Download PDF USA US capital markets opened the week lower due to tariff uncertainty. The Supreme Court on Friday 20th ruled Trump’s use of International Emergency Economic Power Act (IEEPA) to enforce tariffs as illegal. The ruling overall appeared to be relatively priced in by the markets as Vix still Read more…
Download PDF Introduction For some simply a winter activity, the skiing business is one of the most structurally interesting and unique operations in the global leisure industry. Geographical scarcity, high cyclicality, weather dependency and capital intensity have motivated the once dispersed industry to consolidate in recent decades. Global players such Read more…
Download PDF Introduction Over the past decade, software became the number one business model for start-ups and the go-to solution for entrepreneurs chasing success. The asset-light business model characterized by recurring revenue and high operating leverage attracted investors from all over the financial markets. It was particularly attractive to private Read more…
Download PDF USA Following Monday’s bank holiday, U.S. equities posted solid gains through the remainder of the week. The S&P 500 advanced 1.06%, while the NASDAQ Composite outperformed with a 1.37% increase. The Dow Jones Industrial Average rose more modestly by 0.30%. The Russell 3000 Growth (+1.14%) outperformed the Russell Read more…
Download PDF Introduction “Let it grow, let it grow, let it grow” – The Lorax The fundamental idea behind every profit-seeking firm is to take an initial investment and multiply it. One of the first challenges any daring entrepreneur must face on their journey towards unicornhood is how to secure Read more…
Download PDF Introduction Law firms are traditionally structured such that senior attorneys operate within a partnership, ensuring they “maintain independence of judgement” and protect against any conflicts of interest. This principle is codified in Model Rule 5.4 of the American Bar Association (ABA), which prohibits the sharing of legal fees Read more…
Download PDF Introduction Commodity-exporting currencies are structurally linked to the prices of their primary exports through the terms-of-trade channel. While this relationship holds in the long run, short-term dislocations frequently emerge due to monetary policy shifts, capital flows, and risk sentiment. This article develops a systematic cross-asset mean-reversion strategy that Read more…
Download PDF Introduction Japan’s general election on 8 February 2026 was the clearest political signal yet that the country is moving into a different macro regime from the one that defined the past two decades. Japan PM Takaichi achieved a historic victory as the LDP secured a two-thirds super majority Read more…
Download PDF Introduction Equity Capital Markets have suffered a prominent “drought” of IPOs in the past 3 years. In fact, IPO volume fell from 2,436 in 2021 to around 1,415 in 2022 and 1,298 in 2023, with global IPO proceeds falling by 42% in the same time frame. This slowdown, Read more…
Download PDF Introduction The benefits of competition are supported by a strong economic literature and are clear to most market participants. In competitive markets, firms are forced to maintain low prices in order to gain market share or avoid being undercut by rivals, ultimately benefiting consumers. Additionally, rivalry among firms Read more…
Download PDF Introduction 2025 concluded with the resurgence of megadeals (transactions valued over $5bn), as encapsulated by headlines such as Netflix’s [NASDAQ: NFLX] $82.7bn bid for Warner Bros. Discovery [NASDAQ: WBD]. In contrast to Q4 2024, total deal value has increased by 127.6%, with M&A activity rising by 19.1% for Read more…
Download PDF Introduction In our monetary system, money markets play a crucial role in providing liquidity for financial players and are the fundamental basis of financial markets for all systemically important players. While other markets of our financial system are both well explored and documented, the money markets have stayed Read more…
Download PDF Introduction One of the most discussed topics in Q1 of 2026 is probably the current commodity “Supercycle”. Having become an extremely covered theme thanks to the stellar performance of precious metals (namely Gold and Silver), there seems to be a consensus among investment professionals on the fact that Read more…
Download PDF USA Markets cooled down this week, due to important factors starting from AI concerns. Amazon, Google, Meta and Microsoft collectively expect to spend around $650 billion to compete in the race, however investors start to be worried about this ambitious capex spending. We see a fall in major Read more…
Download PDF Introduction “Everything is connected; everything is a balance.” – The Giver In the 1850s, as technologies improved, the world underwent a drastic shift from a set of largely independent economies to a single, intertwined global economy. Ease of transport (through greater integration and innovation, such as steamships and Read more…