Download PDF Introduction With IPO window open again, markets start to see more deals coming in, however, the pace is different across regions. While in the US alone 10 large IPOs were priced the week of 8 – 14 September with more companies in pipeline, the European market is Read more…
Download PDF Introduction Switzerland has long been a symbol of financial stability as a nation whose conservative banking culture, strong currency, and independent central bank made it a safe haven in times of global stress. Yet beneath this reputation lies a paradox. The very institutions meant to anchor stability now Read more…
Download PDF Introduction (to Exchange Rate Models) Exchange Rate Models are widely used by entities ranging from central banks to international financial institutions to assess exchange rate misalignments. Strong and persistent departures from equilibrium levels are thought to have a substantial bearing on growth prospects, price dynamics, or even financial Read more…
Download PDF Introduction With the rise of generative AI and the increasing importance of saving and sharing information across the globe, data centers have become an increasingly critical asset class for investors, constructors, and energy providers, as well as big tech companies and sponsors. Data Centers as an Asset Class Read more…
Download PDF Introduction The global mining industry has recently been under the spotlight with the announcement of a $53bn merger deal between Anglo American [LSE: AAL] and Teck Resources [TSX: TECK.A], the largest deal in the sector in over a decade. Mining remains a cornerstone of the global economy. From Read more…
Download PDF Introduction The Capital Asset Pricing Model (CAPM) gives a linear relation between expected excess returns and exposure to aggregate market risk. In symbols, the Security Market Line (SML) states that an asset’s expected excess return equals its beta times the market risk premium. In reality, however, several investors, Read more…
Download PDF Introduction In the following article we will present a short in Datadog. We will give an overview of the business, dive into what the street is currently pricing in and then outline our contrarian view. In the appendix the most important additional material is attached. Business Overview Datadog Read more…
Download PDF Introduction The global toy sector stands at a crossroads, balancing tradition with rapid transformation. Indeed, once dominated in the 1980s by household names such as Transformers, G.I. Joe, Hot Wheels, Barbies and the iconic LEGO bricks, the industry enjoyed double-digit growth during the Western economic boom. At that Read more…
Download PDF Introduction 2025 began with cautious optimism about an uptick in M&A over the course of the year, however, it was challenged by higher than expected uncertainty around trade policies, geopolitical tensions and economic growth. Global M&A volumes declined by 9% in H1 2025 compared to H1 2024, while Read more…
Download PDF Introduction Before any mention of arbitrage is made, it’s crucial to understand what a perpetual is. A perpetual is, at its essence, a futures contract that never expires. Perpetuals are some of the most liquid assets in crypto markets and allow much more leverage than an underlying which Read more…
Download PDF Introduction The Dutch pension fund industry is undertaking a once-in-a-generation shift from defined benefit to defined contribution pensions, that is reshaping one of the world’s largest retirement systems, under a recent reform. At the core of the reform is a policy judgement that the old system made unsustainable Read more…
Download PDF Introduction Renewable energies are derived from natural resources that can be replenished faster than they are consumed. They are considered renewable sources, also known as clean energy, as they produce minimal greenhouse gases, as well as emit low levels of pollution. Today, the main renewable energy sources are Read more…
Download PDF Introduction Just a few months ago in our previous articles, we highlighted the growing strength of European capital markets, the appeal of the U.S. for new listings, and India’s booming IPO market. Today, the landscape has shifted dramatically. Early 2025 showed some signs of recovery in the U.S. Read more…
Download PDF Over the past seven days the macroeconomic spotlight has been dominated by three themes: (1) diverging central‑bank moves, with the Fed on pause but the Bank of England embarking on its first cut of this cycle; (2) signs of a tariff‑driven movement in global trade flows, most visibly in a stronger-than‑expected Chinese Read more…
Download PDF Intro The 2007 acquisition of Hilton by Blackstone stands as one of the most iconic private equity deals in history. Often referred to as the “best LBO ever,” the transaction blended strategic vision, operational overhaul, and a dose of good timing. Blackstone, already a powerhouse in private equity Read more…