Temps de lecture : 4 minutesThe real cost of money — the nominal rate minus inflation — shapes investment, saving, and borrowing decisions far more directly than central bank announcements do. Public debate tends to focus on policy rates, but that…
Temps de lecture : 5 minutesWhy monetary policy decisions take time to affect the real economy: indirect channels, financial frictions, and lagged effects. Monetary policy operates with a structural lag. Between a central bank decision and the observable adjustment in activity,…
Temps de lecture : 5 minutesReal policy rates have emerged as the essential compass for financial markets. Often pushed into the background in central bank rhetoric, these indicators nonetheless determine the true stance of monetary policy, the price of risk, and…
Temps de lecture : 7 minutesThe prevailing consensus confuses two fundamentally different sources of performance: performance by addition (gains generated through active decisions) and performance by subtraction (value preserved by avoiding mistakes). Empirical evidence (Dalbar, Morningstar, Barber & Odean) shows that…
Temps de lecture : 12 minutesIn personal finance, losses rarely come from a bad decision in itself—but from a correct decision made at the wrong time or in the wrong context. Financial education is fundamentally about sequencing, not knowledge. How to…
Temps de lecture : 13 minutesDecision discipline is the most underestimated performance driver in portfolio management. Not as an abstract virtue, but as a concrete mechanism for reducing cumulative errors—an advantage whose value is measured in annual percentage points over a…
Temps de lecture : 12 minutesCrypto assets do not evolve in a parallel universe detached from the global financial system. Their valuation is driven by the same determinants as other asset classes: real rates, liquidity conditions, and the prevailing monetary regime.…
Temps de lecture : 12 minutesArtificial intelligence is reshaping the architecture of the global financial system. But microeconomic efficiency gains do not automatically translate into better control of systemic risk — they reconfigure it, concentrate it, and accelerate it. How AI…
Temps de lecture : 11 minutesCommodities are not mere goods: they act as revealers of economic regimes, at the intersection of investment cycles, monetary arbitrage, and emerging geopolitical fault lines. Their signals consistently precede those of traditional macroeconomic indicators. How Commodities…
Temps de lecture : 10 minutesCommodity prices do not reflect an instantaneous balance between supply and demand. They result from a structural asymmetry between physical supply—whose adjustment takes years—and financial demand, which can reconfigure in a matter of hours. Why Commodity…
