Charles-Henry Monchau

Chief Investment Officer


  • The U.S. stock market had a strong start to 2024, with the S&P 500 experiencing its best beginning since 2019, rising by 10.2%. And this despite downward adjustments to Fed rate cut expectations, a surge in oil prices and a strong dollar. This bullish momentum, underscored by record lows in volatility, reflects a surge in investor optimism and positive earnings growth. Some of last year winners (AI, obesity drugs) continue to perform well but the market advance is broadening with reflationary sectors starting to outperform
  • In the first part of this publication, we review the top 10 stories from the past quarter. We then share the investment conclusions of our latest tactical asset allocation committee.
  • 2024 is a year of presidential election in the US. Joe Biden's administration has put in place a vast investment programme that should strengthen the United States' dominant industrial position, particularly vis-à-vis Europe. But at what cost? We compare the situation of US and Europe and the implications in terms of market preferences.
  • We then have a look at Vietnam, a country which has been classified as one of the best positioned markets in Asia-Pacific for 2024 by the Asia House Annual Outlook. This article offers a comprehensive view of Vietnam's potential and obstacles on its path to economic prosperity.
  • The last section focuses on the best performing asset class of 2023 and the first quarter of 2024: Bitcoin. How high can the price go? In this article, we attempt to answer this question using two very distinct valuation models


Charles-Henry Monchau Chief Investment Officer



This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.

Read More

Straight from the Desk

Syz the moment

Live feeds, charts, breaking stories, all day long.

Thinking out loud

Sign up for our weekly email highlighting the most popular posts.

Follow us

Thinking out loud

Investing with intelligence

Our latest research, commentary and market outlooks