Investment, wealth and legacy through a global lens
Investment, wealth and legacy through a global lens
October investment strategy
September marked a shift in market sentiment. Risk assets experienced a moderate correction, but market dispersion once again created investment opportunities. Global equities declined, with steeper losses in Europe and China, while the Nasdaq advanced, reinforcing the leadership of technology and artificial intelligence. At the same time, oil prices rose, the US dollar strengthened, and the increase in yields across the curve resulted in losses in fixed income.
Why the best wealth decisions are made before they’re needed
Ulysses knew that, when the moment came, he might no longer be able to trust his own judgment. That is why he chose to tie himself to the mast before hearing the sirens. Something similar happens in wealth management. Crises, euphoria, or an apparently once-in-a-lifetime opportunity can lead us to question the very principles that are meant to protect us.
September Investment Strategy
The markets have maintained favourable performance throughout the summer, confirming the resilience of risk assets, although with an increasingly narrow margin for error. Equities continue to be supported by solid earnings, while fixed income faces elevated long-term interest rates and tight credit spreads, reinforcing our preference for quality, carry and intermediate duration.
Why no family wealth can depend forever on a single person
When discussing the preservation of wealth, attention often focuses on investments, taxation, or succession planning. Yet there is another question: what happens when family wealth can no longer depend on a single individual to continue operating effectively?
The Family's Invisible Constitution
Business families inevitably evolve. Over time, generations change, family members take on new roles, circumstances shift, and the expectations of those involved in the family project evolve. The challenge is not to prevent change, but to preserve continuity as it unfolds.
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, AI, and more cyclical assets have led market performance, while fixed income has made a more limited contribution.
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 in focus, with oil driving geopolitical risk. The resulting energy shock has reinforced persistent inflation, higher rates and market vulnerability amid concentrated technology leadership and slower 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.
March Investment Strategy
The macroeconomic environment reflects moderating inflation and global growth that remains resilient, albeit within a more complex regime than the past decade.
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.