The Income Dilemma:

Since the crisis, not only has the income available in markets shrunk, but the sources of this income have also rotated.

Income shortage is set to be one of the biggest challenges for investors in the future and it comes at a time when we are approaching a major paradigm shift from monetary to fiscal policy. 

05 March 2018

The electoral outcome (the very positive result of Five Star Movement, now the largest party, and of the Lega Nord in the center right coalition) was not priced by the market. With these results, if confirmed, the process of forming a government can be quite long and market uncertainty will remain high.

In the short term, we expect some volatility in the markets, at least until the new government is formed and it has announced its economic and fiscal program. However, this time, we believe, the economic recovery in Europe and worldwide is much more resilient than in the past and the balance sheets of the companies are much stronger after many years of restructuring programs.