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Carmignac's Note • 21 July 2025 • English

Are the “Magnificent Seven” trees causing us to miss the forest of global equities?

The main stock-market indices are soaring to record highs despite the uncertain economic climate. Yet beyond the risk of euphoria, the fundamentals remain solid – and some regions could deliver favourable surprises.

2 minute(s) read

Carmignac's Note • 2 March 2020 • English

The cost of fear

Periods of panic are the mirror image of periods of exuberance. They take their start from concrete facts which are then escalated into extreme anticipations

8 minute(s) read

Carmignac's Note • 10 January 2020 • English

Deciphering financial markets in 2020

It’s in China where we currently see an expanding range of equity investment opportunities

9 minute(s) read

Carmignac's Note • 6 December 2019 • English

Why we maintain a conviction-based approach to investment

The secular slowdown and the liquidity bubble reinforce our long-term convictions.

9 minute(s) read

Carmignac's Note • 1 October 2019 • English

Roads to nowhere

None of the roads open to investors in this late-cycle period looks like it will lead very far

7 minute(s) read

Carmignac's Note • 2 September 2019 • English

The balance is starting to wobble

China won’t be kick-starting the world economy the way it did in 2016. So that leaves the job up to the Fed

7 minute(s) read

Carmignac's Note • 2 September 2019 • English

The balance is starting to wobble

The current balance is threatened by a possible US monetary policy lag behind the global economic slowdown

3 minute(s) read

Carmignac's Note • 5 July 2019 • English

Variations on the balance theme

In this late-cycle period, it is important to maintain our disciplined market analysis so that we can continue to distinguish between noise and signal

6 minute(s) read

Carmignac's Note • 3 June 2019 • English

Trump, or mercantilism 3.0

For the first time in thirty years, geopolitics could once again take precedence over world trade

7 minute(s) read

Carmignac's Note • 2 April 2019 • English

A return to greater balance

Going forward, the main question-mark facing investors is to what extent monetary and fiscal policy will succeed in stemming the economic slowdown

6 minute(s) read

Carmignac's Note • 5 March 2019 • English

Augmented reality

In this slow-growth phase, stock price dispersion could strongly influence portfolio returns, contrary to what happened in 2018

1 minute(s) read