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…
Download PDF Introduction In 2025 the global economy has been characterized by new governments, continuation of conflicts, escalations of new conflicts, global asset volatility, and unmeasurable uncertainty – how did we get to this point? More importantly, where do we go from here? The main catalyst of recent commotion was Read more…
Download PDF Introduction In this article, we introduce the main market-traded credit derivatives, with a particular focus on Credit Default Swaps (CDS). After explaining how they work, we delve into the terminology and pricing mechanisms, covering single-name CDS, indices such as iTraxx and CDX, and CDS options. Next, we explore Read more…
Download PDF Introduction For the first time in decades, the private equity industry is experiencing a genuine contraction. According to Bain & Co., total buyout assets under management fell by 2% in the year to June 2024, settling at $4.7tn as exit pipelines narrowed and distributions failed to meet investor Read more…
Download PDF Introduction Momentum has long proven to be a reliable and empirically supported factor in equity strategies across developed markets (DM). Seminal work by Jegadeesh and Titman (1993) found that stocks with strong past returns over a 3–12 month period tend to continue outperforming in the following months. Later, Read more…