title from our newsletter two weeks ago, referring to Gold at that time . The reason is that the US Technology sector fell 4%, which is the worst weekly performance since the April sell-off. This negative performance was not the product of any bad news or developments for the sector, on the contrary, market darlings like AMD and Palantir announced solid results but still sold off. We point out this significant underperformance of the Tech se

November 3rd, 2025 The last two months of the year are usually the best for equities. Traditionally it is the time of the year where portfolio managers start to window-dress their portfolios and hedge funds as well as banks' trading desks are trying to boost performance, since the 30th November is for many of them their fiscal year-end, when performance fees and bonuses will be calculated. Also in November, most of the 3rd quarter results have already been announced, so the p

October 27th, 2025 It is not common for Gold prices to fall almost 10% in just a few days. Actually it is very very rare and one has to go back to March 2008 to find a similar occurrence, which is when the great financial crisis and the collapse of major US banks was brewing. We are definitely not implying that last week's drop is a similar omen of what could happen six months from now, as the sell-off appears to be a natural evolution of an asset whose prices started going p

October 20th, 2025 Americans have some unique characteristics, one of which is their propensity to create acronyms for phrases which then become formal. In this week's newsletter we are not interested in the LOL (laughing-out-loud) or the OMG (oh-my-god) acronyms, but we will focus on the BTD (buy-the-dip), which means use every correction in an asset to add to positions. This is typical of a bull market, especially one that is also driven by FOMO (fear-of-missing-out). Inve

October 13th, 2025 What a week it was . From a humanitarian aspect it was a relief to see Israel and Hamas agreeing a peace deal,...