Journal
February 2026
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Capex: Big Tech versus Oil & Mining and the Outlook for Free Cash Flow
G Good Morning Ladies and Gentlemen ”Sicilians never want to improve for the simple reason that they think themselves perfect,” says Don Fabrizio. “Their vanity is stronger than their misery.” Bloomberg’s “Balance of Power” The appointed Federal Reserve Chairman, Kevin Warsh, has yet to receive Senate confirmation. In contrast to the sitting Chairman Jerome […]
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The Price of Influence: Consequences of Corporate Giving to Politicians
Good Morning Ladies and Gentlemen ”Middle powers must act together because if you are not at the table, you are on the menu.” Mark Carney Last week, I indicated that I would be sharing my thoughts on “The Price of Influence: Consequences of Corporate Giving to Politicians” in this week’s edition of “Stefan’s Weekly.” […]
January 2026
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Yen–USD Carry Trade Unleashed: Where Opportunity Meets Risk
Good Morning Ladies and Gentlemen ”I’d rather be an optimist and a fool than a pessimist and right.” Albert Einstein Politicians often grant loyalty to corporations, which can result in rewards or penalties based on political cycles. Being linked to a particular politician may invite regulatory scrutiny or retaliation as political dynamics change. This […]
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And the Winner is?
Good Morning Ladies and Gentlemen ”More than 30% of U.S. market capitalisation now trades above 10x sales.” GMO (Grantham, Mayo, Van Otterloo & Co. LLC) Who won? Finally, and once again, the sleepless nights are over; it is time to declare our year-end competition winner. As every year, the data comes from Finanz und […]