Emilie Servoz

Why the stock market gets nervous when the bond market wakes up

Oil above $90 is rekindling inflation, heavily indebted governments have to sell ever more paper just as AI hyperscalers tap into the same pool of savings, and Japan, the world's banker for the past twenty years, is starting to keep more of its capital at home: long-term yields are jumping everywhere, and when risk-free money becomes expensive again, stocks look less attractive. That is the condensed answer to the question. The expanded version follows.

August 18, 2026 at 10:18 am

Why is it so hard to beat the market over the long term?

Any investor, from an individual to a giant fund, is tempted to do better than the next person. That's only human. But is it really necessary?

August 11, 2026 at 10:37 am

Private Credit Funds: Why Some Investors Cannot Withdraw Their Capital on Demand

Private credit funds promise attractive yields in exchange for taking on higher risk than that found in public markets. However, when market conditions sour, these funds can face a surge in redemption requests that are difficult to manage without triggering a capping clause. Such situations generally create market tension. Here is an analysis of why.

June 05, 2026 at 09:03 am

Why do companies file 'confidential' IPO documents that are not confidential at all?

Certain expressions invite a smile, especially when they seem to make no sense. The 'confidential filing' for an initial public offering in the United States is one of them. One imagines a manila envelope handed to the SEC by an intern in a raincoat, in an underground parking garage, in the rain. In reality, a few hours later, the entire financial world knows that Company X is preparing its IPO. Confidential, then, but not really.

June 02, 2026 at 03:55 am

Why Korea remains the ETF star of the year

When using an ETF screening tool, it is impossible to miss Korean equities at the top of the rankings. And for good reason: the KOSPI, the Korean benchmark index, has nearly doubled in five months and has already tripled in a year. The cause is well known: the explosion in demand for data center equipment has sent the shares of the two local champions, Samsung Electronics and SK Hynix, skyrocketing. But this is not the only explanation.

May 27, 2026 at 11:19 am

SpaceX, OpenAI...: How Does an IPO Really Work?

It is often described as a coronation, or even an apotheosis. When SpaceX and OpenAI make their stock market debuts, reportedly in June for the former and by year-end for the latter, the media will cover the event like a manned mission to Mars (which, incidentally...). There will be dizzying figures, breathtaking promises, and eager analysts. Yet, many will watch without fully grasping what is actually happening. It is best to be prepared.

May 22, 2026 at 08:27 am

Finance: Why we only lend to the wealthy

One of the foundations of financial capitalism rests on a rather cruel rule: the less money you have, the more money costs you. In reality, lending is not restricted solely to the rich, but loans to the wealthy are more advantageous. Let us examine why.

May 14, 2026 at 09:32 am

Nokia: The Cisco Effect

Already a favorite among investors as an AI play (+113% in 2026), Nokia is gaining further momentum this morning following Cisco's latest earnings release. The stock is up 9%, climbing to levels not seen in 16 years.

May 14, 2026 at 03:41 am

Bubble or no bubble? Wall Street wonders about AI

The recent stock market correction in US tech stocks coincides with a deterioration in the narrative around artificial intelligence, reminiscent of the DeepSeek episode earlier this year. The hiccups surrounding GPT-5, a report from MIT and stretched valuations have reawakened the specter of a speculative bubble, which has never been far away in recent months.

August 20, 2025 at 11:03 am

Hermès, the fair price is 50 times earnings

Jefferies committed a crime of lèse-majesté by downgrading its recommendation on Hermès last night, despite solid results expected in the second quarter. The analyst reports that its target price has been reached. This provides an opportunity to discuss valuation…

July 14, 2025 at 04:43 am

JPMorgan Chase & Co. : falls on Wall Street, chairman cautious

Shares in JPMorgan Chase fell by more than 6% in trading on Wall Street on Tuesday, after the bank's chairman tempered expectations for income from interest payments.

September 11, 2024 at 09:02 am

Vuitton and Hermès go on sale on the stock market

The downturn in the luxury goods sector is clearly not over. Even Hermès, the king of luxury, is struggling. This is evident from its 6% drop today, following a nearly 4% decline yesterday, despite no specific news related to the company. The issue lies in its high valuation and exposure—like its rivals—to the slowdown in Chinese consumer spending.

September 06, 2024 at 05:51 am

Dumb question: Why do Japanese listed companies end their fiscal year in March?

In the business world, it's not uncommon to encounter companies that close their annual accounts on March 31. While this practice is an exception in the West, it's the norm in Japan. On the financial markets, more than three-quarters of listed Japanese companies begin their financial year on April 1 and close it on March 31 of the following year.

September 06, 2024 at 04:53 am

ASML Holding N.V. : UBS increases pressure on ASML

UBS may be referring to "natural normalization," but the research firm's downgrade of its recommendation on ASML sent the stock tumbling 5% in morning trading, following an already difficult session the previous day. "Although ASML is one of the best fundamental stories in the European technology sector, and its management is performing very well, we are downgrading the stock to Neutral," writes analyst François-Xavier de Bouvignies.

September 06, 2024 at 04:32 am

Verizon acquires Frontier for $20 billion

In a major effort to strengthen its broadband and mobility services, Verizon Communications has announced an agreement to acquire Frontier Communications for $20 billion. This acquisition aims to increase the density of Verizon's fiber optic network, expanding its broadband and wireless Internet services to a broader customer base across the United States.

September 06, 2024 at 04:23 am

Semiconductors: TSMC's situation weighs on equipment manufacturers.

The semiconductor sector had a positive morning due to the excitement around Arm's IPO, except for Taiwan Semiconductor.

September 15, 2023 at 04:43 pm

Vinfast, Wall Street's new frenzy

Shares in Vietnamese electric vehicle manufacturer Vinfast soared another 30% in pre-market trading on Wall Street on Monday, extending a rally from last week that more than quadrupled its market value to $160 billion.

August 28, 2023 at 10:24 am

SoFi : the age of reason

SoFi Technologies is the talk of the town in the United States. With +120% expected by 2023, the stock is one of the Nasdaq's new stars. The stock recovered 20% on Monday to break the USD 10 barrier. The market has not entirely forgotten that the fintech was introduced via a SPAC in 2021 at a higher price. But given that the share price was USD 4.45 on May 15, it's fair to say that the recent run has been exceptional.

August 03, 2023 at 05:59 am

Birkenstock, one foot on the stock market

Birkenstock could go public in 2023 or 2024. That's the rumor, anyway. Financial markets love these stories of iconic brands rising from the ashes, especially when they already have a strong case to make. Will Birkenstock be a hit?

August 02, 2023 at 04:33 am

Artificial Intelligence: Intel, Microsoft, Capgemini, Atos... everyone's talking about it!

The bar was set high, but companies releasing their second-quarter results in recent weeks talked even more about artificial intelligence than in the previous quarter.

August 01, 2023 at 05:50 am

Country Garden: another rocky episode

The Chinese developer has denied the existence of a fund-raising project, while several intermediaries have indicated that he has cancelled the operation of his own accord. The umpteenth red light on an unseemly dossier outside the realm of pure speculation.

August 01, 2023 at 03:42 am