Year: 2019

Our market analysis Investors now feel calm, optimistic and proud of their good decisions (any move towards increasing beta or market exposure during this year has been, to date, profitable). On the other hand, whenever investors are in pain they look back and wish they had bought protection at all…

A phenomenon is developing over which Central Banks have lost control, and they are ignoring the disastrous consequences it might have for economy. This is especially serious in Europe; the US hasn’t yet reached this point although recent rate cuts could push it to the brink of the same abyss…

Indeed, the ECB concluded –unlike the FED and the Bank of England– that the best way of confronting the crisis was to impose negative rates on deposits and to repurchase government debt until yields also become negative. In making this decision the ECB copied the Bank of Japan and the…

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Spurred by the Brexit’s leap into the dark and Central Banks’ pertinacious determination to fuel markets, US indices have once again hit maximums. Not so long ago most of the principal investment banks’ financial influencers announced, with disquieting clairvoyance, a US recession in 2020. If this prediction is still current,…

In March, investor’s nerves were again put to the test, especially those of investors who had missed part of the rally. Indices were again near maximums, although the slight improvement felt in the markets was in fact only a reflection of the more receptive attitude of two important players: the…

In February, the market rise that started late December became a rally after breaking all intermediate resistance levels that could have signaled to a bearish market. If the current market trend is not bearish, does this mean it is a bullish one? Long-term charts seem to say so, and global…

In January equity markets recouped most of December’s losses; at Altex we have gone a bit further with almost all our portfolios beating the end of November NAV: Sigma Fund Real Return (SFRR) reports a rise of +4.76% vs. a -4.42% loss in December, Sigma Fund Prudent Growth (SGPG) was…

December was the month of bugle calls and retreats. Pessimism overpowered rational data analyses and indices posted month-end falls unseen since the 2008-2009 crisis. The S&P 500 was down -9.18%, while the Nasdaq 100 and the Eurostoxx fell -8.91% and -5.41% each (the fall in Europe was lower this month…