Investment, wealth and legacy through a global lens
Investment, wealth and legacy through a global lens
Investment, wealth and legacy through a global lens
July Investment Strategy
The first half of 2026 has confirmed an environment that remains supportive for risk assets, albeit one that is less uniform and more demanding. Equities, technology, artificial intelligence, and more cyclical assets have led market performance, while fixed income has made a more limited contribution, constrained by adverse duration effects and already tight credit spreads.
The Biodiversity of Wealth. The Fragility of Perfect Systems
For decades, efficiency has been one of the great obsessions of businesses, economies, and investors. Yet history shows that the most efficient systems are not always the most resilient.
Maintain the framework, fine-tune the execution
At mid-year, the relevant question is not only whether the scenario defined at the beginning of 2026 remains valid, but also how it should be executed in a more demanding environment.
The Illusion of Diversification
For years, we have repeated that diversification reduces risk.
Yet in many sophisticated portfolios, the opposite is happening: portfolios that appear diversified, but in key moments behave like a single exposure.
May Investment Strategy
Commodities are back at the center of the analysis, with oil acting as the main transmission channel for geopolitical risk. The energy shock has reinforced an environment of more persistent inflation and higher interest rates, where high concentration in technology and a slowdown in global growth.
The Paradox of Family Consensus
In many business families, investment decisions do not fail due to a lack of information, but because of something much deeper: each generation perceives risk, time, and capital differently.
April Investment Strategy
The market environment is consolidating a regime shift, where the combination of geopolitical uncertainty, inflationary pressures, and expansionary fiscal policy limits the scope for monetary easing. The energy-related conflict introduces an upward bias to inflation and has triggered a significant adjustment in rate expectations.
The Invisible Architecture of Family Wealth Planning
Family wealth is not built solely on financial assets. Behind every solid structure lies an invisible architecture: a framework of values, shared vision, governance, and strategic planning that enables wealth to be preserved and projected across generations
March Investment Strategy
The macroeconomic environment in 2026 reflects moderating inflation and global growth that remains resilient, albeit within a more complex regime than that observed over the past decade. Disinflation continues, but structural pressures stemming from fiscal policy, trade reconfiguration, and labor market constraints persist, limiting the scope for monetary easing.
What Mendel teaches us about family governance
Mendel’s laws explain how biological traits are inherited. They also help us understand how wealth evolves as it passes from one generation to the next.
February Investment Strategy
The start of 2026 confirms a regime shift in global financial markets. Favorable cyclical growth dynamics are now accompanied by a structural increase in geopolitical, fiscal, and monetary uncertainty, with meaningful implications for asset allocation.