Folgen

  • Davos 2026: Key Markets and Macro Implications (Davide Serra)

    Davos 2026: Key Markets and Macro Implications (Davide Serra)
    Jan 23 2026
    The central macro message from the 2026 World Economic Forum in Davos is that the US may be moving away from the post-war order, forcing other nations to reinvest in defence and economic resilience.

    Global growth remains strong, supported by large fiscal deficits, but that also keeps the door open to a resurgence of inflation. AI-led capex is significant and may be outpacing the realistic revenue opportunity by 2030, which could challenge current market pricing. Investors are also leaning further into global diversification, especially given a more unpredictable US policy backdrop and expectations for a weaker dollar.

    We favour financials on yield-curve dynamics and operational leverage from early AI adoption, and we see gold as increasingly supported by central-bank demand and the search for politically independent reserves.

    Listen to Davide Serra's notes from the World Economic Forum 2026.
    Mehr anzeigen Weniger anzeigen
    6 Min.
  • Before buying, let's wait for the sales. (Davide Serra)

    Before buying, let's wait for the sales. (Davide Serra)
    Nov 24 2025
    Over the last few months the global economy has held up thanks to strong U.S. fiscal stimulus and widespread deficits elsewhere, but for the first time public debt worldwide is around 100% of global GDP, reducing governments’ room to respond to future shocks.

    Nearly all asset classes look expensive and U.S. rate cuts are already priced in; moreover, Washington appears to be overstimulating the economy, partly with an eye on next year’s midterm elections.

    There is also exuberance around AI: to justify current valuations, roughly $2 trillion of additional revenues would be needed by 2030—an implausibly large figure compared with the current revenues of the “Magnificent Seven.”

    This and other takeaways in Davide Serra's (Founder and CEO, Algebris Investments) latest analysis.
    Mehr anzeigen Weniger anzeigen
    6 Min.
  • The Algebris Bullet | The Elephant in the room

    The Algebris Bullet | The Elephant in the room
    Oct 31 2025
    Markets have adapted to a new, less orthodox economic order, supported by expansionary fiscal policies and more accommodative central banks. Artificial intelligence is seen as the main driver of growth, although for now its impact remains more perceived than real.
    On the geopolitical front, the Middle East appears more stable, while challenges between the United States, Russia and China remain unresolved. In Europe, initial enthusiasm for German fiscal policy has waned, with growth still weak.

    In the latest Algebris podcast, Gabriele Foà (Global Credit Portfolio Manager) – interviewed by Douglas Branson (Head of Business Development UK) – highlights the fiscal deterioration of advanced countries and predicts an era of “financial repression”, in which government yields will remain close to inflation. In this context, credit offers interesting opportunities, provided a selective approach is taken.

    (Episode recorded on 29th October 2025)
    Mehr anzeigen Weniger anzeigen
    19 Min.
  • Positive proof points in an uncertain world

    Positive proof points in an uncertain world
    Sep 5 2025
    10 Min.
  • Clean Alpha | Watts it worth: Wired for Growth in the Data Era

    Clean Alpha | Watts it worth: Wired for Growth in the Data Era
    Jul 24 2025
    A single query on ChatGPT can consume up to 10 times the energy of a traditional search, highlighting the urgent need to address infrastructural and environmental challenges.Datacentres currently account for around 2% of global energy demand, with estimates pointing to further growth. Key issues to be addressed include shortages in the electricity grid, physical space and adequate cooling systems.

    From energy producers to advanced technology providers: what and where are the investment opportunities in this context?

    In the new episode of the Algebris podcast, Simone Ragazzi (Global Equity Portfolio Manager), Iacopo Esposito and Antonio Focella (Analysts) from the global equity team explore the topic of datacentres and their growing energy impact, driven by the development of artificial intelligence, interviewed by Douglas Branson (Head of Business Development UK).
    Mehr anzeigen Weniger anzeigen
    15 Min.
  • Three weeks around the world in five minutes

    Three weeks around the world in five minutes
    May 13 2025
    The United States is facing growing uncertainty due to rising tariffs and a projected $10 trillion in debt issuance, which is pressuring markets and weakening confidence in the dollar. Investors are increasingly hedging as they doubt the administration’s commitment to stable, growth-oriented policies.

    In contrast, Europe is experiencing a revival, led by Germany's industrial policy shift that is attracting capital, with financials offering compelling value and strong dividends. China is also emerging as an undervalued opportunity, signaling renewed support for the private sector and presenting a strong investment case compared to the U.S. Overvaluation of the dollar and massive Treasury issuance are driving diversification into euros and yen, with a favorable macro backdrop for financial equities and credit.

    Listen to Davide Serra (Founder and CEO, Algebris Investments) in his latest analysis.
    Mehr anzeigen Weniger anzeigen
    5 Min.
  • Tariffs Day (Davide Serra)

    Tariffs Day (Davide Serra)
    Apr 3 2025
    On 2 April, Trump announced a new set of “reciprocal” tariffs to strengthen the US economy, signalling a significant shift in global economic policy. What happens now?

    Davide Serra, Founder and CEO of Algebris Investments, explains what tariffs really mean for investors around the world and what to expect from the Fed and the markets in the upcoming months.
    Mehr anzeigen Weniger anzeigen
    3 Min.
  • The Algebris Bullet | The Myth of Exceptionalism

    The Algebris Bullet | The Myth of Exceptionalism
    Apr 1 2025
    The Trump 2 administration has shifted the focus from Wall Street to Main Street, with active tax policies and tariffs to protect domestic industry, while increasing uncertainty and risks. Markets are in correction territory and growth is showing signs of slowing, with data calling for caution and increasing uncertainty.

    Markets have reacted with the underperformance of US equity and reallocation towards Europe and China. In fixed income, government remains volatile, while credit still offers opportunities, with a selective approach.

    This and more in the latest Algebris podcast with Gabriele Foà (Global Credit Portfolio Manager) and Douglas Branson (Head of Business Development UK).

    The episode was recorded on 27 March 2025.
    Mehr anzeigen Weniger anzeigen
    19 Min.