Carmignac's Note

If we compare three distinct countries, we can observe that the deficits of India, the United States and France, while close in magnitude, are very different.

The disparate demographics in countries at different stages of economic development are opening up opportunities for investment.

Interest rates are at the heart of any financial transaction or calculation.

Our own analyses point to a very soft landing of the economy and a very gradual easing of inflation.

While temporarily worthwhile, holding cash tends to be less rewarding than a diversified portfolio.

We favour fixed income segments that offer asymmetry

The biggest surprise in recent quarters has certainly been the resilience of the US economy.

A quality bias in equity selection appears to be the best approach to achieve asymmetry.

Uncertainty is particularly high at turning points and ebbs as a trend emerges.