DOWNGRADING EQUITIES TO CAUTIOUS As an old adage says, Monetary policy tightening is like dynamite fishing: when the blast hits, it decimates everything in the vicinity. The small fishes rise to the surface first. But it can take some time for the whale(s) to show up. With the unwind of a major bank (Silicon Valley Bank) last week and another (Signature Bank) over the weekend, it is clear that the aftershock of the Fed's policy tightening is starting to be felt. But should we see these two banks as whales or as just being those small fishes? At this stage, it is very difficult to answer to this question. However, we believe that we have entered a new period of uncertainty which should lead to an Equity Risk Premium re-rating. As such, we are downgrading equities from positive to cautious.

In the age of digital money, a Federal popular initiative wants to anchor cash in the Swiss Constitution.

The firm from Cupertino has made further progress towards integrating a blood glucose meter into its Apple watch.

In the United States, where student debt is skyrocketing, some academics are opting for a financial advance in exchange for a percentage of their future salary for several years. This alternative investment can provide healthy returns to qualified investors.

2022 was the worst year for global equity markets since 2008 while January was the best month for stocks since 1987. Investor sentiment has thus shifted and there are a few rationales for this.

The notion of sustainable competitive advantage, put forward by Warren Buffet, is at the heart of fundamental analysis. Here is an overview.

Since November 1, Chinese equities have risen dramatically. Many macroeconomic and fundamental factors suggest that this rise could be sustained.

The U.S. federal government has reached its debt ceiling. In the wake of this, the cost of insuring against a U.S. default has jumped. Can the U.S. actually default? With what consequences for the markets?

The artificial intelligence lab that developed ChatGPT is now valued at $29 billion. How does OpenAI generate revenue? What is its business model?

2023 started with a mirror image of the trends that prevailed last year: the US dollar is weakening, bond yields are falling and stocks are rising. Are we witnessing a classical positive seasonal effect or is the improving sentiment a reflection of a macroeconomic and fundamental outlook improvement?