--- title: Slow food for thought | Charles-Henry Monchau, CFA, CMT, CAIA (5) description: Chief Investment Officer (5) --- [![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) #### [The balloon explosion nobody saw coming](https://blog.syzgroup.com/slow-food-for-thought/the-balloon-explosion-nobody-saw-coming) The world's most advanced technology depends on one of the universe's simplest elements, a noble gas so abundant in the universe that it ranks as the second most common element: helium. Essential for AI chips, GPUs, and semiconductors, its market is now tightening as the Iran conflict begins to disrupt global supply. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 24/03/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [The last human trade](https://blog.syzgroup.com/slow-food-for-thought/the-last-human-trade) AI agents already manage your inbox, schedule meetings, and draft reports. The next frontier? Trading autonomously, in real time, at a scale no human desk can match. Right now, an algorithm is reading macro signals, analysing sentiment, and executing positions before an analyst finishes their coffee. In modern algorithmic trading, the edge no longer lies in human instinct, it lies in systems that act before the market catches up. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 17/03/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Not the 1970s: why the oil shock is not a stagflation replay — and what it actually signals](https://blog.syzgroup.com/slow-food-for-thought/not-the-1970s-why-the-oil-shock-is-not-a-stagflation-replay-and-what-it-actually-signals) The surge in oil prices following US-Iran tensions has revived fears of stagflation. Those fears are misplaced. What markets may actually be pricing is a structural regime shift — from paper assets to real ones. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 12/03/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Ethereum and the quantum challenge](https://blog.syzgroup.com/slow-food-for-thought/ethereum-and-the-quantum-challenge) “Q-Day”, which is the day quantum computers become capable of breaking current cryptographic standards, could make even the most secure digital systems vulnerable. The Bitcoin community has been debating the threat for over a year, while Ethereum’s community appears to be taking its first cautious steps in 2026. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 10/03/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [When AI is too successful: the worrying scenario of “phantom GDP”](https://blog.syzgroup.com/slow-food-for-thought/when-ai-is-too-successful-the-worrying-scenario-of-phantom-gdp) Imagine an economy that keeps growing, companies making record profits, and markets hitting new highs, yet millions of skilled workers struggle to find jobs. AI now handles tasks that humans used to do, faster and cheaper than any employee. Productivity rises, but wages and household income lag. Growth is happening, but people are being left out. How will society adapt when success no longer depends on human work? **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 03/03/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Iran war: impact on the global economy and financial markets](https://blog.syzgroup.com/slow-food-for-thought/iran-war-impact-on-the-global-economy-and-financial-markets) Rising tensions in Iran are sending shockwaves through energy and financial markets. Global oil flows, inflation expectations, and market sentiment are all under pressure. In this climate of uncertainty, careful observation and strategic positioning are key. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 02/03/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [The end of cheap memory](https://blog.syzgroup.com/slow-food-for-thought/the-end-of-cheap-memory) Memory chips underpin every layer of the modern technology stack, yet the market that produces them has entered a period of structural constraint with no near-term resolution. The implications for companies dependent on predictable hardware access are becoming increasingly material. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 25/02/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [The SCOTUS tariff ruling](https://blog.syzgroup.com/slow-food-for-thought/the-scotus-tariff-ruling) On Friday, the Supreme Court struck down the centerpiece of President Trump’s second-term tariff agenda. But the ruling did not end the tariff push, it simply forced the administration to rely on different legal tools to keep them in place. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 24/02/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Truflation](https://blog.syzgroup.com/slow-food-for-thought/truflation) The inflation signal economists are not paying enough attention to **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 20/02/2026 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [The “Software Winter”](https://blog.syzgroup.com/slow-food-for-thought/the-software-winter) The iShares Expanded Tech-Software ETF (IGV), treated as the benchmark for the sector, has slid almost 30% from its September peak, a sharp reversal for what was considered one of the market’s safest growth franchises. Every technological cycle produces its moment of doubt. For software, that moment may be now. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau)** | 17/02/2026 [❮](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/4) [3](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/3) [4](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/4) [5](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/5) [6](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/6) [7](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/7) [❯](https://blog.syzgroup.com/slow-food-for-thought/author/charles-henry-monchau/page/6) ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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