Journal
May 2026
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Energy Transition as Economic Shock Absorber
Good Morning Ladies and Gentlemen “Countries moving away from oil and gas are shielding their economies against the kinds of price shocks that we’re seeing currently.” Dutch Climate Minister Stientje van Veldhoven Many thanks for all the generous feedback on my last “Stefan’s Weekly” and especially on my daughter Lucie’s second song. To me, the song […]
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From Ostracism to Oil Shocks: Climate Cycles and Economic Fault Lines Plus a New Song
Good Morning Ladies and Gentlemen “The difference between humans and animals is that animals never allow a fool to lead the pack.” attributed to: Sir Winston Leonard Spencer-Churchill Ostracism was a political procedure in ancient Greece, particularly associated with Athens, employed to remove unpopular or excessively powerful citizens from the political sphere. The term […]
April 2026
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Incrementum All Seasons Fund Seasonal Reflections – 2026/02
The fund manager’s reflections on important political and macro topics and how they affect his management of the fund.
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In Gold We Trust report 2026 Preview Chartbook
As tradition has it, we’re excited to share our Preview Chartbook – a first glimpse into some of the key themes and visuals that will shape this year’s report.