--- title: Slow food for thought | Charles-Henry Monchau, CFA, CMT, CAIA (11) description: Chief Investment Officer (11) --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## **Slow food** for thought Insights and research on global events shaping the markets - [All](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) - [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thought/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thought/tag/market-outlook) [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Talks of a Mar-a-Lago Accord: is a new currency deal plausible?](https://blog.syzgroup.com/slow-food-for-thought/talks-of-a-mar-a-lago-accord-is-a-new-currency-deal-plausible) In 1985, finance ministers from France, Germany, Japan, the United Kingdom, and the United States came to an agreement in the Plaza Hotel in New York City to intentionally devalue the US dollar. Could such an accord take place this year at President Trump’s Mar-a-Lago estate? **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 14/03/2025 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Spain’s surprising comeback: what’s behind it?](https://blog.syzgroup.com/slow-food-for-thought/spains-surprising-comeback-whats-behind-it) Just a decade ago, Spain was grappling with the aftermath of a severe financial crisis, high unemployment, and sluggish growth. Fast forward to 2024, and the country has emerged as one of Europe’s fastest-growing economies, outpacing major players like Germany and France. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 27/02/2025 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Dry January, dry alcohol industry](https://blog.syzgroup.com/slow-food-for-thought/dry-january-dry-alcohol-industry) This article explores what is driving the alcohol industry downturn and where the industry is headed. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 20/02/2025 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [The great gold migration](https://blog.syzgroup.com/slow-food-for-thought/the-great-gold-migration) Why is the supply of bullion in London drying up while stocks in New York are at record levels? **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 11/02/2025 [investing](https://blog.syzgroup.com/slow-food-for-thought/tag/investing) #### [FROM DEEPSEEK TO TRADE WAR](https://blog.syzgroup.com/slow-food-for-thought/from-deepseek-to-trade-war) Key takeaways  Overall, the macro & liquidity conditions are still positive for risk assets. While equity market valuations are rich, especially in the US, earnings growth momentum is accelerating, and market dynamics remain favourable. Consequently, we maintain our overweight stance on equities and underweight on bonds.  While we maintain our preference for US equities over the rest of the world, we are neutralising our stance on eurozone and emerging markets equities as the specific tariff risk seems to be already well priced in.  Within rates, we continue to favour the 1-10 years segment over long-dated bonds.  We maintain our gold and hedge funds exposure for diversification purposes. Our stance on currency (overweight dollar against major pairs except the Swiss Franc) is unchanged. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 04/02/2025 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Trump-erialism](https://blog.syzgroup.com/slow-food-for-thought/trump-erialism) During his campaign, President Donald Trump reminded the public he didn’t start any wars in first presidency and pledged the same in his second term. He even declared himself as the president who could “prevent World War III.” **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 21/01/2025 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [The year in 10 charts](https://blog.syzgroup.com/slow-food-for-thought/the-year-in-10-charts) The 2024 season is coming to an end. What an eventful year it has been: the Magnificent 7 rally, the Bitcoin halving, Tesla's Cybercab reveal, geopolitical tensions and the US election. Here are ten stories to remember. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 19/12/2024 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [10 surprises 2025](https://blog.syzgroup.com/slow-food-for-thought/10-surprises-2025) Below are the top 10 events and surprises that could impact financial markets and the global economy in the New Year. These are not forecasts, but potential macro-economic, geopolitical or market events that are not anticipated by the financial markets. We also try to assess the probability of occurrence (high, medium, low) of each of them. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 17/12/2024 [Market Outlook](https://blog.syzgroup.com/slow-food-for-thought/tag/market-outlook) #### [When will the music stop?](https://blog.syzgroup.com/slow-food-for-thought/when-will-the-music-stop) H1 2025 **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 12/12/2024 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Argentina after one year of Milei: que pasa?](https://blog.syzgroup.com/slow-food-for-thought/argentina-after-one-year-of-milei-que-pasa) Argentina's Global X MSCI ETF (ARGT) is so far the best-performing country ETF of 2024, with record inflows last week. President Javier Milei's pro-capitalist reforms may have played a role in this surge. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 03/12/2024 [❮](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/10) [9](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/9) [10](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/10) [11](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/11) [12](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/12) [13](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/13) [❯](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/12) ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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