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DAILY SKETCH - Rational bubble

DAILY SKETCH - Rational bubble

In recent days, the media has become increasingly aware that the current situation in global stock markets could be described as a "rational bubble". Labeled "bubble" due to the fact that the current valuation of global stock markets is extremely high close...

DAILY SKETCH - Bond yields to maturity are at all-time lows

DAILY SKETCH - Bond yields to maturity are at all-time lows

From the overall global perspective, bond yields to maturity are at all-time lows. As today's chart shows, 30% of all globally issued bonds carry a negative yield to maturity. A negative bond yield to maturity means that if an investor buys such a bond and holds it until...

DAILY SKETCH - Financial repression on bond markets

DAILY SKETCH - Financial repression on bond markets

The current situation on the global bond markets can be characterized as the financial repression. This is defined as the situation on the bond markets, when real bond yields to maturity, i.e. nominal yields adjusted for inflation, are negative. According to available data...

DAILY SKETCH - Equities may not be that expensive

DAILY SKETCH - Equities may not be that expensive

According to traditional valuation indicators such as P/E, global stock markets are extremely overvalued. However, if we take into account the massive growth of the global money supply due to the unprecedented quantitative easing of key central banks, the valuation of global...

PF 2021

PF 2021

Wishing you a Merry Christmas with your loved ones and may you have a very prosperous personal and professional year in 2021!