Keith Bortoluzzi

Senior Analyst

From his base in Singapore, where he runs his asset management company, Keith Bortoluzzi manages a Global Equity fund. Having grown up in France, this father of two brings a distinctly European appreciation for fine food and the arts to the global marketplace, passions he cultivates alongside his love for the markets. His mission: to make data speak. Specializing in AI and big data, he deciphers weak market signals to build robust strategies. A passionate cook, he approaches a balance sheet like a new recipe: with precision, intuition, and the constant search for that secret ingredient that makes all the difference.

How to play the Feynman chip trade?

Nvidia has committed $88 billion to suppliers in 2028 for orders being placed today, of the chips you'll see in 2028. Which of those suppliers hasn't the market priced in yet?

October 10, 2026 at 08:56 am

You don't own enough coal

Gas in Asia costs more than twice what it did in 2025, so power stations are burning more coal. Indonesia, the biggest exporter, shipped 23% less in August. Why is thermal coal the next bottleneck?

October 02, 2026 at 10:37 am

Why tankers win when oil moves less?

Since Hormuz closed, 72 LR2 tankers have left the diesel trade for crude, India's crude imports have fallen by 1 million barrels a day, and the Gulf-to-Europe voyage has gone from 22 days to 38. Scorpio Tankers just posted the best quarter in its history. Why are ships making more money when the world moves less oil?

September 25, 2026 at 09:49 am

You don't own enough insurance companies

Reinsurance prices fell 16% in H1 2026 as capital increased to $705bn. Insurers' own prices are already down 12%. While the underwriting profits are narrowing, these companies benefit from record-high US interest rates.

September 10, 2026 at 08:46 am

Do you own enough gold?

China's holdings of US Treasuries fell to $633bn in June, an 18-year low, while its central bank bought 20 tonnes of gold in July, the most since 2023. Three very different buyers provide a structural price floor for gold at $4,000/oz.

August 21, 2026 at 09:42 am

Japan's in trouble, or is it?

The yen hit a 40-year low, Tokyo spent a record $54bn (¥8.45tn) in a single day defending it, Washington joined in for the first time in 15 years. The same week, Japan's megabanks printed record profits. What does it all mean?

August 13, 2026 at 11:05 am

Is it time to buy Korea?

The KOSPI fell 38.6% from its June peak. Samsung & SK Hynix make half the index. The exchange has halted trading more times this year than in all of 2008. Meanwhile, Korean defence, nuclear, gas turbine components, and cosmetics exports just set a new record.

August 05, 2026 at 09:46 am

When Refining Is Worth More Than Crude

Refining has been the best performing corner of the energy complex this year. Valero and Marathon have nearly doubled since January. Phillips 66 has trailed its peers but still delivered roughly twice the return of the broad energy index. On the other hand, the S&P 500 Energy sector has managed only a fraction of that.

July 30, 2026 at 06:54 am

Behind the meter: AI late cycle names to own

A gas turbine ordered from Siemens or GE Vernova today arrives in 2029, and if you want it connected to the regional electricity grid, you'll have to wait even longer. But AI buildout can't wait 3-4 more years, which is why the only solution right now is: bring your own power.

July 23, 2026 at 11:37 am

What energy exposure should you own if Hormuz reopens?

Last week the United States and Iran announced a framework deal to reopen the Strait of Hormuz, the vital shipping chokepoint handling 20% of global seaborne oil.

June 30, 2026 at 03:18 am

Do you own enough agricultural commodities?

Most investors are actively debating whether inflation is temporary or structural. But if you look past the headline numbers, a massive correlation is hiding in plain sight.

June 04, 2026 at 03:42 am

The great energy reshuffle

Hormuz still carries about 20% of the world's oil & gas, and April's disruption opened an 11.1 million bpd supply gap. American major services, pipes & materials manufacturers, and specialised players now sit at the center of energy security pricing…who wins and who loses?

April 23, 2026 at 04:17 am

Why is Israel's stock market so resilient?

With the S&P 500 down 7.5% YTD, Nasdaq down 10.5%, and crude oil reaching $105/barrel, there's one country posting positive returns since the year began. Israel. But the question is, why?

April 03, 2026 at 12:35 pm

We still don't have enough copper

Copper production will peak in 2030 at 27 million tonnes if we have no new mines starting production. Only 5% of new mine discoveries happened in the last decade. To create a new mine from exploration to production, it takes 17 years on average, and the US average lies at 29 years.

March 24, 2026 at 11:03 am

Death of Memory Chips: timing its fall

Samsung Electronics crossed $1 trillion in market cap, SK Hynix is nearing $500 billion, and the KOSPI is up 30% YTD on the back of two stocks. The last time memory stocks looked this good was May 2018. How long will it last?

March 13, 2026 at 07:12 am

Let's get Hormuz straight

44% of the world's traded sulphur, 31% of its urea, 20% of its LNG and 20% of its crude oil all squeeze through this tiny shipping lane and Iran just shut it down. The worst hit is not only oil, but fertilisers for Western agriculture & Asian petrochem producers and the winners are sitting thousands of miles away.

March 06, 2026 at 05:51 am

You don't own enough LatAm

MSCI LatAm delivered +56% in 2025 vs. 16.3% for the S&P 500. The AI-driven tech rotation into real assets has collided with three structural drivers in LatAm for a decade-long bull run. And you're barely exposed to it.

February 26, 2026 at 09:37 am

Defence 2.0: Next great catchup trade?

NATO allies agreed to spend 5% of GDP on defence by 2035. Most only just hit 2%. The 2022-2024 defense rally rewarded obvious names across the board. The second leg, however, will reward precision.

February 19, 2026 at 10:19 am

Software Apocalypse: It's the model not the sector.

Last week, public software companies lost $300B in market value in a single session. Leading banks have already coined the term "SaaSpocalypse". Forward P/E multiples across the sector compressed from 39x to 21x in four months. The culprit? This blog post from Anthropic (1).

February 12, 2026 at 11:23 am

What can break the gold rally?

Gold crashed 19.6% over the past weekend in reaction to Warsh nomination by Trump. Silver fell 39% in the same timeframe. Is the gold rally broken forever?

February 09, 2026 at 03:17 am

Risks are mounting, time to short Japan?

Japan's 40-year bond yield hit an all-time high of 4.24%, regional banks are sitting on record unrealised losses of $21.3 billion, and nearly 80% of Japanese mortgages are variable-rate. Will Japanese held foreign assets be enough to save them?

January 28, 2026 at 01:49 pm

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